Real estate sector is the backbone of the country, impacting overall GDP and the employment ratio for a great magnitude of the labour force. As the realtors strive hard for returning to the Pre-COVID levels, the impact April-June quarter had on the sector continues to get gradually subdued. One of the significant driving factors determining this revival in realty is the return of migrant workers back to metro cities.
Speaking on the same Mr. Vikas Bhasin, MD, SAYA Homes said, “The exodus of laborers who went back to their hometowns and villages in the hope of saving and earning more in the adverse times of lockdown, began changing their perception as cities began to unlock and construction sites were open for providing them job opportunities. The laborers that stayed back in the cities were made to do rotational shifts and upskilling to make up for the time lost during lockdown months and ensure timely deliveries of projects.”
Delhi NCR, being the major real estate market of North India, gets migrant laborers from the nearby states of Uttar Pradesh, Haryana, Bihar, Madhya Pradesh, Jharkhand etc.
Harvinder Singh Sikka, Managing Director Sikka Group said, “Many established players in the construction and real estate began rolling out facilities and incentives to attract the migrants back to the cities such as flight tickets, insurances, better living conditions etc.”
Real estate body NAREDCO-UP also signed a memorandum of understanding with the Yogi Adityanath government on May 29 to facilitate buses for return of migrant workers. The continuation of operations in the infrastructure and real estate sector provides a significant boost to the overall development scenario in a country.
Dhiraj Bora, Head Marketing and Communication, Paramount Group said, “NCR stands with an unsold housing stock of about two lakh units, reported a recent survey. A significant portion of it remains in the under-construction categories, and the return of laborers would bring the restored glory by kickstarting the marred construction activities due to lockdown and disrupted supply chain. Sales have started picking up during the festive season, and demand for property is consistent across the verticals of RTMI homes and under-construction projects.”
Timely deliveries of projects in the coming quarters will further strengthen the positive sentiment in the realty sector and bring back buyers and investors in greater numbers than present times.