The second wave of COVID-19 in the country has dampened the future sentiments in the real estate sector.
“The pandemic has bought its fair share of challenges when it comes to keeping the business operational. With the precautionary measures and revival reforms, real estate witnessed historic sales over the course for last three quarters. However, post the revision in stamp duty from 1st April, the overall sentiment for real estate investment and the demand of residential asset class witnessed a dip which has reduced the overall pace. The impact of the second wave is yet to be assessed as it is too early to draw conclusions,” said Mr. Rohit Poddar, Managing Director, Poddar Housing and Development Limited.
”However, with the foresight of the first wave and the precautionary measures introduced by the government, real estate is hopeful to maintain stability. The government’s decision to initiate a wider vaccination drive will help in mitigating the impact of the second wave while mobilizing the sectors to push the economy further on the growth track,” added Mr Poddar.