Is reverse migration affecting the real estate sector in Bangalore post lockdown?
The impact of the pandemic, COVID-19, has been terrible to an extent that it has affected all the sectors in India, and real estate industry is no exception. With property transactions plummeting to almost null during this tough phase, the market is facing some challenging times.
In the last couple of decades, migrants in India moved to urban areas and moved largely to tier 1 cities like Bangalore. And, a large chunk of these migrants were employed in private sectors and MNCs. This paved the way for the real estate sector to boom in Bangalore as allegedly most people were investing in land than any other investment options.
However, this usual pattern of migration was disturbed due to the current unpleasant situation and people started migrating back to their hometowns. This surely has affected the real estate sector in Bangalore.
Steps taken towards releasing the lockdown
After some stringent nationwide lockdown, the central government took measures to release lockdown on major sections of the economy, which included the real estate / construction sector. However, hygiene norms are still being followed thoroughly.
Government has allowed construction work to resume with adequate sanitation and safety norms.
No more mandatory quarantine in Karnataka for interstate travellers
People now coming into Karnataka from other states do not have to undergo the 14-day quarantine. This relaxation was announced after the states were told by Ministry of Home Affairs that “there should not be restrictions on interstate travel or intrastate movement”.
Karnataka had been often sealing interstate borders in order to containing the spread of COVID-19, leading to disruption of economy and supply chain. But now, Jawaid Akhtar, The Additional Chief Secretary of Karnataka (Health and Family Welfare Department), announced that revised guidelines would be applicable to travellers coming from other states / Union Territories. The travellers include: labourers coming for work, students, business travellers, transit travellers, etc.
With lockdown being removed and people now allowed to freely move between states, Bangalore has slowly started to see the inflow of people back into the city from other states. This is a good sign for the nation’s economy as well as the real estate sector. The Central and the State Government together would do well to stop further explosion of the virus and handhold the Indian real estate sector in the times of crisis.
Make the smart choice – Buy now
However, the real estate property prices are still low and now is the right time for you to invest in a piece of land before the property prices begin to shoot up again when people start moving back into Bangalore.
Also, with overflowing houses and crowded population inside the city, it is best that you build your home outside Bangalore city limits. You can choose areas like Whitefield, Sarjapur or other developing areas where you can find both serenity and modernity. You can buy your next plot from Classic Featherlite – The Sanctuary, where you will stay close to the city yet maintain social distance from people. Think wise and invest wise!
