Shaktikanta Das, Governor,
Reserve Bank of India on Friday announced that the Monetary Policy Committee
has decided to keep the Policy Repo Rate unchanged at 4 per cent and that the
Marginal Standing Facility and Bank Rate will remain at 4.25 per cent. The
Reverse Repo Rate too will remain unchanged at 3.35%.
In his address, he said that MPC was of the view that policy support from
all sides is required to gain growth momentum and to nurture recovery after it
takes root. “Hence policy rate has been left unchanged and accommodative stance
has been decided to be continued as long as necessary to revive and sustain growth, while
ensuring inflation remains within target,” he said while delivering RBI’s bi-monthly monetary
policy statement through an online address.
Economy projected to
grow at 9.5% in 2021-22
Das said according to
RBI, Real GDP growth is projected to grow at 9.5 per cent in 2021-22. He said that unlike the first wave, the impact on
economic activity is expected to be relatively contained in the second wave,
with restrictions on mobility being regionalised and nuanced. While urban
demand slowed in April and May 2021, vaccination process is expected to gather
steam in coming months and should help to normalise economic activity. The
rebound in global trade is expected to support India’s export sector. He
observed that rural demand is expected to remain strong, due to forecast of a
normal monsoon.
The Governor announced
that the Consumer Price Index inflation is projected at 5.1 per cent in
2021-22. He also announced a set of additional measures aimed at reviving the
economy. Three key measures include:
- On-Tap Liquidity Window
for Contact-Intensive sectors: A separate liquidity window of Rs. 15,000 Crore is being opened
till March 31, 2022 with tenures up to three years, at the repo rate.
- Under this scheme, Banks
can give fresh lending support to hotels, restaurants, travel agents, tour
operators, aviation ancillary services and other services including private bus
operators, rent-a-car service providers, event organizers, spa clinics, beauty
parlours and saloons.
- Special Liquidity Facility of Rs. 16,000 Crore
to SIDBI, for on-lending /
refinancing through novel models and structures at Repo Rate, for a period of
up to one year. This is to further support credit requirements of MSMEs,
including those in credit-deficient and aspirational districts.
- Expansion of coverage of borrowers under Stress
Resolution Framework 2.0,
by enhancing maximum aggregate exposure threshold from Rs. 25 Crore to Rs. 50
Crore for MSMEs, non-MSME small businesses and loans to individuals for
business purposes.
Real estate and other industry leaders reacted to the development:
Harsh Vardhan Patodia,
President, CREDAI National
“RBI continues to
maintain an accommodative stance as it is crucial to mitigate the impact of
COVID Pandemic. Focus on equitable distribution of liquidity is expected to
solve the fund shortage crisis to an extent. Modifying the ECLGS scheme and
clear instructions to banks & other financial institutions on sanctioning
funds to labour intensive sectors like Real Estate is the need of the hour. Moratorium
on principal & interest for 6 months and freezing of SMA classification for
another year will aid revival of businesses and thus the economy. The impact of
the second wave on large businesses which provide millions of livelihoods is a
lot deeper than it appears. MSMEs are staying afloat with the much needed
support from the Government. Growing retail inflation coupled with increasing
unemployment rates call for immediate & drastic measure from the Central
bank.”
Dr.
Niranjan Hiranandani, National President, National Real Estate Development
Council (NAREDCO)
\“With the second wave impacting the
economy in terms of a slowdown as also the rise in inflation, as expected, the
RBI has maintained a status quo on the policy rates, as also continued the
‘accommodative’ stance. The downward revision in FY22 GDP growth projection
(9.5 per cent) was also on expected lines.”
“It is the sixth time consequently
that RBI has kept the benchmark rates unchanged. While it reflects a response
to the COVID-19 pandemic challenges, it is ‘advantage home loan borrower’, with
the floating retail loan rates continuing to be at the lowest level over the
past two decades,”
“The low interest rate regime
reflects ‘advantage borrowers’ and this is likely to continue for some more
time. The RBI has pursued the broad
intent of dealing with weak spots in the economy by providing on tap liquidity,
with additional lending to distressed sectors,” he concluded.
