How was 2020 for the real estate sector and 2021 outlook
Spokesperson – Mr Chintan Sheth, Director, Ashwin Sheth Group.
“2020 has been a roller coaster ride for the real estate industry. The lockdown adversely impacted the sector, resulting in stoppage of construction work and less disposable income with potential buyers due to layoffs and salary cuts. However, we all powered through this pandemic and witnessed a silver lining with a resumption in construction activity. And the extension in project completion deadlines, reduction in stamp duty and timing of the festive season encouraged a boost in sales and regained the confidence of potential homebuyers. Considering the work from home situations, we’re seeing an increase in demand for ready to move-in and larger configuration at micro-markets like Thane & Mulund. Also, as the economy is recovering gradually, we expect commercial real estate to revive with the support of emerging trends. With the positive news on the vaccine insight, we look forward to welcoming 2021 with a hope to see further revival and steady growth in the residential and commercial segment with the help of adaptation of innovative digital marketing, construction technology and timely government reforms.”
Spokesperson – Mr Rohan Khatau, Director, CCI Projects – Rivali park
“We welcomed 2020 with open arms but little did we know what was in store for us. We thought the year would bring in some progress and help in further stabilising the realty sector, but everything turned to its head with the Covid-19 outbreak followed by lockdown that brought construction to a standstill. From project delays to reverse migration, from travel restrictions to job losses, the country’s economy took a huge hit. But, as they say, every cloud has a silver lining; active cases started to drop, construction was allowed to resume, relief came in the form of a moratorium, SWAMIH funds, stamp duty reductions and the developers looked at adopting all new tech and digital platforms available to them to restart their engines and get things back to normal. Furthermore, homebuyers started regaining confidence as everyone began adjusting to the new normal that provided a much-needed boost to the sale of residential properties. With the constant support coming in from the Central & State government, we hope the sector will witness a much stable recovery in the forthcoming months.”