Real Estate News

New Gurugram, Sohna among top 10 housing markets in country, says report

New Gurugram, Sohna among top 10 housing markets in country, says report

December 11, 2019 in Real Estate News

A report released by real estate consultancy Anarock on Monday stated that new Gurugram witnessed supply of 5,400 new units to become one of the hottest real estate micro-markets in the country.

New Gurugram and Sohna have emerged as the third and eighth most active residential real estate micro-markets in the country based on the number of new launches in the current year, according to a report. Dombivli in Mumbai Metropolitan Region (MMR) was the top residential micro-market as it witnessed more than 7,100 new units being launched for sale while Panvel in MMR stood at the second spot.

The report released by real estate consultancy Anarock on Monday stated that new Gurugram witnessed supply of 5,400 new units to become one of the hottest real estate micro-markets in the country.

Newly developed sectors from 58 to 115 have been described as new Gurugram in the report. The top 10 markets are Dombivli (MMR), Panvel (MMR) , New Gurugram, Badlapur (MMR), Mahalunge (Pune), Sarjapur road (Bangalore), Hinjewadi (Pune), Sohna, Electronic City (Bangalore), and Kondapur (Hyderabad).

As per the Anarock report, another positive for the buyers in the city is that property prices declined at an average of 6% in new Gurugram, which is an exception as none of the other micro-markets in the top 10, including Sohna, saw any correction in the prices.

The report mentioned that though property rates on an average in 2016 was ₹6,460 per sq ft, it fell down to ₹6,087 per sq ft in 2019. Real estate experts said that the reason for price correction is that the number of buyers in the market has come down considerably and majority of the homebuyers are looking for ready-to-move-in properties.

Sanjay Sharma, a city-based real estate consultant, said that the reason new projects are being launched in Gurugram is that there is a potential for quality housing backed by reliable players, who can deliver. “The Dwarka expressway is coming up in this area, the Southern Peripheral Road is also being upgraded and both have significant traction in terms of habitation. If the Kherki Daula toll is shifted, it will also help in enhancing the sentiment,” he says.

Apart from that the presence of Manesar industrial area, the likely boost in connectivity with Sohna road and rest of city through SPR and shifting of a number of IT and corporate companies to cheaper locations on NH8 and Manesar is also the reason for increased real estate activity in developing sectors, said the experts.

Amit Kaicker, business head, DLF, new Gurugram, said that developers in this area have understood the pulse of the market, which is now end-user driven. “Projects backed by good developers and that are ready to move in or near completion are in good demand,” he said.

Adding a bit of caution, the market watchers also opine that it also has to be seen how much new supply is absorbed. “It’s important to see if the new units are being bought by the end user or investors. If investors are buying, it would mean that prices will also rise in near future,” says Pankaj Tomar, a real estate consultant.

Pointing to the launch of new projects in these micro-markets, Anuj Puri, chairman, Anarock Property Consultants, says that today, Indian housing demand is predominantly driven by end-users who are the actual buyers who intend to live in the homes they purchase, not sell them or rent them out. “The developers need to have execution capability, holding capacity and financial clout to be successful in this market,” he said.

Sources: www.hindustantimes.com

Delhi, NCR commercial developers hit hard

Delhi, NCR commercial developers hit hard

December 6, 2019 in Real Estate News

Companies facing up to Rs 1-crore loss a day due to SC’s construction ban in the wake of rise in air pollution. The worst affected are malls, which are losing not only rentals but also business for retailers during the seasonal sale.
NEW DELHI: The commercial real estate industry in Delhi and National Capital Region (NCR) is facing a loss of about ?1 crore a day owing to the Supreme Courtmandated construction ban in the wake of the hazardous increase in air pollution, which has delayed projects that were scheduled for delivery in November, said leading real estate developers.
The worst affected are malls, which are losing not only rentals but also business for retailers during the seasonal sale, they said. Real estate developer DLF, for instance, had planned to open its refurbished mall in south Delhi’s Saket in mid-November but had to postpone the launch.

“We planned to launch it on November 15. Winter season sale is important for brands so they will lose on that,” said Pushpa Bector, executive director, DLF Shopping Malls.
“About 95% of the space has already been leased out while we are in the process of leasing out the remaining space. When the construction ban was announced, we were almost there — about 25 days’ work is left.”
According to another executive, who did not wish to be identified, the annual rental from this property is about Rs 115 crore, so DLF is facing a loss of Rs 30-40 lakh every day due to the delay in the launch.

