Every real estate business will need to continue to follow social distancing norms. Colliers International India is in the process of writing a white paper on how real estate stakeholders on construction sites can enforce social distancing norms. This will trigger a change in how we do real estate business in India. Screening on construction sites, in buffer areas, in labor camps, and even building premises would need to be increased. In keeping with WHO recommendations, disinfection will have to be carried out. This will hold the key to social rights policies. The need for that would be to implement a zero-tolerance policy. 

We would support the need to deploy safety measures for controlled and process-driven conducting of these initiatives. Clients would benefit from deputing ambulances on building sites for very large projects; doctors will frequently visit the work sites. It is necessary to be prepared, and steps as this will ensure that activities are not halted. It is critical when you open building sites in a graded manner. Some consulting firms have also advocated growing emphasis on mechanization by developers and relying on pre-engineered products and solutions.

Projects close to financial completion, infrastructure projects that see quickness. There are two types of projects-government and private, where construction activity came to a grinding halt after the lockdown. Any residential projects that already have financial closure will see the first traction. This is essential to improve homebuyers and investors' trust. Projects which have been close to closing will proceed. Both infrastructure and industrial ventures must move forward-there will be no change in those fundamentals. This sudden pause is not going to change the nature of those projects. 

Some real estate experts believe that de-densification will be the priority for all potential building sites. Furthermore, because it may take time for private investments to restart, the government should concentrate on spending on infrastructure development to generate jobs and keep the economy afloat. It should pump in money for public projects such as bridges, highways, metro, and even affordable housing, but along the way, it should enforce social distance requirements. 

However, the relief came at the right time, as it was very challenging to keep construction workers afloat at the site. As a result, this relaxation reflects a positive step towards boosting the real estate sector.

BY: Shailaja K