Mr. S Mohan, Managing Director of Wisdom Properties shares his views about the impact of COVID-19 in Indian Real Estate.
Already Indian real estate is going through a rough patch. In this situation most of the people in the industry and people who have invested in real estate and those have the intent to invest in real estate may feel uncertain and they may arise with lots of doubts. So, if you think positively with a stable mind set, you can realize that any break from routine work will always give you positive energy.
Most of us have experienced this kind of positive energy. In the same way, this break to real estate will give positive energy and it is going to create a lot of opportunities.
In the over-all industrial scenario, china is directly competing with India in terms of human resources, technology, natural resource, and the ability to pull industries.
In this situation, the global community may not antagonize china but definitely, it will consider India as an alternative to China for economic stability. India will be the choice of the global community for its human resource and reliability.
This mind set of the global community is going to benefit us in a greater manner. There is a huge possibility of big industries to set up their unit in India and the states like Tamilnadu which already have a strong foundation in industrial development will further benefit us.
Eventually, more land transactions will happen and more employment will be generated, also more infrastructure developments like Airports, and Roads will take place. This situation will benefit the overall real estate industry.
The global community will apply more digital technology in their ventures and their related industries, to maintain social distance. India is a country with a huge human resource of skilled people, software techies, and digital technologists. Software technology and digital technology which are major resources of the Indian economy will get boosted up and a lot of employment opportunities will be generated.
There will be a lot of technologies introduced in agricultural industries even though we are self-sufficient in that. As for as the people are concerned they prefer to invest in a tangible investment like land, Home, etc. this will boost the real estate industry. In this situation, people who live in a rental house may prefer to own an individual house or apartment in an affordable segment.
In the same manner, the middle class or upper-middle-class people who live in apartments may prefer to invest in spacious luxury housing complex or independent houses.
There are a lot of NRI’s who may prefer to settle in India, which will also increase the demand for luxury housing segment and independent houses. There is a huge possibility of NRI’s who settles in India prefer to invest in agricultural lands and do agricultural activities. This will increase the transaction of agricultural land.
Over-all Indian Real Estate industry is going to see another boom or hurricane of growth. So I wish the people who invested in Real Estate and who intend to invest in real estate and the existing people in the real estate industry patiently wait and grab the upcoming opportunity.