The real estate movement.

In this festive period between booms and busts, Indian life is filled with hope. Fear of recession from outside and economic worries inside! There is an upward trend in various markets. On Diwali, the general boom is seen by people, but it is not called boom, it is called occasional demand. It is natural for the market to flood as the shopping activity that has been stalled for the last two years is seen together. Rising inflation and a weakening economy are proving to be a drag on Dazaya. It is having a direct impact on real estate. There has also been a huge impact on buying and selling of houses. According to a recent survey, there has been a 50 percent fall in house sales in the last year. Although Noida, Gurugram and Calcutta have seen a slight increase in real estate, the fall in land-building in other metros of the country is alarming.

The strict rules that have been made regarding real estate are also responsible for this situation. The government's intention to crack down on the purchase of two-digit assets has also affected land-house sales. Usually during this past Chaturmas, land is newly acquired in the house. Monsoon seemed to be going well, but excessive and unnecessary rains in many districts of the state have caused losses to many farmers. Cooling has made its way into the construction sector. The government has poured crores of rupees into this sector which has benefited only a handful of people. The NDA government has not yet understood the difference between money and policy. Due to all this, there has been a complete slowdown in real estate. According to last year's statistics, thousands of houses are ready for possession in different cities, but no buyer is found.

The volume of sales calls is humongous but once the scheme is seen, the builders are hard pressed to close the customer. Even though the loan norms of banks are liberal, the enthusiasm of people to move from rented house to house seems to have died down. People who used to buy houses for investment have also withdrawn. Due to this, the economy has been hit hard, so the government has started efforts to promote real estate, but it is not getting any concrete results. The real estate downturn is also worrisome for the long-term economy. Lockdown and Corona had caused serious damage to this sector and after that now the recession season is taking a turn.

The real estate sector generates employment for millions of people. Real estate employs thousands of units including artisans, engineers, manufacturers of goods. Even after the construction of the building, employment opportunities are created in many services including security for its maintenance. Now here for a recession to hit all the units, which directly affects the economy. It is not that people do not need to buy a new house, but people have no purchasing power. Due to rising inflation, people are turning to frugality and putting off big purchases. Apart from land-building, it has also affected the vehicle industry. This vicious cycle has been going on for a long time.

Banks are directly impacted by the booming real estate sector. Real estate loans are considered to be the safest. Also, since its loans are for a long period, banking will also continue for a long period and the structure of the banks will be maintained. Despite all the employment schemes going on, the banks were in a precarious position as loans to big industrialists were not repaid on time. Employment also decreased, so the deposits from the banks began to take off. The foundations of the banking sector have begun to weaken one after another. It will take years for the economy to get back on track. Now it is just a fantasy that Nirmala Sitharaman will come with some magic wand in the new year of Jesus. If inflation increases, the size of the economy will increase, but if there is no rapid progress in manufacturing, services and agriculture, the economy will not flourish.