Dr. Samantak Das, Chief
Economist, Head Research & REIS, JLL
“Reviving and sustaining growth has
been the guiding philosophy of the monetary policy through the pandemic. RBI
has reinforced it by keeping the policy rates unchanged. The policy stance is a
logical step to support the actual GDP growth of 1.6% that was reflected in Q4
FY 2020-21. The forecast of normal monsoons is expected to result in
agricultural sector growth and drive the rural demand. The incipient recovery
in the global economy has also increased exports, which is expected to provide
a fillip to the economy. However, the growth is likely to be impacted by the
downside risks due to the after-effects of the second wave of the pandemic.
"Recovery in residential real estate
that was witnessed during January-March 2021 quarter was impacted by the
lockdowns introduced to control the pandemic resurgence. Though the competitive
mortgage rates are expected to provide long term support for sustained growth
of real estate, overall economic recovery leading to job, and income growth
will be contributing factors for housing demand. We believe that low home loan
interest rates, realistic property pricing, the focus of developers on project
completion and economic recovery will take the residential sales in all
likelihood to better levels than 2020.”
Shishir Baijal, CMD,
Knight Frank India
“We
welcome the RBI’s move to maintain status quo on key policy interest rates.
Although expected, the RBI has continued its growth supportive policy stance.
Additional measures to enhance liquidity support to most vulnerable touch
sensitive sectors and small businesses; and expanded credit exposure limit for
resolution is a great move. As the nation attempts to recover from the
second wave of pandemic, there is a dire need to provide monetary policy
support - on account of both easy availability and lower cost of funds - to
households and businesses alike. Besides the monetary policy intervention, as
we come out of graded regional lockdowns and further resume economic
activities, there is a greater need to provide adequate fiscal support to jump
start consumption demand. Demand stimulant measure like credit subsidy or tax
waivers even for a limited period can play a transformative role until we reach
the pre COVID-19 normalcy thresholds.”
Anshuman Magazine, Chairman and
CEO, CBRE India, South- East Asia, Middle East and Africa
“RBI’s maintenance of an accommodative
stance will help sustain homebuyer sentiments which were strengthening
pre-second wave. Despite the present disruption, Real Estate has been one of
the most resilient industries even amidst the pandemic and has been showing
signs of recovery over the last few quarters. With the repo rate and reverse
repo rate being maintained at a status quo of 4% and 3.35% respectively, banks
and NBFCs will continue to render loans at reduced rates to homebuyers, thus
supporting demand in the realty sector.”
“We also welcome RBI’s directed focus on infusing
liquidity in the industry, specifically in sectors such as hospitality and
tourism, which will further benefit the overall realty sector.”
Anuj Puri, Chairman – ANAROCK
Property Consultants “Had it not been for the pandemic the RBI would have definitely taken a
different stance for the benchmark rates today. Considering the rate at which
inflation is rising presently in the country, the RBI would have sought to
increase the key rates. However, since the economy is still under pressure due
to the pandemic and inflation is rising due to supply-side issues coupled with
overall consumption sluggishness, it has maintained the status quo on benchmark
rates."
"This is the sixth time in a row that RBI has kept the benchmark rates unchanged,
in clear response to the exigencies of the COVID-19 pandemic
uncertainties. It is certainly positive for home loan borrowers as the
floating retail loan rates (which are directly linked to external benchmark
repo rates) has been at the lowest level of the last two decades. The
continuation of this low-interest rate regime works very well for all borrowers
as the environment of high affordability is likely to continue for some more
time. "
Surendra Hiranandani, CMD, House
of Hiranandani
"By keeping the repo rate unchanged, the
central bank has taken the step towards the right direction in current
circumstances. With this policy stance, there is a growth-oriented approach and
is much needed as the second wave ebbs.
While the sector has been severely impacted in the
second lockdown, the problems have been aggravated with a considerable rise in
the cost of raw materials such as steel and cement. In such a scenario,
an unchanged repo rate makes more sense than an increased one which would have
added more pressure on the sector.
However, we also need to be mindful of the impact
on prospective home-buyers due to the uncertain conditions. These set of buyers
are apprehensive in coming ahead and have instead chosen to wait to buy a home.
There is a need for stimulant policy measures that would enhance liquidity for
the sector, ease credit provisions and increases buyer’s confidence. Any
announcements in these forms would have been much appreciated.”
