siliconindia | | December 20208he global socio-economic slowdown due to the pandemic has affected India in a unique way as one of the largest populations and economies of the world. The Real Estate industry bears the burden of the pandemic just as Delhi city and NCR area in other sectors do. The industry, though, has taken all the challenges in its stride. It is making comprehensive efforts to rise above the shortcomings and is staying optimistic throughout. It has proven to be an agile industry and is smartly adapting to the revolution that has come upon us. These adjustments have given rise to the following in the Delhi NCR region:Home a necessity: The pandemic has given everyone a realisation that having shelter and a place to call your own is a necessity. This has led to a decline in rates but a high demand for spacious property spaces. Commercial spaces are also in high demand even after work from home norms of a workplace. The events in the market show that this need and demand for spacious properties will continue well in 2021. The pandemic and luckily for the industry has restored peoples trust in investing in property. The affordable luxury category is picking up more and more steam as well because of the attractive prices. People are willing to extend their budget. 2021 will be the year when the rise in ownership of residential and commercial property will be witnessed.A little help from the Government: Both the Central and well as State governments have been very crucial in helping the real estate industry stay optimistic. The changes in stamp duty charges was a relief and a welcome sign for all. It also offered some relaxation for people having mortgages and loans. Supporting the public and extending a hand to the industry by advising that investment in real estate can be beneficial and helping gain back the trust of the people was one of the more appreciated gestures of the Government. 2021 will see the benefits of these strategic decisions. The industry will be back on its feet and will be churning projects that are WHAT WILL BE THE REAL ESTATE TRENDS & CHALLENGES IN THE YEAR 2021?An alumnus of IIM Bangalore, Pankaj co-incepted the company over two decades ago.IN MY OPINIONBy Pankaj Kr. Jain, Director, KW GroupT Pankaj Kr. Jain
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