Industry lost Rs 1 lakh crore says NAREDCO

Real estate sector in India has estimatedly lost Rs 1 lakh crore, a loss which is rising with each passing day, said Niranjan Hiranandani, president, National Real Estate Development Council (NAREDCO). Hiranandani suggested that the economic stimulus package for all industries across the economy should be atleast 10 per cent of the country’s GDP. “If you can overcome the crisis today, you may be able to stand up tomorrow,” he explained. Stressing on the need for a one-time rollover for debt restructuring as also provision and working capital requirement as a ‘must do’ as part of the economic stimulus package, he said more credit supply needs to be extended to industries across the economy. Post the pandemic, Hiranandani estimated delays in on-going projects to range from 3 months to a year and half, depending upon the stage of the project and location, among other factors. Site labor remains major issue, unless they get back to routine work under strong adherence of COVID19 guidelines and paid for the same, they will end up returning to their villages and shifting to agriculture This will translate into lack of skilled workers across various industries in cities morphing into agricultural labor, and to prevent this, it stands imperative to permit work to restart at construction sites where labor are present and being looked after.