The commercial real estate industry in Delhi and National Capital Region (NCR) was facing a loss of about Rs 1 crore a day owing to the Supreme Court mandated construction ban in the wake of the hazardous increase in air pollution.
Real estate developers in Delhi-NCR have started mobilizing work force after the Supreme Court on Monday relaxed its ban on the construction activities and allowed it in the day time from 6am to 6pm.
The developers, who were already running behind schedule and facing loses, will resume the construction work, to avoid the delay penalty.
“The construction activity was at complete halt for one and half month and this adversely impacted livelihood of daily wagers. With the ban is lifted, it will result in faster completion of project, hence providing relief to buyers. However, re-mobilisation of workforce will take some time as many of them have gone to their native place,” said Nayan Raheja, Executive Director, Raheja Group.
The commercial real estate industry in Delhi and National Capital Region (NCR) was facing a loss of about Rs 1 crore a day owing to the Supreme Court mandated construction ban in the wake of the hazardous increase in air pollution.
“For developers, project completion will now gather pace once mobilisation of daily wagers, which may take a while, is complete,” said Mohit Goel, CEO, Omaxe Ltd.
The worst affected are malls, which are losing not only rentals but also business for retailers during the seasonal sale.
sources: realty.economictimes.indiatimes.com
