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NAREDCO (National Real Estate Development Council) has stated that the real estate industry has already gone past the worst phase due to the pandemic. However, the sector now needs more financial assistance to get back to the growth momentum. The Council also stated that commercial office space is presently witnessing a sharp rise in demand. This demand is likely to hit 80% of what it was before COVID disrupted growth after July. A large number of people would be vaccinated by July 2021, and eventually return to work.
The National President of NAREDCO also expressed satisfaction over the positive customer sentiments in the economy. He stated that commercial real estate, particularly office spaces would witness a spike in demand. Even now, many people are working remotely or from their homes. As the situation changes in the coming months, the real estate industry would be back on track. He also stated that the SWAMIH Fund has performed well. Presently, many projects are stalled, which are facing delays. On recovering these projects, the quantum of funds would also increase. Eventually, the financial institutions would be participating in the transaction procedures.
Presently, rates of home loans are very low, and in some states, the government has also cut the stamp duties. However, project financing is the need of the hour. With the vaccination drive in full swing, there would be more partnerships between private and public institutions. Therefore, by the middle of the current year, the real estate industry would probably witness normalcy.
Experts also expressed the necessity to bring about a sustainable growth in the residential real estate sector. In the last few months, statistics reveal that the housing sector is performing well. With affordable homes hitting most of the cities, the industry is about to witness good times ahead. With pocket-friendly prices, many property owners are buying residential homes now.
Besides, the retail sector happens to be the most critical one. In the coming months, this sector has to grow. The hospitality, retail and housing sectors come within the scope of this sector. As the demand for corporate and commercial space increases, the retail sector would also get a boost.
Evidently, the real estate industry in India has already absorbed the shock of the pandemic. With adequate support from the government authorities financially, the sector is likely to get back to the growth trajectory.
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