Impact Of Covid-19 On Indian Economy: A Study On Problems And Challenges Of Real Estate Business In India
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The Covid-19 pandemic has been instinctively caused damage to the entire global economy. The real estate sector which has suffered the most in this pandemic. Up to March 2020, the inventory would take nearly 3.9 years to clear, but the lockdown resulted in drop in demand and to clear the inventory it may require nearly 4.9 years and also the prices brought down very rapidly.
Things are looking depressing for sellers, but it is a golden opportunity for the buyers. Even home loan rates have fallen below 7% which is lowest when compare with the last two decades. in the midst of the world’s largest remote working experiment due to the COVID-19 pandemic. This paper deals with the impact of COVID’19 on the real estate business in India. The study reveals that there is an impact on the Indian economy because of this situation. Digitization has taken over and experts believe that will continue to now be the foundation for the real estate sector. In the short term the impact has been roughly about 40 per cent. The Real estate business owners come up with the new ways that the industry needs and also the government has implemented some initiatives to boost the sector.
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