[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.|
Here I have important INDIA real estate news to share with you which is as mention under.
Since the time India entered a lockdown in March 2020, due to the Coronavirus pandemic,
many companies have moved to remote working for most of their employees. Consequently,
there has been a lot of discussion about the future of commercial real estate in India, owing
to the changing work culture and shopping patterns, trends in warehousing, etc., which
indicate that a subtle transformation of commercial realty is underway. So, what is the way
ahead? Will offices cease to exist or is this a temporary change, following which we will
bounce back to normal again? Housing.com News analyses the scenario.
COVID-19 pandemic and its impact on office spaces
India is home to a large number of outsourcing jobs in the engineering and BPO sectors. With
local English-speaking talent available at a much lower cost, a number of multi-national
companies have established their presence in India. As COVID-19 has impacted almost all
sectors, the commercial office space has also been hit. However, this sector may soon bounce
back, according to experts.
At a webinar organised by Housing.com on the COVID-19 pandemic’s impact on commercial
real estate, Vishal Mirchandani, CEO – commercial and retail, Puravankara Ltd, said: “The
month of April and May 2020 were in shutdown mode, since the country was under lockdown.
From June onwards, we have seen relevant conversations happening with the clients, on
expansion strategies. There is positivity in the market and clients are evaluating options
Talking about the scope of revival, Mirchandani said that by January 2021, there might be a
moderate bounce-back of the sector, as the new financial year of multi-national companies
will begin and more meaningful conversations will start happening. He further added that
all hopes are presently pinned on finding a COVID-19 vaccine or cure, as this will fast-track
Read more at:https://www.livemint.com/news/india/investing-in-real-estate-is-hardly-a-lucrative-bet-now-11601828721814.html
Have a nice day