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Labour migration a major cause for construction delay, say developers

Labour migration post relaxation in lockdown is a major issue, says Deepak Kapoor, Director, Gulshan Homz. “During the lockdown we have nurtured more than 700 labours at one site, with all the facilities and Government provisions, but today after 1 week of opening my labour has reduced from 700 to 200”, said Kapoor.

Kapoor was speaking at the third Webinar of Realty Webseries, a Realty & More and ICCPL initiative.

Expressing similar concerns, another prominent NCR based developer, CMD of Tulip Group, Praveen Jain said there is not much impact if the construction stops for about 14 days. “But if the break is for more than that, then the project gets delayed by at least 6 months”, said Jain.

On asking about the impact of the Rupee depreciation, Prashant Thakur, Director & Head of Research, ANAROCK Group said though the rupee has depreciated, a lot of people who are looking at Indian property with renewed focus are also losing their jobs and so the present times are very uncertain for them. “But we are seeing a good amount of interest coming from NRI buyers because they would have accumulated money which while coming back the first thing they would need is a house”, added Thakur.

Another panellist at the event, Vikas Wadhawan, Group CFO, Housing.com, Makaan.com, PropTiger.com said the trigger point for the market to revive is how does the consumer sentiment from sitting on the fence converts to buyer on the move.