In Pakistan, you will find people with extremely diverse socioeconomic status. You will see one kind living in the slums with absolutely nothing. On the other hand, some people reside in lavish villas with pools and lawns. However, the current situation has shaken up different sectors globally. During the pandemic, people have faced unexpected changes in the market. Also, it has an enormous impact on the economic cycles of our country.
And, the Real estate industry in Pakistan is no different. For the past ten years, this sector was at the greatest heights of success. But, in the first few months of the pandemic, investors and buyers were reluctant to spend their money on a property. Because there was no reason for the investors to continue the trade, the market was struggling.
Construction in Covid-19 impact on the real estate industry is evident. Yet, the construction industry revived from these circumstances more than any other sector. That is because it has the potential to offer jobs to many people. With adequate recovery measures for revival by the government, this industry is moving towards balance and digitalization.
Initiative By the Government For the Growth of Real Estate
To ensure that the real estate industry doesn’t suffer throughout this phase. The Prime Minister of Pakistan has launched seven excellent housing schemes. Not only that, the government has announced to spend 100 billion Pakistani rupees.
Under the Naya Pakistan Housing Program, they have decided to build twenty thousand new housing units. The news of this scheme spread over the country like wildfire because of the affordability they are offering. As a plus point, they will construct these houses in the big cities of Pakistan.
These cities include Rawalpindi, Islamabad, Karachi, Quetta, and Lahore. Because of these units, people who belong to the middle class and the lower middle class in the social hierarchy will have their own house.
It is an optimistic approach to restore the slum areas of the country. This will increase the prices of real estate, and the prices of high-class homes will drop. The buildings in this scheme have a good infrastructure. And, the cost is less as compared to the price of the posh projects.
Secondly, rather than a high turnover, the realtors have to sell these units at a lower price. This allows them to gain capital to invest further in many low-priced apartments.
Lastly, it will influence the competition in this sector. Commonly, when there is a rise in the housing available for sale, builders compete with one another to provide a better deal. Similarly, with this scheme, the price, quality, and efficiency will increase, benefiting the buyers.
Use of Digitalization
In the whole world, people understand the need for the latest technology. But, in our country, professionals take digitalization for granted. Therefore, now, people are acknowledging the importance of digital solutions to operate with efficacy. Besides that, both ends must use it. In simple words, the designers of the project and the seller must know how to utilize it.
With the help of 3D architectural visualization, you can involve in the making of your property. A Virtual Walkthrough takes you to every corner of the building. This removes all the doubts from your mind regarding the property. Also, the future of your project comes right in front of your eyes.
In the first six months of the virus, the real estate sector witnessed a drop in the demand for residential and commercial properties. A majority of people had to put a hold on such business dealings. At that point in time, that was the right thing to do.
However, to recover from the crisis, the government has introduced a well-planned housing scheme. It will keep the real estate work going even in the 3rd layer of Coronavirus.
As mentioned above, sustainability in this sector is currently essential. For this, you need experts who master technology.
On that account, Pixarch knows how to deliver excellent work in the field of 3D Visualization. Our team has the best 3D designers & animators in the market who manage every project with proficiency. The designs we make are realistic and unique to help you impress the clients. Our creative visualizations will let anything disturb your business.