“The construction ban has impacted all ongoing real estate projects, but the impact is most severe on projects which are nearing completion as the delivery of such projects is likely to be delayed,” said Pankaj Jain, managing director, Realistic Realtors, a real estate advisory firm.
“Halting of construction also adversely impacts buyer sentiment — of both end-users and investors — and results in lower transactions. At the same time, developers also need to take care of their fixed expenditure such as salary, rent and interest.”

According to the Confederation of Real Estate Developers’ Association of India (Credai), there are about 100 under-construction projects in Ghaziabad and Noida involving 20,000 workers.
“The ban also affects the completion of projects on time for which developers take the flak for no fault of theirs. While all of us are equally concerned and impacted due to pollution, we need to find an alternative mechanism at the earliest,” said Gaurav Gupta, president, Credai Ghaziabad.

Besides developers, customers as well as daily wagers are bearing the brunt of the construction ban, said Nayan Raheja, who is the executive director of Raheja Developers.

“Unfortunately, in Delhi-NCR it has become an annual phenomenon. It is imperative that all stakeholders including the authorities and developer community brainstorm and find a permanent solution to the yearly problem,” he said.
sources: realty.economictimes.indiatimes.com

Gurugram developers upbeat about Rs 25,000 cr stress fund announced by govt

Gurugram developers upbeat about Rs 25,000 cr stress fund announced by govt

December 5, 2019 in Real Estate News

Builders, who have realty projects in Gurugram, said fund will help bridge trust deficit among buyers, but some experts advise caution.

Union finance minister Nirmala Sitharaman, on November 6, 2019, announced the setting up of an alternative investment fund to aid the realty sector.

The Union government’s announcement that it will set up a Rs 25,000 crore alternative investment fund (AIF) for the real estate sector, to help in the completion of projects, including those that are stalled, has enthused developers in Gurugram, who have been complaining about a lack of funds and tightening of loan disbursal by banks and non-banking finance companies (NBFCs).

Realty experts also said bringing projects that have been designated as non-performing assets (NPA) by banks, or where the buyers have approached the National Companies Law Tribunal (NCLT) under the ambit of AIF could help greatly, as it was a major pain point for the industry.

The Union finance minister on Wednesday evening announced the setting up of the AIF to aid the realty sector.

As per data collated by real estate consultancy Anarock, there are around 19 lakh units that are in various stages of construction in India’s top seven real estate markets. Nearly 5.76 lakh units were launched in 2013 or before, which can be described as delayed or stuck inventory, while the rest are under construction. As per the data, the number of stuck or stalled projects are the lowest in Delhi-NCR.

Gaurav Mittal, chief managing director, CHD Developers, which has two stuck projects in Gurugram, said the setting up of AIF would help buyers and developers who have projects on the verge of completion. “I have two projects — Golf Avenue 106 and CHD Vann, and need Rs 83 crore in total to complete them. Around 700 buyers will be benefitted and I will also be able to complete the under-construction inventory and sell it,” said Mittal. Most of the developers said that with buyers only going for ready-to-move in projects, it had become difficult for them to generate funds.

Amir Husain, president, sales and marketing, Orris Infrastructure, whose ‘Greenopolis’ project has been stuck due to funding and legal issues, welcomed the development and said it will help the developers. “This will certainly help, but we will wait for the fine print to say anything on its impact on the market or our project,” he added.

The Greenopolis project was launched in collaboration with Three C Shelters Pvt Ltd in 2012, and the licence for the project was issued to Orris. The project, scheduled to be completed by 2015-end, is still pending despite a number of hearings in Haryana Real Estate Regulatory Authority (HRERA).

Pradeep Aggarwal, founder and chairman, Signature group, which has projects in Gurugram said stuck projects were affecting the sale of projects even by those developers who had delivered their projects, leading to “an unsettling situation”. He said, “There was a trust deficit in the market but this fund will help in completing the stalled projects and can prove to be a game changer.”

Real estate consultants meanwhile said stringent criteria with respect to projects being net worth positive, registration with RERA, appraisal by investment committees, will ensure the protection of commercial returns for investors. “This move by the finance minister is likely to become a game changer as it now includes projects, which are NPA or are under NCLT, a major pain point that was left unaddressed in the last announcement,” said Ramesh Nair, CEO and country head, JLL India.

The consultants also called for immediate measures to re-infuse confidence and further revive the housing sector. “The government should clarify and expedite the timelines for releasing the funds and actual implementation. Announce operational guidelines in terms of geography, the scale of development, progress of construction, asset classification, developer eligibility among other things,” said Anuj Puri, chairman, Anarock property consultants.

