95% of homebuyers have postponed buying house because of pandemic uncertainties
New Delhi: About 95 percent of the homebuyers in the country have postponed buying a house because of pandemic induced uncertainties. As many as 98 percent of developers are seeing lower enquiries from customers and a massive 92 percent of them are seeing labour shortage.
Another 82 percent of the developers are seeing project approval delays, according to a nation-wide survey by CREDAI National.
Over 95 percent of the surveyed developers said that project delays are definite if no relief is given immediately by the government. The delay will happen because of labour shortage, steep rise in raw materials and delay in approval from authorities.
Around 83 percent of the surveyed developers are managing with less than half the labour-workforce. The hike in raw material prices have led to an increase of 10 percent in construction cost for about 88 percent developers.
Around 4,800 developers from 217 cities participated in the survey, providing crucial insights on the industry sentiment and the range of challenges faced by the real estate sector.