Author: sakinamalu

A writer. A reader. Opinions matter.

REAL ESTATE SURVIVAL IN THE TIME OF PANDEMIC.

As we are surviving through a virus called COVID-19, not just the health but it has been affecting each and every aspect of the people’s life. In terms of health we atleast have some of the precautions for our defense from it but in terms of other aspects specially buisness, we don’t even have precautions, all we are left with is finding a cure. One among the badly affected businesses is the real estate business.

Impacts on the indian real estate business:
As the whole Indian economy is in crisis, the most anticipated result of it in real estate sector is delayed investment decisions, specially from the eastern countries. However, the actual possible impact is still uncertain as the COVID-19 situation remains volatile.
As per the researchers, the impacts that we may face are:

  1. If the COVID-19 stays longer than expected, the commercial real estate may face less investments as it is already a slow mover.
  2. In the current situation, investors are more likely to shift their investment into something more stable such as a bond market.
  3. According to UN, india is at risk of trade loss of about 2,500 crores as most of the real estate investment in India came from Singapore, China and Hongkong in 2019.
  4. As the export from China will be at pause, the cheaper supply will be hindered and this will affect the profit margin of the real estate developers.
  5. The recent crash in the stock market in India is another sign that suggests the reduce investment in the real estate sector.

Measure taken by Indian government to improve the situation:
In order to improve the economy and the stressed real estate sector the government has announced variety of financial packages, schemes and new ideas to formulate within the country.

  1. Under “Atmanirbhar Bharat”, government announced a financial package of ₹200 crores restricted to the local markets compulsorily.
  2. RBI has provided special fund of 30,000 crores for non-banking finance companies and Housing finance companies generating a wave of relief to the real estate sector.
  3. Extention of loan repayment period and reduced repo rate by RBI and extention if loan compliance for the current financial year has been a hope of light in the construction sector.
  4. Subordinate debt-based scheme, equity support, collateral free automatic loans and revised definition or classification are some measures for MSMEs which will provide a force to the infrastructure sector as MSMEs supplies various construction materials to them.

Conclusively, the real estate sector has to hold itself for even worse impact than assumed. As this pandemic is affecting the lives of people the real estate has already facing less investors and property buyers. But with the hope and positivity that as we have overcome many calamities previously we will overcome this too, we must continue our production and innovation and take the full opportunity in the bad times as well till the government finds a measure to stop the spread of this virus.

I look upto NGOs for bringing a revolution…

The situation of the poor has always been worse in our country as government promises many things but how much has been actually applied can’t really be tracked. As a result, we can see that our country still comprises of 70% poor population. People at an individual level can only be a part of making a change in poor people’s lives but they alone cannot bring back lives of all the poor people on track. To make a big and noticable change we need a solid body to take the command for this. And I look upto NGOs for this.

HOW NGOs CAN IMPROVE THE LIFE OF POOR PEOPLE?
1. NGOs has the power to speak to the government about several issues and they can speak about poverty too as they have recognition in society.
2. Also, many big business men prefer donating tremendous amount of money to the NGOs instead of distributing it separately to the poor households, so, an NGO can use that money to improve the lives of poor.
3. As we know how much education or skills means these days and how it changes a person’s life, NGOs can also teach and make poor kids learn new skills with the help of those people who loves to be associated with social work. They can just ask them to do the teaching work for these poor children and they would do it with all their heart.
4. NGOs can create a good PR with different industries to get donations and human resources for free to help improve the situation of poor people and they have high possibilities to get success by this step as every industry needs to fulfill CSR in order to gain goodwill in the society.

ROLE OF NGOs IN THE CURRENT SITUATION.
During this time of pandemic, as we can see how much problem a poor is facing, NGOs have a huge responsibility if they call themselves “social workers”.
1.They need to make shelters for the homeless
2. They need to make sure all migrants reach their home safely
3. They need to fight for the labours to get work post pandemic
4.They need to make sure each one has the necessities for the precaution during this time.

RESPONSIBILITIES OF NGOs
1. NGOs must be accountable to the public and must submit the report publicly in order to ensure the society that they are actually working and improving the situation.
2. They should be checking on to the people even after they are done helping them. As we don’t just want to help them for a moment but to ensure that their life has actually improved and still improving for the better.
3. They should pressurise government while also maintaining good terms with them for the smooth functioning and attainment of the goal.

An individual can initiate a change but to make it a revolution he needs many people to support him and his cause, but people tend to support only those who have recognition in the society and NGOs are one of the recognisable bodies hence, they can gather a huge support if they ask, or some support even if they don’t ask. These all reasons make an NGO able to bring about a change in poor people’s lives and I hope they perform their duty well and wish that not just a change but we get to see a revolution.