A Study on Various Crisis Management Techniques in Real Estate Sector during the Pandemic

Abstract

The Indian Real Estate sector is a thriving globally recognised sector amongst all the big sectors established in the economy. This sector attracts the major amount of Foreign Direct Investment (FDI) into the system. Real Estate companies in India are a major source of Gross Domestic Product (GDP) for the economy and ensure that this revenue is duly and positively affecting the growth of the economy. Post the establishment of the RERA Act, 2016, buyers or investors of real estate have increased significantly as the same are protected an safeguarded by the Indian law. The deadly virus COVID 19 started its effect from December 2019, China and has now spread rapidl all over the globe and massacred millions of people. Due to such a cause governments all over the globe have taken a unanimous decision of locking down the entire system individually and ensure to break the chain of the spread of the virus resulting in a stoppage or slowdown of the almost all the sectors of the global economy. This has impacted in the multiple ways in the real estate sector. Can the impact of COVID 19 on the real estate market be curtailed and how? What are the ways in which a real estate company can sustain itself in situation of such a crisis? This article showcases the combined details from the secondary data stating the various dimensions in which the crisis impacted by the real estate companies, temporary solutions to the same and certain future predictions of this sector and how it’ll be affected globally on the long run. Through the findings we can figure as to which strategy would be applicable to the world at large.