The novel coronavirus(COVID-19) outbreak has tremendously impacted businesses all around the world Talking about the real estate industry. the first three months of the pandemic brought construction activities to a halt and the realty sector had to face. the toughest times ever real estate industry to effect COVID 19 Property transactions dipped to near zero during the first. nation-wide lockdown between March and June 2020.
As per the private real estate consultancy, Anarock’s report the sale of residential property in the top seven cities of .the country (MMR, NCR, Bengaluru, Chennai. Hyderabad, Pune, and Kolkata ) pushed down to 12,720 units in Q1 of 2020, as compared to 68,000 Units in 2019. The NCR saw the sales of only 3,620 units since the pandemic spread its wings in the country’s real estate. industry to effect COVID 19 But as the light exits at the end of the tunnel, the real estate sector has started seeing recovery after lockdowns are over.
As states reopen for business in stages, every industry wants a priority. One approach is to prioritize those that can best jump-start local economies, such as businesses involved with residential land. Home sales have a ripple effect, leading to more work for contractors doing renovations and for local retailers, whether they sell mattresses, furniture, or appliances.
One big new development that could increase sales is that land professionals in most states are now allowed to show homes face to face. for instance, Michigan began to permit this on May 7. However, COVID-19 raises many new issues during the home-sale process.