News: Realtors see 9-month construction delay over corona-26-03-2020
Updated On: Mar 26, 2020
GURUGRAM/NOIDA: Already delayed by years, under-construction apartments may have just taken another hit with the coronavirus pandemic.
As per Credai, disruption in the supply could result in pushing back the construction cycles by at least 8-9 months. A report released by property consultant Anarock stated that NCR has together got over 4.25 lakh units in various stages of construction. All these units were launched between 2013 and 2019. The developers are already under financial burden to manage the workforce, which is dependent on them for their needs till the work restarts.
Among other NCR cities, Greater Noida has the maximum under construction stock of nearly 1,24,900 units, Gurgaon has nearly 1,12,100 units under various stages of construction – which is 26% share of the total stock in the region. Ghaziabad is next with nearly 61,300 under-construction units while Noida has 48,400 units. Delhi has nearly 33,000 units while Bhiwadi has 31,200. Faridabad has the least stock of 14,100 units.
“Given that Covid-19 will be considered a natural disaster, homebuyers will not have an option to raise any delay complaints against builders with the respective RERA. Given that Greater Noida residential real estate has already been under stress due to several delayed projects, this pandemic will further increase the numbers,” said Prashant Thakur, head of research at Anarock.
The Credai chief in Haryana, Kushagr Ansal, said the sector contributes to 10% of the national GDP. “The sector is already facing shortage of construction materials due to import restrictions and shut down of state borders leading to supply-chain issues and heavy escalation in prices of materials,” he said and added that untimely payment from customers is another critical issue in payments and this would be a major set-back for the sector” he said.
Credai-Western UP vice president, Amit Modi said that delays are obvious, but they will not put any figure to the losses. "At this time, we just want that the situation should settle and wherever projects are under construction, builders would pay the wages and ensure meals and shelter for workers,” he said.
CBRE group’s chairman & CEO Anshuman Magazine, said, “Our ecosystem is all set to deploy technological innovations to bring in efficiencies and reduce overall costs to the real estate industry.”
