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After end of Covid third wave, commercial realty out of the woods

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After the devastating shock of the Covid-19 pandemic, the real estate sector, and even the commercial real estate sector, has revived.

Commercial real estate was hit hard by many workers starting to work from home in March 2020 in the wake of the health crisis.

Many employees are now back in the office as the economy resumes after the promotion of large-scale vaccination. There is also a growing demand for new office space.

“The working population has returned to pre-Covid behavior and most companies are asking employees to report that they work physically. Some companies are adopting a hybrid model, others are completely physical. Yes, “said Rohit Gera, Managing Director of Gera Developments. IANS.

The surge in potential discretionary consumer spending has also facilitated the launch of commercial spaces, especially in the retail sector, he said.

“We spend a lot of time looking at the commercial market in Pune and have to say a lot about it. We started with the brand MBC Mantra Business Center, where boutiques, classic boutiques, 2 Launched many projects, including one. This is a general trend in Pune where MNCs absorb most of the population. MNCs will consume these huge structures. “Rohit Gupta, CEO of Pune-based Mantra Property, said. ..

Employees and employers are tied to the office after such a long gap, so the direct beneficiaries are the office and workspace.

“As the world opens up, there should be a lot of action in the field of commercial real estate, both in terms of the number of investors’ interests and the footprints of consumers,” said County Group Director and Federal President. Amit Modi says. Indian Real Estate Developers Association (W-UP).

He also said that as people embarked on revenge trips, retail therapy, and outdoor dining to make up for the blockade, a major foothold in retail and dining has returned.

As a result of the recovery of the office market, a strong supply and demand situation led by cities such as Hyderabad, Bangalore and Delhi may be seen in 2022.

“Improvement in the employment market is already creating demand for office space, which means that occupants and businesses are re-occupying space in accordance with the new readjusted hybrid work policy,” the state said. Rajan Bandelkar, Chairman of the Real Estate Development Council (NAREDCO), said. An autonomous self-regulatory body under the jurisdiction of the Ministry of Housing and Urban Affairs.

Uddhav Poddar, MD of Bhumika Group, said: Increase their brand network and their customer base. “

Conversely, after drawing a rosy picture of this sector, there are concerns about the Reserve Bank of India raising policy rates and rising commodity price inflation.

“The real estate sector has shown excellent resilience since the pandemic era. Market sentiment could be affected by the possibility of raising the RBI’s policy rate,” said Nayan Raheja of Raheja Developers. I am.

That said, he added, recent strong sales and rising demand for various real estate investment classes speak for market trends and are unlikely to have a significant impact as growth grows.

According to Pradeep Aggarwal, Founder and Chairman of Signature Global (India) and Chairman of ASSOCHAM National Council on Real Estate, Housing and Urban Development, “The lowest prices for all products from crude oil due to the global volatile environment. Real estate has experienced the same wave in the last few months as inflation of raw materials for real estate construction will push up housing prices.

That said, he believes the government will take some corrective action to cover the rising inflation rate.

In particular, the consumer price index or retail inflation rate surged to 6.95% in March. This has been above the Reserve Bank of India’s upper limit of 6% for the third straight month.

Despite concerns about rising inflation, Uncle Gupta, co-managing director of Asiana Housing, believes it will provide a safety net against inflationary uncertainty, market stagnation and interest rate volatility.

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