Real estate developers fear project delays due to Covid-19: CREDAI

11 Jun 2021 CW Team

These delays are due to a range of factors, with 92% of developers undergoing labor shortage at sites, 83% of developers are operating with less than half the workforce, and over 82% of developers are experiencing project approval delays.

To evaluate the impact of the second wave of Covid-19 on the real estate sector in India, CREDAI issued findings of its first-ever industry survey carried across North, East, West and South zones between May 24 and June 3, 2021. The exploratory survey, conducted with a stratified sampling method, witnessed first-of-its-kind extensive participation of 4,813 developers from 217 cities, offering critical insights on the industry view and the list of challenges faced by the real estate sector.

A staggering 98% of developers are experiencing decreased customer enquiries, and 42% of developers are experiencing a 75% drop in customer enquiries. Also, the report unveils that the second wave has induced 95% of customers to postpone their purchase decisions.

The apex developers’ body also thinks that decreasing the cost of construction materials, work commencement and implementing single-window clearances for project approvals, and providing an input tax credit for all sectors will support the business.

CREDAI believes that continued and adequate policy support is crucial for the revival of the Indian economy, as the real estate sector estimates for 6-7% of GDP, is the second-largest employer, and is a business dynamo for over 270 ancillary industries in the nation.

Harsh Vardhan Patodia, President of CREDAI National, stated that the real estate sector exhibited tremendous resilience in bouncing back on a circumspect recovery path post the first wave, despite little relief measures. However, the second wave has urged them to reflect and re-evaluate the development path of the industry, and they thought it was essential to estimate the challenges faced by the customers and industry partners in light of the recent developments. The findings unveil that the second wave has had a more debilitating influence on the real estate sector than the first wave.

Image Source

Also read: Rising steel, cement prices to impact real estate

Also read: Falling demand to control soaring steel prices

As per the survey report given by the Confederation of Real Estate Developers' Associations of India (CREDAI), over 95% of real estate developers consider project delays if no urgent relief measures are introduced by the government and RBI in the sector. These delays are due to a range of factors, with 92% of developers undergoing labor shortage at sites, 83% of developers are operating with less than half the workforce, and over 82% of developers are experiencing project approval delays. To evaluate the impact of the second wave of Covid-19 on the real estate sector in India, CREDAI issued findings of its first-ever industry survey carried across North, East, West and South zones between May 24 and June 3, 2021. The exploratory survey, conducted with a stratified sampling method, witnessed first-of-its-kind extensive participation of 4,813 developers from 217 cities, offering critical insights on the industry view and the list of challenges faced by the real estate sector. A staggering 98% of developers are experiencing decreased customer enquiries, and 42% of developers are experiencing a 75% drop in customer enquiries. Also, the report unveils that the second wave has induced 95% of customers to postpone their purchase decisions. The apex developers’ body also thinks that decreasing the cost of construction materials, work commencement and implementing single-window clearances for project approvals, and providing an input tax credit for all sectors will support the business. CREDAI believes that continued and adequate policy support is crucial for the revival of the Indian economy, as the real estate sector estimates for 6-7% of GDP, is the second-largest employer, and is a business dynamo for over 270 ancillary industries in the nation. Harsh Vardhan Patodia, President of CREDAI National, stated that the real estate sector exhibited tremendous resilience in bouncing back on a circumspect recovery path post the first wave, despite little relief measures. However, the second wave has urged them to reflect and re-evaluate the development path of the industry, and they thought it was essential to estimate the challenges faced by the customers and industry partners in light of the recent developments. The findings unveil that the second wave has had a more debilitating influence on the real estate sector than the first wave. Image Source Also read: Rising steel, cement prices to impact real estate Also read: Falling demand to control soaring steel prices

Infrastructure Transport

06 Aug 2026

Surya Roshni delivers customised lighting for NCRTC RRTS stations

Surya Roshni has supplied customised indoor lighting solutions for 18 elevated stations on the National Capital Region Transport Corporation's (NCRTC) Rapid Rail Transit System (RRTS), strengthening its presence in India's infrastructure lighting segment.The project involved the design and deployment of lighting systems for platforms, concourses, foot overbridges (FOBs) and back-of-house (BOH) areas. According to the company, the luminaires were developed specifically to meet NCRTC's design, operational and performance requirements rather than using standard products.Surya introduced two custo..

Real Estate

06 Aug 2026

Hilton debuts Tapestry Collection brand in Vietnam

Hilton has opened NHAAN Resort & Spa Hoi An, Tapestry Collection by Hilton, marking the debut of the Tapestry Collection brand in Vietnam and expanding its lifestyle hospitality portfolio in Southeast Asia.Located along the Co Co River in Cam Thanh village, the 174-key resort provides access to Hoi An Ancient Town, Cua Dai Beach and the Cam Thanh Nipa Forest. The property has been designed by Vietnamese architect Vo Trong Nghia, incorporating biophilic architecture, locally sourced materials and riverfront landscapes.The resort offers a mix of guest rooms and suites, including family-frien..

Building Material

06 Aug 2026

Electrent expands lithium energy storage system portfolio

Electrent Energy has expanded its lithium-based energy storage portfolio with the launch of the ESS 850 and ESS 1050, targeting compact and maintenance-free power backup solutions for Indian homes.The new systems integrate a Home UPS and a LiFePO4 lithium battery into a single unit, extending the company's product range following the launch of its ESS 1350 and ESS 2500 models.Designed for apartments and smaller homes, the ESS 850 provides up to 1 hour 15 minutes of backup, while the ESS 1050 offers up to 1 hour 45 minutes on a typical 400 W household load. The systems can power essential appli..