Ramesh Menon, CEO, Certes Realty, a city-based consultancy, however, said this fund would help real estate projects that are already in completion phase, but would not add any new sparks in the realty space. “This move will also help homebuyers whose projects are stuck and they may finally get their dream houses,” he said.

Sanjay Sharma, another consultant, said the fund would help legitimate projects and buyers, but will not be helpful in cases where builders have wilfully defaulted or vanished.

Sources: www.hindustantimes.com

Property tax might be hiked in east Delhi: EDMC Commissioner

Property tax might be hiked in east Delhi: EDMC Commissioner

December 4, 2019 in Real Estate News

The political wing of EDMC said they will most likely not support the tax rate hikes.

East Delhi Municipal Corporation (EDMC) commissioner Dilraj Kaur on Tuesday proposed an increase in property tax rates across almost the entire 759 residential colonies under its jurisdiction. Kaur recommended house tax rates in property categories of C, D and E be hiked from 11% to 12%. These include the highest-value colonies in trans-Yamuna neighbourhoods such as Sukh Vihar, Shreshtha Vihar, East End Apartment, Mayur Vihar, Indraprastha Extension and Anand Vihar. Their Basic Unit Area Value (BUAV), on the basis of which property tax is calculated, is Rs. 400-270.

The F, G and H category of properties will see a bigger hike in property tax rates — from 7% to 10% — if approved by the EDMC House (political wing). These include lower-value colonies and villages such as Geeta Colony, Gokulpuri, Shahdara, Ambedkar Nagar, Karawal Nagar, Nand Nagri, etc. Their BUAV ranges from Rs. 230-100.

There is only one A category (premium) property in EDMC jurisdiction, the Commonwealth Games Village of Akshardham, and no B category properties here. Their current rate of property tax, 12%, and BUAV of Rs. 630-500, will remain unchanged.

The political wing of EDMC said they will most likely not support the tax rate hikes. Sandeep Kapoor, Standing Committee Chairperson, EDMC, said, “We are not in favour of this. It is always better to widen the tax net by bringing more properties under it rather than burden those who are paying.”

Sources: www.hindustantimes.com

Delhi ninth fastest growing home market

Delhi ninth fastest growing home market

December 3, 2019 in Real Estate News

The city, known for its tight housing supply, moved up by one place and has been ranked as the ninth fastest growing prime residential market, according to the latest Prime Global Cities Index by property advisory Knight Frank.

New Delhi is among the highly ranked in terms of prime residential market among top global cities.

New Delhi has retained its position as a prime residential market among top global cities and witnessed an uptick in prices in the September quarter, even as India faces its worst ever housing crisis.

The city, known for its tight housing supply, moved up by one place and has been ranked as the ninth fastest growing prime residential market, according to the latest Prime Global Cities Index by property advisory Knight Frank.

Weighted average home prices in the city’s prime locations such as Greater Kailash, Vasant Vihar, Anand Niketan, Defence Colony and Green Park rose 4.4% to Rs 33,511 per sq. ft in the September quarter, compared to a year ago.

From the preceding June quarter, New Delhi and Mumbai have moved up by one and two places, respectively, to ninth and tenth ranks, while Bengaluru has slipped five places from the 15th rank in Q2 to 20th rank in Q3 2019.

The report is a valuation-based index that tracks the movement in prime residential prices in local currency across 45 cities worldwide. Moscow leads the index in the September quarter with prime home prices rising by 11.1% over the 12 months to September 2019, followed by Frankfurt (10.3%) and Taipei (8.9%). Seoul was the weakest-performing global city in the year to September, with luxury home prices falling by 12.9%.

“While Delhi and Mumbai have moved up in their rankings, luxury home prices have remained stable in both the cities in the past three months. In India, all the policy initiatives have been focused on boosting the development of affordable and mid-income housing, which has left the luxury property development a game for well-funded and organised developers to play,” said Shishir Baijal, chairman and managing director, Knight Frank India.

Sales of luxury homes in the country have been tepid in the last three years or so, as most developers seem to have overestimated the capacity of homebuyers in cities such as Mumbai, the financial capital. To push sales and bring back buyers, most real estate firms are entering the mid-income or budget housing category, which has received maximum government incentives and support and where the real demand seems to be.

Around 76% of the cities registered static or rising prices over the 12-month period till September, 2019, the Knight Frank report said.

