- No workers..
- Material Price Hike
- Material supply delay.
- Operator issue.
- Right staff is not available.
- Idle charges..
- New Projects are under hold.
- Old Projects are not getting to finish.
Construction industry is facing huge difficulty due to COVID. lot of corporate companies are terminating engineers due to projects are under hold, projects are cancelled, etc.. even material price are getting increase 8 to 10%. Skilled workers are returned to native places. no right labour are available.. Crane operator are not available. idle charges are getting increased day by day… lot of companies may be closed their office due to covid if this will continue for another 3 months..
The construction and the real estate industry are one of the major industries that have got a hit because of COVID-19. It actually falls in the top 5 industries that have got impacted the most due to the COVID-19.
You and I both know that the industry even before COVID was in very bad shape. The virus has just made things worst. I personally always thought the real estate in such an investment where your money invested would never decline. The investment may be stagnant but not decline. But this COVID 19 impact has changed my opinion. I came across an article that said, “properties in premium locations of Mumbai, Maharashtra, and Delhi see a 10-15% decline in property prices.” I woke up to the most shocking news.
The effect of COVID-19 on the construction industry has deepened the wounds. The industry was seeing some hope of recovery at the start of 2020, but before things could stabilize, COVID hit the industry very hard. It’s going to be difficult for the players in this industry. With so many banks getting caught for their NPA frauds, the banks are also going to be very careful while lending money.
In short, to summarize, this industry that saw some rays of hope at the start of 2020 has all vanished. Builders are going to find it very difficult to complete their projects due to stall at bank lending hence the industry is going to take at least 2-3 other years to recover and bloom again as it did before.