Realestate in india use to have very slow growth rate around mid-90’s and early 2000’s
But it is the IT boom in cities like Hyderabad,Bangalore and Chennai
where realestate growth rate had an outbreak with reaping profits in almost 400-500% rate.
Almost outskirts of these cities also getting good rate considering the distance from the focal point of the job.
Everything seemed very happy and agents of Realestate were pocketing huge money until the real devil “The Novel Coronavirus enters”.
The Realestate bookings were in a rampant rise and at the same time the agents were also pocketing very good amount.
But after the novel corona virus and the after math and on going lockdown made IT people work from home.
Realestate WFH Culture
Now as TCS annound WFH home to be extended to 2 years and now every other IT company is going to follow the same.
With this movement there is going to be a reverse migration revolution.
Reverse migration is a process where usually a family works in city
After the retirement of the breadwinner he decides to move to his home town.
This usually happening during William shockely where he hired 8 young men
He wanted to look after his mother he moved back to his home town
which is now called as “Silicon Valley”
Now with the help of digital revolution and with giga speed internet across the world,
Today the world has become global village.
Now with the ongoing WFH culture people are gonna work just with the help of internet by connecting through VPC even when he stays in a remote village.
Living conditions are very high and essential commodities are very cheap in villages compared to cities,
Rent/price of land will be very affordable with the salary which he’ll be directly getting from IT company.
With this effect if this is going to happen then within 1 or 2 years all the realestate around cities which the people have brought for high prices will doom to very low level .
Metro project which is usually for balancing transport in cities will stop abruptly with very low passenger rate as we know cities will be max comprises of immigrants from other states.