Explained | Will COVID-19 vaccine be the booster shot that real estate sector needs?
Real experts say it may take 12-18 months for the market to bounce back. The first segment to see an uptick will likely be the rental market after offices reopen and people return from their hometowns.
India may approve a coronavirus vaccine over the next few weeks and an estimated 300 million people could be inoculated in the first round, the government has said. The possible rollout of the vaccines has raised hopes but it remains to be seen if it will improve the confidence of homebuyers and office occupiers, leading to a turnaround in the real estate sector.
A lot is riding on the vaccine which is expected to help life and the economy return to normal. But what does it mean for the virus-battered real estate sector? Will a vaccine revive demand? Will it encourage homebuyers to make quick decisions? Will the people who have been working from peripheral locations or from hometowns return to cities, resurrecting the rental and office market? Will more people step out to view properties? And finally, how will property prices react?
Real estate experts warn against counting on an immediate revival in the market and say that it may be another 12-18 months before the sector begins to see a turnaround. It will be a gradual shift over the next 12 to 18 months. It’s not as if the entire country will be inoculated in the next few months, they say.[…]
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