High-end residential locations in Mumbai, the country’s most valuable property market, for instance, witnessed a 0.8% year-on-year rise in prices to Rs 64,775 per sq. ft as of September. Prime locations in Bengaluru, considered to be a relatively better selling housing market, recorded a 2.1% rise in capital values to about Rs 19,709 per sq. ft. Nearly 10,000 residential units, that are ready but unsold, across the top seven cities are in the luxury and ultra-luxury segments priced over Rs 1.5 crore, according to an October report by Anarock Property Consultants. Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) have maximum ready unsold stock in the luxury and ultra-luxury segments, both accounting for nearly 66% of the total 10,000 available, ready units.

Sources: www.hindustantimes.com

Ready-to-move-in house supply will go up by 2020

Ready-to-move-in house supply will go up by 2020

December 2, 2019 in Real Estate News

The highest number of these units (68,070) will be delivered in the National Capital Region (NCR), while the least number will be available in Chennai, stated a report released by real estate consultancy Anarock.

Nearly 2.75 lakh ready-to-move-in houses will be available in the market by the end of 2020 in the top seven real estate markets of the country. The highest number of these units (68,070) will be delivered in the National Capital Region (NCR), while the least number will be available in Chennai, stated a report released by real estate consultancy Anarock. The reason for the increase in the delivery of ready-to-move-in flats is because overdue projects are attracting penalty by the real estate regulatory authority (Rera).

The top seven real estate markets in the country from which data was collated for this report are NCR, Mumbai Metropolitan Region (MMR), Pune, Hyderabad, Chennai, Bengaluru and Kolkata.

Currently, nearly 13.1 lakh housing units, launched between 2014 and Q3 of 2019, are in various stages of construction in the top seven cities of the country and nearly 21% of such units are to be delivered by the end of next year.

The report further states that nearly 41% of these houses (1.13 lakh) are in the affordable housing category (priced at less than ₹40 lakh), 33% ( 90,770 units) are in the bracket of ₹40 to ₹80 lakh and 16% are in the range of ₹80 lakh to ₹1.5 crore. The remaining 10% units fall in the ultra-luxury segment, the report stated.

Anuj Puri, chairman, Anarock property consultants, said developers are keenly aware that ready- to-move-in homes are in great demand and, as such, they are working overtime to complete the projects in time. “Most buyers are focused on the affordable and mid-range segments (priced below ₹80 lakh) and will have ample choice once this ready inventory hits the market by the end of next year. An overwhelming 74% or approximately 2.04 lakh units fall in these two segments,” he added.

Another positive development listed by the report is that NCR will see the maximum number of houses delivered by the end of 2020. This number will stand at 68,070 units.

Referring to the development, Sonia Vaid, a Gurugram-based realty consultant, said home buyers will greatly benefit in the city as large number of affordable properties would became available by the end of next year. “The people only want to buy finished homes right now, and this supply will surely help,” she said.

 

Sources: www.hindustantimes.com

NBCC to start work at Amrapali projects in Noida and Greater Noida

NBCC to start work at Amrapali projects in Noida and Greater Noida

November 30, 2019 in Real Estate News

NBCC took over the project in July on the SC orders after homebuyers petitioned it following the Amrapali Group’s failure to deliver around 30,000 flats in 15 projects. The promoters of the Group were jailed, and the court receiver is controlling the firm.

The state-run company NBBC (India) Ltd on Monday floated a tender to hire firms that will finish and deliver flats in seven incomplete housing projects of the Amrapali Group in Noida and Greater Noida.

Once the firms are hired, construction will resume at the projects, NBCC officials said.

NBCC took over the project in July on the Supreme Court’s orders after homebuyers petitioned it following the Group’s failure to deliver around 30,000 flats in 15 projects. The promoters of the Group were jailed, and the court receiver is controlling the firm.

In the first tranche, NBCC has invited firms to compete for tenders to the following projects: Centurion Park in Greater Noida’s sector Techzone-4; Silicon City-I and Silicon City-II in Noida’s sector 76, Zodiac in Noida’s sector 120, Sapphire-I and II in Noida’s sector 45, and Princely Estate in Noida’s sector 76.

According to NBCC, Centurion Park has a budget of Rs 169.27 crore, Silicon City-I Rs 131 crore, Silicon City-II Rs 76.67 crore, Zodiac Rs 65.32 crore, Sapphire-I Rs 21.34 crore, Sapphire-II Rs 59.61 crore and Princely Estate Rs 39.35 crore.

