Affordability and high rate of rental returns is another set of factors that has led investors into pumping their money in housing and commercial segments in real estate markets of Tier 2 cities.

"The shadow of a pandemic looms large over one festival, the whole of India, markets, the economy looks forward to. Lay-offs, salary cuts, fear of losing jobs have all added to the lockdown and unlocking blues,” says Hirav Shah.

Last month, Prime Minister Narendra Modi had announced a 21-day nationwide lockdown as a precautionary measure to contain the spread of COVID-19. The lockdown was later extended till May 3.

It would be mandatory for all permitted shops to open only with 50% strength of workers, ensure compulsory wearing of masks and strict adherence to social distancing norms.