Sanjay Dutt, MD & CEO, Tata Realty and
Infrastructure Limited
“It’s a good news that RBI continues to
maintain the Repo rate unchanged at 4 per cent and the reverse repo rate
at 3.35 per cent for the sixth time in a row. However, considering that the
economic growth forecast for the current fiscal 2021-22 has been revised to 9.5
per cent from the earlier 10.5 per cent, Government should ensure that
inflation is kept under check. The cost of steel, cement, labour cost and other
items have gone up threatening the viability of certain projects especially
those who are looking for last mile funding. The residential sector is slowly
reviving as people seek to invest in safe havens for peace of mind and security
amid this second wave. The rationale of lower interest rates/EMI, attractive
prices, ready to move inventory, protection under RERA and attractive schemes
from developers, encouraging homebuyers to invest now instead of waiting. While
the government has been introducing several initiatives to help the sector, we
request for some strategic support in the form of giving us industry status,
input credit, allowing
FDI in RTMI, single window clearance mechanism at State level, lowered
GST on raw materials etc. for sustainable long-term growth and benefit of the
developers as well as homebuyers.”
Ms. Manju Yagnik, Vice Chairperson, Nahar
Group
"RBI’s MPC committee has cut the repo rate by a total of 115 basis points since March 2020 which reflects its
accommodative stance amid the pandemic second wave to revive and sustain the
growth momentum affected due to Covid. The second wave has affected the real
estate players but, with the new RBI policy announcement, it seems like a
little relief to developers and buyers as well as it will help them to invest
in homes. Keeping the repo rate at 4% for the sixth consecutive time shows the
apex bank’s concern towards mitigating the impact of COVID on recovering
economy. The government should continue these rates for a little longer period
of time for the benefit of all."
Pritam Chivukula, Co-Founder
Tridhaatu Realty & Secretary, CREDAI MCHI
“The
second wave of the pandemic and intermittent lockdowns across major cities has
led to economic uncertainties across the country. There is also uncertainty
around the vaccination and the increasing input costs is having a catastrophic
impact on the survival of few businesses. Therefore we urge the Central
Government to address the deteriorating health of MSMEs and various other
sectors which have been severely impacted by the second wave of the pandemic.
The low interest rates have been a crucial factor in the revival of the demand
in the real estate sector. Looking at the record transactions in the
previous quarters where the homebuyers took advantage of the stamp duty benefit
before the March deadline, we urge the State Government too to reconsider their
decision on the stamp duty waiver in interest of the homebuyers again."
Dhruv
Agarwala, Group CEO, Housing.com, Makaan.com & Proptiger.com
“The
RBI move to hold the repo rate at 4% in its monetary policy review is along
expected lines. Considering there have been widespread economic ramifications
of the various lockdowns announced by states to contain the second wave of the
virus, this was the appropriate thing to do. However, we expect the banking
regulator to announce monetary support to the NHB to revive growth in the real
estate sector, which is the country’s second-largest employment generating
sector in India.
The
developer community might find some support from the central bank’s decision to
launch the Resolution Framework 2.0, under which the RBI will expand coverage
of borrowers to Rs 50 crore, from the earlier Rs 25 crore. In a move that
augurs well for small businesses in the country that are reeling under the
impact of the second wave, the RBI has extended the special liquidity facility
of Rs 16,000 crores to SIDBI to support MSMEs.”
Ankit Kansal, Founder & MD, 360 Realtors
“It was expected that RBI will keep the Repo
Rate unchanged and avoid temptations to further inject liquidity due to the
downside risk of inflation. As steel, cement, and crude oil prices are
increasing, there is a mounting pressure of inflation and maintaining an
accommodative stance is a benign choice. Coming to real estate, pent-up demand,
structural transformations, and a healthy economic outlook ( ~ 8-9% for FY 22)
will drive the market in a positive direction. However, governing agencies
should look into rising prices of key construction materials such as cement and
steel. Prices have hiked exorbitantly in recent months and if not contained, it
will undermine and stall a lot of construction activities.”
Himanshu Jain, VP - Sales, Marketing
and CRM, Satellite Developers Pvt. Ltd. (SDPL)
"We
anticipated the monetary policy committee (MPC) to keep the repo rate unchanged
and retain the accommodative stance that will still continue to serve the
markets well. Some strong liquidity measures were announced in the past
quarters and are expected to continue. The earlier announcements by the State
Government of stamp duty reduction has surely given a boost to the ailing
sector and created demand among the homebuyers and we hope such announcements
are made in the future as well as the pandemic situation worsens."