The last date to apply for the tender is December 30, 2019 for five projects— Centurion, Silicon City-I, II, Zodiac and Sapphire-II. The last date for Princely Estate and Sapphire-I is December 26, 2019, officials said.

“We have started the process to hire a construction company to finish and deliver incomplete housing projects of Amrapali in compliance with the Supreme Court directive. Once the construction companies are hired, work at the site will begin immediately as per rules,” said a NBCC official not authorised to speak to media.

On July 23, the Supreme Court had appointed the court receiver to carry out various activities, such as registration of ready flats, accepting money from buyers, selling unsold flats, and ensuring completion of the stuck housing projects. The court gave one month’s time for execution of registry. But later it extended the deadline for three months as more time was required for verification of documents related with the flats. The court receiver said that after the floating of the tender by NBCC, they are arranging the funds.

“We are arranging funds so that the construction can be started at the site and incomplete flats are completed. We are having meetings with all stakeholders to finalise things and pave way for flat registration and construction,” said Supreme Court-appointed receiver, R Venkataramani.

These 16 projects include Sapphire I and II, Silicon City, Princely Estate, Zodiac, Platinum, Castle, Leisure Valley, Centurion and Eden Park, among others, in Noida and Greater Noida. However, around 32,000 flats are yet to be finished or delivered to apartment buyers in these projects, officials said.

“We hope NBCC will select construction company at the earliest as per rules and work will start so that the homebuyers can get justice,” said Venkataramani.

Homebuyers said the government should provide special fund to Amrapali projects.

“We are happy that after Supreme Court order and appointment of court receiver things are moving in positive direction for homebuyers. But we demand that the central and the state government should also provide adequate funds to finish Amrapali flats without delay. Without funds construction will get delayed,” said Abhishek Kumar president of Noida Extension flat owners welfare association that has written to government on the issue.

Sources: www.hindustantimes.com

MMR, NCR lead affordable housing in last 5 years

MMR, NCR lead affordable housing in last 5 years

November 29, 2019 in Real Estate News

Both the regions contributed 55% share of the overall new budget housing supply between 2014 and 2018.
Property markets of Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) have witnessed a major shift as both new supply and housing sales have led the thrust of affordable housing over the last five years since 2014.

Both the regions contributed 55% share of the overall new budget housing supply between 2014 and 2018. The total number of units launched, during this period, around 3.98 lakh were budget homes. NCR and MMR MMR contributed the highest share of sales also at 57%, showed a report by ANAROCK Property Consultants.
“The ‘Housing for All by 2022’ mission threw a much-needed lifeline to the affordable housing segment. The term ‘affordable’ has become respectable and builders who earlier shied away from it now hold huge portfolios in this category. This segment grew tremendously on the back of multiple sops introduced to both buyers and developers over the last five years,” said Anuj Puri, Chairman, ANAROCK Property Consultants.

Among various measures, the government has provided affordable housing infrastructure status, and it has also expanded the definition of affordable housing to accommodate more units under this key category.

According to Puri, the anticipated 8-10% annual growth of this segment is also luring investors. The data further suggests that out of the total 15.3 lakh units launched across the top 7 cities between 2014 and 2018, affordable housing contributed about 6 lakh units or 39% of the overall supply. The rise in affordable housing supply has also helped improve sales numbers in later years, indirectly resulting in a 16% drop in unsold inventory between 2016 and 2018.
The government’s flagship mission of providing one crore homes to the urban poor by 2022 under Pradhan Mantri Awas Yojana (PMAY) was squarely in the spotlight during this five-year period. As on date, 79% homes have already been sanctioned but the pace of development needs to pick up.

sources: realty.economictimes.indiatimes.com

Institutional investments into real estate triples during 2014-18

Institutional investments into real estate triples during 2014-18

November 28, 2019 in Real Estate News, Uncategorized

Investments into Indian real estate have more than tripled to Rs 140,000 crore.
Institutional investors’ appetite for Indian real estate has been growing in the backdrop of series of reforms undertaken by the government and enhanced usage of technology that has changed the investors’ outlook towards the asset class.

Investments into Indian real estate have more than tripled to Rs 140,000 crore between 2014 and 2018 as compared to Rs 46,500 crore between 2009 and 2013, said a CII-JLL report.
Traditional real estate segments such as residential and commercial have been using modern technology across construction, planning and development for over a decade now.

