Real Estate Developers Fear Construction Activity Could Come to a Halt Over Delhi Lockdown - The Economic Times

1. 4/22/2021 Real estate developers fear construction activity could come to a halt over Delhi lockdown - The Economic Times ★★★★★ FEATURED FUNDS 5Y RETURN 14.4 % BENCHMARKS Nifty 14,412.70 LIVE NSE GAINER-LARGE CAP Hindustan Zinc 300.50 MARKET WATCH ICICI Prudential Midcap … INVEST NOW 116.30 16.10 Industry Subscribe Jyoti Special Offer on ET Prime English Edition | 22 April, 2021, 02:39 PM IST | E-Paper Home ETPrime Markets News Industry RISE Politics Wealth MF Tech Jobs Opinion NRI Panache ET NOW More Auto Banking/Finance Cons. Products Energy Renewables Ind'l Goods/Svs Healthcare/Biotech Services Media/Entertainment More Business News › Industry › Services › Property / C'struction › Real estate developers fear construction activity could come to a halt over Delhi lockdown Real estate developers fear construction activity could come to a halt over Delhi lockdown BACK TO TOP https://economictimes.indiatimes.com/industry/services/property-/-cstruction/real-estate-developers-feat-construction-activity-could-come-to-a-halt… 1/5

2. 4/22/2021 Real estate developers fear construction activity could come to a halt over Delhi lockdown - The Economic Times Synopsis “In UP, the labourers have stayed back due to the Panchayat election. Obviously, there is a fear among them and the recent closure announced by the Delhi government will further escalate the problem,” said R K Arora, Chairman, Supertech Group and President NAREDCO-UP. Real estate developers fear construction activity could come to a halt again as labourers have started migrating after the announcement of a six day lockdown by the Delhi government in wake of a sharp surge in Coronavirus cases. BY Faizan Haidar ET Bureau 4 MINS READ, Last Updated: Apr 20, 2021, 09:52 PM IST Share This Article According to the multiple developers, many labourers who were listing their hometowns during Holi haven’t returned and they were already operating at 50% capacity. FONT SIZE SAVE “In UP, the labourers have stayed back due to the Panchayat election. Obviously, there is a fear among them and the recent closure announced by the Delhi government will further escalate the problem,” said R K Arora, Chairman, Supertech Group and President NAREDCO-UP. The lockdown announcement triggered an exodus of migrant labourers. The developers, however, said that since in- situ construction is allowed, many labourers have stayed on at construction sites. “But government should ensure the material supply chain doesn’t break down. If we run out of material, the labourers will start moving when they see no work. Also, at most of the sites, labourers haven’t returned post Holi. The construction sites are operating at limited capacity currently. We are trying our best to hold back labourers,” said Pankaj Bajaj, President, CREDAI NCR. BACK TO TOP https://economictimes.indiatimes.com/industry/services/property-/-cstruction/real-estate-developers-feat-construction-activity-could-come-to-a-halt… 2/5

3. 4/22/2021 Real estate developers fear construction activity could come to a halt over Delhi lockdown - The Economic Times The Delhi CM Arvind Kejriwal has issued an appeal to all labourers to stay put in Delhi and not react hastily. “This is especially di?icult for the economically weaker sections and daily wage labourers. The last time when the lockdown was imposed in the entire country, we saw how a large number of migrant workers began returning to their villages. I would like to appeal to them, this is a short lockdown for 6 days. Please do not leave Delhi. You would lose a lot of time, money, and energy in traveling,” Kejriwal said. Although, most of the real estate projects are in Noida and Gurgaon, there are some ongoing projects in Delhi as well, which might get impacted by the lockdown. “We are hoping however this time, with learnings from past year the government and industry are likely to bounce back and recover comparatively faster,” said Prasoon Chauhan, Founder & CEO, BlackOpal Group. According to developers, work was progressing smoothly for most of the last four months. But now they could sense fear setting in amongst the labourers. In other states too, developers are reporting movement of labourers. “At our construction site in Goa, we have seen a marginal movement. Few of them have left for their hometown in Bihar and other parts of North India early this month,” said Aditya Kushwaha, CEO & Director, Axis Ecorp. The developers say that the industry needs to hold back labourers otherwise the project delivery will be delayed. According to Dhruv Agarwala, Group CEO, PropTiger.com, the current surge in corona cases is unprecedented and the decision of BACK TO TOP https://economictimes.indiatimes.com/industry/services/property-/-cstruction/real-estate-developers-feat-construction-activity-could-come-to-a-halt… 3/5

4. 4/22/2021 Real estate developers fear construction activity could come to a halt over Delhi lockdown - The Economic Times p various state governments to impose curfews / partial lockdowns was necessary. “There will be a big impact on construction activities at project sites. It will once again have an impact on the housing sector, which was witnessing a recovery,” he said. POPULAR WITH READERS Indians book pricey ?ights before London ‘Bridge’ falls down Can the next big global electronics brand be fro India? PEOPLE Pandemic lessons: Crisis management 101, courtesy Paytm boss 5 mins read • By Mihir Mishra & Anirban Chowdhury 16 mins read • By Neha Dewan 3 mins read • By Maleeva Rebello Search News, Stock Quotes & NAV A B C D E F G H I J K L M N O P Q R S T U V W X Y Z BROWSE COMPANIES: 1 2 3 4 5 6 7 8 9 BACK TO TOP https://economictimes.indiatimes.com/industry/services/property-/-cstruction/real-estate-developers-feat-construction-activity-could-come-to-a-halt… 4/5

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