Prithviraj Srinivas, Chief
Economist, Axis Capital.
“RBI kept policy rates
unchanged as expected and predictably downgraded FY22 GDP growth by 1ppt to
9.5%. The central bank continues to maintain a conservative stance on CPI
(5.1% for FY22 vs. 4.9% 3 quarter average previously). To tackle likely pressures
on domestic interest rates, the RBI highlighted presence of USD 600bn FX
reserves as a deterrent ahead of crucial FOMC meeting and gave predictable
indications on RBI bond buying program, G-SAP 2.0. In addition, there were
other credit facilitation measures for severely impacted high contact services
sectors. Overall today's measures and communication by RBI bolster current
accommodative policy stance.”
Rohit Poddar, Managing Director, Poddar Housing
and Development Ltd
“With the mutated second wave and the
fear of the third wave, the apex bank's decision to keep the repo rate
unchanged at 4% reflects the continuation of its accommodative stance ensuring
the lowest lending rates to keep business operational across sectors. Policy
has been in line with the market expectations , the only difference is G-sap
being shared with SDLs. The enhancement in the restructuring limit and expanding
the priority sector is a welcome move as it will largely help the entire MSME
sector for credit borrowings. The reserves clocking 600Billion USD is a relief
and will potentially help in dealing with global spill over challenges. Overall
, measures announced by RBI will help boost the market confidence to push
financial conditions of the business on the growth path. Consumption demand is
the only way India's economy and industry can thrive. The need of the hour is
high-speed vaccinations, which will assist to stabilize business across the
country, resulting in increased consumption.”
Amit Goyal, CEO, India Sotheby's
International Realty
For India's Housing market, it's a big positive
that the Reserve Bank of India has kept the benchmark repo rate unchanged for
the fifth time in a row. This is despite the fact that the retail inflation
reflected by the Consumer Price Index has remained elevated. From a home buyer
point of view, this effectively means that the interest rates on loans will
continue to remain at a historic low. We believe RBIs goal to maintain
the liquidity and support economic growth in the country through lower interest
rates will be crucial for recovery from the second wave of the pandemic.
Naveen Kulkarni, CIO, Axis Securities
"The focus in today’s monetary
policy clearly remained on maintaining and extending liquidity support in the
economy, impacted by the second wave of Covid. GSAP 2.0, regular LAF
operations will ensure adequate liquidity in the system. Further, support for stressed
segments through on-tap scheme for contact intensive sectors, expansion of
resolution framework 2.0 by increasing limit of loans from 25 Cr to 50 Cr and
special liquidity window to SIDBI will help smoothen out stress in the real
economy, and this will be beneficial especially to the small
borrowers and MSMEs. Maintaining status quo on policy rates and accommodative
stance was in-line with street expectations. We believe continuation of low
interest rates will boost demand in the housing sector and also aid improve the
overall consumption in the economy"
Aditya Agarwal, CFO, Cleartrip
“The pandemic has adversely impacted the travel and travel-related sectors. This measure by the RBI helps alleviate the stress in the sector, provides much-needed support to the industry participants, and allows the industry to be well prepared to meet customer needs once the impact of the pandemic eases."
Dr. Poonam Tandon, CIO,
IndiaFirst Life Insurance Company Limited
“The RBI policy was largely on expected
lines from the macro-economic perspective – maintained status quo on policy
rates and keeping accommodative stance. CPI inflation is expected to remain in
check for 1HFY22 largely due to the base effect. However, rising input prices
could see inflation inching upwards in coming quarters. GDP forecast has also
been cut to 9.5% in FY22 vs. 10.5% earlier factoring in the impact of the
second wave. The central bank will continue with its proactive and pre-emptive
approach to ensure the economy returns to growth and keeping ample liquidity to
support growth – the focus is now shifting to equitable distribution of
liquidity in the real economy. Other measures include an on-tap liquidity
facility of INR 150bn at repo rate for stressed sectors, allowing banks to park
surplus liquidity with RBI at 40bp higher than the existing reverse repo rate,
extending the eligibility restructuring limits for MSMEs from INR 25cr to INR
50cr and liquidity worth INR 160bn to SIDBI for on lending. GSAP 2.0 announced
at 1.2 lakh cr in Q2, which is higher than G-SAP 1.0 and also includes State
Development Loans (thus compressing the spreads of SDLs). Overall, RBI remains
committed to growth and ensuring adequate liquidity in the system.”