Policy reforms in the sector, the concept of shared economy giving rise to new asset classes such as co-living and co-working spaces and technology driven businesses resulting in the increased interest in data centers have together made times exciting, both for occupiers and investors.
Additionally, introduction of Real Estate Investment Trusts (REITs) have opened new doors for retail investments in commercial real estate.

“India has gradually transformed into an investment destination of international repute post the global financial crisis and real estate and infrastructure have played a vital role. Within the space, adoption of technology coupled with policy reforms is one of the key factors for investors to consider greater participation,” said Ramesh Nair CEO & Country Head, JLL India.
While metros like NCR-Delhi, Mumbai and Bengaluru accounted for 74 per cent of the total institutional investments during 2009-18, he expects tier II and III cities to draw more funds in the coming years. Government’s focus on the growth of smaller cities has been leading the change.
The report also highlighted that the commercial office segment witnessed the maximum share of institutional investments in the past ten years. Rise in the development of environmentally sustainable buildings and subsequent demand from occupiers have added strength to this trend.
From 2009 to 2013, opportunistic funds returned to Indian markets and picked up marquee assets in select offices including commercial and IT parks/special economic zones (SEZs). India’s improving reforms scenario added value to the overall scenario. Notification of REIT regulations in 2014 led to a deluge of investments in high yielding assets with attractive valuations. This was especially in the non-IT office space as most quality IT/ITeS assets were acquired by funds. Investors took note of the innovation introduced at all levels.
With a superior sustainability quotient, Grade-A offices with single ownership and limited supply have pushed global investors to close large deals. But lower availability of quality assets has led to large investors chasing entity level deals leading to extended investment cycles. As a result, the share of investments in the office segment declined during the first six months of the year as compared to the corresponding period the last year.

 

 

sources: realty.economictimes.indiatimes.com

Skill India: CREDAI says will train 13,000 construction workers in 2019-20

Skill India: CREDAI says will train 13,000 construction workers in 2019-20

November 27, 2019 in Real Estate News

The real estate and construction sector alone needs 45 million additional skilled workers over the next 10 years, according to CREDAI.
As the construction industry is grappling with shortage of skilled workforce, the apex body of registered builders CREDAI is aiming to train 13,000 workers by 2020 across the country with the help of government-backed skill training agencies.

The real estate and construction sector alone needs 45 million additional skilled workers over the next 10 years, according to an estimate of the Confederation of Real Estate Developers Association of India (CREDAI).
CREDAI’s Delhi-NCR president Pankaj Bajaj told PTI that the body is working big time on skilling construction workers to meet the growing demands in the sector in coming years.

It also “implements CSR programmes and in partnership with PNB Housing Finance Limited (PNBHFL) under their CSR has been imparting skill development training since 2015. Under this partnership with PNBHFL, CREDAI aims to train 13,000 workers/youth in financial year 2019-20″, he said.
The association, which has 12,500 members in 205 cities and 23 states, is working closely with National Skill Development Corporation (NSDC) and Construction Skill Development Council of India (CSDCI) under Recognition of Prior Learning (RPL) scheme. It has also signed a pact with CSDCI to certify one lakh construction workers under RPL 4 scheme by March 2020.
“Under CREDAI’s ‘Skill India’ Initiative under the aegis of the Pradhan Mantri Kaushal Awas Yojna, we are going to train about one lakh workers. They will be provided vocational training in the construction industry. A skilled workforce will be prepared to take on the building challenge across the country in next four to five years,” Bajaj said.
With shortage of skilled manpower in the industry on the one hand and high levels of unemployment in the country on the other, the need for focusing on skill development programmes cannot be over emphasised, he added.
“It is in this background CREDAI ventured into skill development of construction workers through its Pune chapter’s ‘Kushal’ initiative in 2011. Since then CREDAI through its chapters and under its CSR Foundation has trained more than 1.25 lakh construction workers/youth in job roles related to real estate and construction sector,” Bajaj said.

Noting that skilled labour causes less wastage of material and saves times, one NCR-based developer Gulshan Homz, a member of CREDAI, said it pays more wages to skilled workers in comparison to unskilled ones.

The real estate group said it also conducts regular training programme for workers at its project construction sites.

“We have managed a construction manual so that we can observe the time being taken by a worker to complete his appointed task. Our civil or construction team manages this manual and keeps a regular watch on every worker to get to know the duration to finish any task/work by both skilled and unskilled worker. This actually helps the team in improving on a regular basis and saves time, material and products,” it said.
sources: realty.economictimes.indiatimes.com

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