Covid 19 And Its Implications On Real Estate And RERA

Sohom Nandi & Akash Khan, BBA LLB (H), Amity Law School, Kolkata

ABSTRACT

The real estate sector is undoubtedly one of the most important and recognized sectors in the world. It consists of four subsectors: residential, retail, hotel, and commercial. The growth of this sector is well matched by the growth of the business environment and the demand for office space, as well as urban and semi-urban accommodation. The construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all branches of the economy.

In India, real estate is the second largest source of employment after agriculture. This sector is also expected to attract more foreign investment to India (NRI) both in the short and long term. Bengaluru is expected to be the most popular real estate investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun.

Covid 19 has devasted several spheres of working sector, people have lost jobs, many had to bear up with the loss of theirs friends and family members. The pandemic for the past 1.5 years has been ruined lives. Similarly, the real estate sector of India has gone through various ups and downs. This paper deals with the various impact that covid 19 has on the real estate sector, the policies taken up by the government to improve the position of the real estate sector, the various measures that the foreign countries have adopted for the betterment of the real estate sector and a concluding statement as to how India will cope up with losses caused due to the worldwide pandemic.