Vikash Khandelwal, CEO,
Eqaro Guarantees
The central bank's move to keep rates and policy stance unchanged
is on expected lines. RBI's resolve to focus on growth, continue with policy
support till growth stabilizes will help the economic recovery.
The GSAP 2.0 will ensure ample system liquidity and smooth
government borrowing exercise. The industry-focused announcements like allowing
banks to restructure MSME loans up to Rs 50 crore from Rs 25 crore earlier, Rs
15,000 crore liquidity window for the contact-intensive hospitality industries
like hotel, travel, and tourism will provide relief for these affected sectors,
ensure liquidity during these challenging times. The growth of the hospitality
sector is key as it generates a large number of jobs.
The growth estimates for FY22 have been revised downwards to 9.5%
on concerns of the second wave, inflation around the 5% - within the mandated
range for FY22 is a positive.”
Prof. Esha Khanna, Assistant Professor,
NMIMS Sarla Anil Modi School of Economics, Mumbai.
“RBI once again takes a finely balanced approach to ensure the
revival of the economy in the most enduring way amidst mixed economic outlook
and intensified fear of pandemic. Noticeable feature remains the extension of
G-SAP operations in the form of GSAP 2.0 which will continue to generate
multiple positive impacts by not only stabilizing the yield curve of G-sec
bonds further but will also continue to guard the spread over short-tenure
bonds. Proactive role of RBI in the FOREX market and deployment of additional
market operations lends enough confidence in the bond and equity market
alongside the equitable distribution of liquidity among all market stakeholders
and stability of exchange rate. On-tap liquidity window for severely hit
contact intensive services and special liquidity and regulatory measures
undertaken for stressed and ailing sectors makes policy inclusive. Such
comprehensive decisions are likely to enhance credit flow and turn the
employment and incomes of macro-economic households on a positive trajectory by
the end of this financial year. However, in near future, RBI may have to
approach towards neutral stance as the gap between WPI and CPI widens and
corrective monetary policy decisions are taken globally especially in the US
market. At this juncture, Policy decisions must be applauded for remaining
accommodative and for providing consistent stimulus to the Indian economy as
the downside risk widens."
Pankaj Sharma, Chief Executive
Officer (CEO), Religare Finvest Ltd
“The
RBI has adopted a wait and watch strategy by adopting status quo on policy
rates and this is on expected lines. At the same time, it has reiterated that
growth remains a priority while the need for policy action from all sides to
support business sentiment revival, including fiscal measures is warranted . It
is now clear that RBI may be waiting for the second wave to abate (which it
currently is showing the definite signs) and it is then expected to take action
by further reducing policy rates to revive growth on a sustainable basis. At
the same time, the central bank continues to assuage the markets by launching a
host of measures to support growth and ensure adequate liquidity in the banking
system. Further, RBI’s move to enhance the overall exposure from INR 25 crores
to INR 50 crores under Resolution Framework 2.0 is expected to help more MSMEs,
non-MSMEs and individuals who have taken loans but have been impacted by the
pandemic. This will help bring down systemic risks in the banking system.”
Nishant Deshmukh,
Founder & Managing Director, Sugee Group
"Maintaining an accommodative stance will infuse liquidity in the
economy while keeping inflation within its target. The interest rates will
continue to be at a record low; however, the banks should pass on the benefits
to the homebuyers, which will boost real estate demand. There has been a
slowdown in the real estate market due to COVID -19 pandemic, and we expect the
sector to bounce back soon. We urge the Government to reconsider its decision
on the stamp duty waiver in the interest of the homebuyers and encourage them
to invest in real estate. Also, the industry status for the real estate sector
has been long-standing demand, and we anticipate the concern to be addressed
soon. We feel that the Government should keep a continuous check on the reforms
that will give a fillip to the real estate sector and indirectly help revive
the economy.’’
Bhushan Nemlekar, Director, Sumit Woods Limited
"The
RBI's decision to maintain its accommodative stance was on the expected lines
in light of the second wave of the pandemic causing the economic recovery to
stumble. The prevailing low home loan rates are already enticing for
homebuyers. It's high time the banks need to pass on the benefits to the
homebuyers."
