Covid lockdown: The grim reality of NCR realty

Covid lockdown: The grim reality of NCR realty

Migration of labour has further compounded problems for builders, who expect it will require 2-3 months to mobilise workforce once lockdown is lifted. Even half-complete projects would be difficult to finish by December this year.

Over 68,000 houses, that were to be delivered to buyers in 2020 in the Delhi-National Capital Region (NCR) are unlikely to be completed due to the halt in construction activity during the nationwide lockdown and the national green tribunal ban (NGT) during the November-December 2019 period, leading real estate developers and consultants told ET.

And the migration of labour has further compounded problems for builders who expect a 2-3 months time-period to mobilise workforce once lockdown is lifted and what that means is even half complete projects would be difficult to finish by December this year.

“Unfortunately construction sites were shut for majority of last 6 months , earlier due to NGT ban in Delhi NCR and now due to Covid 19. Also slowing sales and collection momentum will delay further project deliveries as builders will have arrange more funding,” said Nayan Raheja of Raheja Developers.

The National Green Tribunal (NGT) had banned the construction activity in NCR on November 4, 2019, due to poor air quality. A month later, on December 9, it partially lifted the ban and allowed construction between 6 am and 6 pm. Complete ban was lifted on February 14 and just when the developers were mobilising the workforce, lockdown came into effect.

According to an study by property consultant JLL, about 3 lakh houses in NCR will get delayed due to the lockdown of which 1.24 lakh are under mid segment (which sells the most).

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LINDO ADVISORS AND SERVICES is one of the countries leading service companies specialized in the brokerage of premium residential property & commercial real estate. Based in over 8 locations in total, LINDO ADVISORS offers both private and institutional clients a professionally tailored range of services. Consultancy, sales and leasing form the core competences of the staff of more than 15 people. The Company is currently operating in over 8 cities. Intensive training schemes in its in-house real estate training center and the high level of quality assurance governing its systematically structured service provision are key factors that account for the Company’s success.

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