Real-estate is picking up pace and recovering from the effects of Covid-19 as construction workers return to the national capital region.
Over 18,000 residential and commercial units are being delivered this year across the National Capital Region, as the real estate sector looks to recover from the effects of the successive lockdowns due to Covid-19 pandemic. As the lockdowns have forced the realtors to cease construction activities due to absence of labourers, the phased unlocking has brought much-needed relief to the sector.
Various labourers who left for their hometowns during the lockdowns now have returned and work is picking up pace.
One among the real estate giants of Noida – Gaursons group, is looking forward to deliver over 5,000 units including residential and commercial housing.
“The second wave of Covid-19 affected input material supply chains once again, disrupting construction schedules. The sector was able to get through this period because of the digital disruption expedited by the crisis. Overall, the market recovery and housing project completion appear to have been delayed for at least another two quarters. On the other hand, government aid in the form of low-cost loans is expected to go a long way toward helping the sector,” said Manoj Gaur, CMG, Gaursons India Limited and Vice president (north) Confederation of real estate developers of India (CREDAI) National.
Most of these residential units are in Greater Noida West and Greater Noida.
In Gurugram, the edifice of high-rises is gradually pacing up and all set for the delivery of thousands of residential and commercial units this year. Raheja Developers, one of the prominent realtors of NCR, claims to deliver 8,400 units for the year 2021-22.
“Now, developers and the government must work together to ensure that the pace continues to improve. The government has taken several actions, but more needs to be done to ensure that the real estate sector remains unaffected. The most pressing issue is one of liquidity, which must be addressed right away. In addition, delays from the authorities must be avoided to ensure faster project delivery,” said Nayan Raheja of Raheja Developers.
Noida Extension, better known as Greater Noida West, turns out to be a hotspot. The place is perfect for real estate with thousands of flats going to be delivered in the next year. Dhiraj Jain, director of Mahagun Group claims that over 1,464 units have been delivered to homebuyers in the last two months.