A fourth of construction workers leave Godrej Properties’ project sites in corona 2nd wave
New Delhi: While the corona’s first wave caused construction workers to leave almost en-masse from real estate project sites, the current wave has caused 25 percent depletion in the workforce for Godrej Properties Ltd (GPL).
“I think we have already seen 25 percent or so reduction in construction workers from their recent peak over the last five or six weeks. So, that's certainly something that we are going to have to work hard to counter and make sure we can continue with construction,” said GPL Executive Chairman Pirojsha Godrej in a conference call with investors and analysts recently. The transcript of the call has been filed with the stock exchanges.
He added that the company has learnt the lessons from the first wave on aspects like labour strength at sites and the company is doing its best to “retain construction workers this time around.”
Meanwhile, GPL plans to launch new projects having a total of 12.26 million square feet space in the current fiscal year. It is looking at launching new projects having around 4.8 million square feet space in the ongoing fiscal year, while another 7.5 million square feet will be launched in new phases of the existing projects of the company.
Labour shortage was a huge problem during the first wave when most projects saw almost all workers leave for their native towns and villages. The RERA authorities across the country had to extend project completion deadlines due to the labour shortage. However, this year no RERA authority has extended the deadline so far.
GPL witnessed its highest ever quarterly collection of Rs 2,041 crore in the fourth quarter of the previous financial year (2020-2021). However, it suffered a consolidated net loss of Rs 192 crore in fourth quarter of last financial year as against a net profit of Rs 102 crore in fourth quarter of previous financial year (2019-2020).