Ram Raheja - Director, S Raheja Realty
"While
repo rate will continue at 4.00% and reverse repo rate at 3.35% amid Covid-19
uncertainty, most banks have used this as the benchmark for their loans. A
continuation of this low interest rate regime works well for borrowers. With no
hike in repo rate, homebuyers can plan for a home loan in the near future while
also getting enough time for their home buying process and still can get loans
at prevailing low rates. At today’s time as we are seeing RBI and banks are now
focusing on other essential sectors to bring all sectors back in green which
will work well in reshaping the economy.
Anuj Khetan, Director,
Vijay Khetan Group
"Due
to the second wave of COVID-19 and the lockdown restrictions imposed in various
States, the monetary policy committee’s decision to keep key rates unchanged at
4% was on expected lines. This move is a much-appreciated step recognizing the
role of the real estate sector in generating employment and economic activity.
With the interest rates at a record low, the Government will continue taking
affirmative measures as long as it is necessary to revive the economy and
mitigate the impact of the second wave of the pandemic."
V
Swaminathan, CEO, Andromeda and Apnapaisa
“Along expected lines, the RBI kept rates unchanged. Maintaining interest rates
notwithstanding inflationary pressures is indicative of the central bank’s
desire to aid growth and loan demand during these tough times.”
Kaushal Agarwal, Chairman,
The Guardians Real Estate Advisory
"The RBI and especially the MPC are to be commended for
maintaining an accommodative stance for the sixth consecutive time now. Their
approach towards tackling the situation created by the pandemic and steps taken
to help revive the economy will go down in history as being one of the finest.
Keeping in mind the disastrous COVID-19 second wave, a slight reduction in the
key rates would have been widely celebrated. The reduction would have
helped spur growth in demand for real estate assets, which has been severely
hit as a result of the pandemic and subsequent lockdowns. Apart from the
reduction in stamp duty charges in some parts of the country, the all-time low
housing loan rates have given the much-required fillip to sales activity in the
last couple of quarters. With the temporary reduction in transaction
costs being withdrawn, in states like Maharashtra, the expectation amongst
stakeholders of the industry is that the banks should now further sweeten the
lending rates, at least till such time that the economy gets back to the
pre-COVID levels."
Lincoln Bennet
Rodrigues, Founder and Chairman, Bennet & Bernard Group
“A rate cut would
have been beneficial for the consumers and would have given a boost to current
demand uptick that we have seen recently. Residential demand is reviving in the
pandemic context and this needs to be fostered. However, the prevailing home
loan rates which are a record low are already enticing for homebuyers. For any
investor, it’s a time of great opportunity and for the end-customer, it’s a
good time to buy. Going forward, we would also like to see reduction in stamp
duty & registration charges to push demand further in the real estate
sector that forms the backbone of several other sectors. We urge the government
to introduce measures that truly uplift the real estate sector which also
contributes significantly to the country's economic growth.”
Ramani Sastri, MD, Sterling Developers Pvt. Ltd.
It also goes without saying that the real estate industry's
perennial hope is fixed on lower interest rates. Any further reduction of the
repo rate would have aided in ensuring adequate flow of capital in the market.
However, home loan interest rates have already gone down substantially in the
recent past, and are presently at an all-time low. Homebuyers will continue to
take advantage of the lowest ever home loan interest rates and with the
emerging need, the demand for housing is going to sustain as it is a safe-haven
asset and many fence-sitters will take the plunge and make the purchase once
the situation normalizes. There was a major revival in the residential sector
recently despite the pandemic last year. The second wave of the pandemic may
have disrupted the recovery of the real estate sector to some extent but we
expect a strong revival in the second half of this fiscal and the long-term
outlook remains healthy. As the states are in the process of easing lockdowns,
the real estate industry would need all-around support and quick assistance to
pick up their business thread again.”
Shraddha Kedia-Agarwal - Director, Transcon Developers
"RBI maintaining status quo on key policy rates was expected given the inflationary concerns in recent months. The low interest rates for the last few months has already given a boost to the real estate sector upticking the demand in the last few quarters and enhancing the confidence of the homebuyers. The decision will help to sustain liquidity for some period as we are already witnessing the derailment of economic momentum due to the second wave of Covid-19 pandemic and lockdowns in different regions. It will also help in sustaining economic stability as well as keep the real estate sector stay afloat during these unprecedented times."
