Covid19India Impact on the Rent Housing Industry
Well, it is needless to say what we have seen during last year.2020 was one of the worst years in the world`s history and so was India. We have observed Covid19India impact on the Rent Housing Industry.
It is not only the Rent Housing Industry you just name the sector you will find its bad impact including the slowdown of the Indian economy in terms of job losses, even the real estate sector got hit badly.
Impact of the Work from Home to Rent Housing Industry
Even it has an open door for the organized sector to work from home and reduce commute-related timings and frustrations in big cities like Bangalore, New Delhi, Mumbai, Hyderabad, Kolkata, Ahmedabad, Lucknow, and many more.
Let`s try to understand the impact of the Work From Home to Rent Housing Industry.
Work From Home Options for Organized Sector Labours have put tremendous pressure on the real estate sector. Due to long exposure of work from home for more than a year, continuously majority of employers consider work from home as new normal.
Now organizations employing hundreds of thousands of employees based in India started leveraging the benefits of work from home as a tool to keep their expenses at a minimal level. This is not a bad thing at all overall they have to keep their expenses under check.
But this is absolutely not in favor of the Rent Industry especially in the area of property developers and IT Parks in Bangalore as organizations are looking to reduce their footprint in terms of the requirement of office spaces.
Many organizations have already started redefining the office space requirement and allowing employees to work from home permanently. They are delivering hardware to employees at home and allow them to work from home.
Some unusual growth in terms of more space requirement due to work from home allowance to organized sector labor as they have to set up work from home environment in their home but it does not create new opportunities as it is replacement kind of approach because if someone was staying on rent in One BHK flat he may shift to two BHK flat or someone was there in 2 BHK he may shift to 3 BHK.
For example, if you consider this for Bangalore. So the requirement of 2 BHK Flats for Rent in Bangalore or 3 BHK Flats for Rent in Bangalore may increase but ultimately it may impact may be for One BHK apartment owners.
Owners are struggling to find tenants if their house or flats became vacant and even if they are having any queries tenants is trying to exploit covid condition and trying to close rent deals as low as they can.
You can refer to the Deccan Herald report about the city of Empty Houses due to the Work from Home Option.
The situation is going worse day by day and now new development of covid expansion making it even ugly. Yesterday alone Mumbai alone reports a new record high of approximately 6K fresh cases in the last 24 hours with a tally of more than 60 thousand new cases reported in India on 26th of March 2021 alone.
Even after vaccination is in progress and more than 400 thousand people already given vaccination with that ratio it may take more than one and half years to vaccinate all the people of India considering the population.
The government of India is keeping itself motivated to vaccinate all the people of India with full dedication. This kind of scenario is never expected in recent history due to unprecedented conditions in front of the world as well as India.
Most of the states across the world earlier have tried to stop this spread with lockdowns as states were not ready but now most of the states and countries have infrastructure developed and vaccination is also in progress gives a sense of getting it addressed but recent cases hike is creating the cause of concerns for many countries as covid intensity also expected higher as compared to earlier.
Even Goa Government have taken some relief steps for real estate sectors other state government also need to consider to boost real estate sector.
So covid19India impact on the rent housing industry is just an example but it has already impacted hugely on humanity and it continues. Not sure where and when humanity will come out of it completely. We need to just wait and watch and do our bit wherever it is possible by the way you can.
Sachin Tendulkar and many other personalities like Amitabh Bachchan tested positive so as many other world-famous personalities who lives for a better lifestyle as compared to the common man of the world as well as India.
Covid never differentiates personalities so it becomes mandatory for us to stay safe and practice covid 19 precautions already known to everyone and volunteer wherever and whenever needed in favor of humanity and hope for the best and trust in the statement “together we can“.