Abstract.

The world economy seems to be experiencing one of the most severe downturns in recent memory. The latest pandemic has had a detrimental COVID-19 effect on the economies of several nations, including India. The International Monetary Fund forecast India’s growth rate at 1.9 % for the fiscal year 2021, down from 5.8 % previously. This poses a significant challenge to the Indian economy. The resumption of work was complicated by the workers’ surprising return to the employers from underground. Developers struggled to locate enough job-creating jobs due to the labor market’s severe constraints. The populace is burdened by the great pestilence that threatens the nation. Indian real estate, which was still emerging from the implications of demonetization (November 2016) and other changes, was jolted by this pandemic, with building development halted and real estate transactions paused. Indian real estate should plan itself for a post-COVID-19 environment and be prepared to take several new and technology-driven moves to get back on track. The secondary data research methodology is used in this paper and the aim of the research is to discuss the pre-pandemic real estate market and the effect of COVID-19 on the Indian real estate market. Additionally, it discusses the risks and prospects confronting various real estate industry participants

INTRODUCTION

The World Health Organization (WHO) stated that it was on track to declare a global public health emergency and pandemic on about 11 March 2019, and businesses worldwide were bracing for a severe effect. Due to the spread of the plague, trade, imports, and foreign exchange rates have been profoundly disturbed in the world. According to early reports, the COVID-19 outbreak is expected to claim many lives. National GDP (Gross Domestic Product) is nearing its troughs, and the world continues to be during the most devastating global recessions in history. Due to the depressed labor market, developers were constrained, and consumers’ ability to buy a property decreased as well, developers no longer had the potential to seek out contractors to expand their company. Along with suppressing the H1N1, the pandemic had a major impact on house prices and fresh land releases. In the six months after this issue became public, demand for real estate increased. Individuals are using some of their bargaining power, and the market favourable reaction indicates that they expect the gain will offset the expense (Adams-Prassl et al., 2020).

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