Office Sector Expected to Lead Post-Covid-19 Recovery in Real Estate Sector: Report
India’s real estate sector –both the residential as well as the commercial segment – has been impacted by the Covid-19 pandemic. The industry will need to reconsider pre-crisis priorities and accelerate new strategic initiatives to adapt to a “next normal”, according to a report by global realty firm JLL.
“Real estate as an asset class is here to stay; however, it is inevitable to reinvent, to stay relevant in this new paradigm. It is indisputable that the pandemic induced disruption is changing the rules of the game, but also accelerating the increased adoption of technology and artificial intelligence (AI) in processes ranging from marketing and sales to loan modelling and data management,” said Ramesh Nair, CEO and Country Head (India), JLL.
While the office sector is expected to lead the recovery cycle in the real estate sector, the green shoots of recovery in residential sector will be in tandem with overall economic growth, said the report titled “The Next Normal – Real Estate in Post COVID World,” released on Monday.
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