CHENNAI: About 95% of developers in Chennai have opined that the timeline of their projects will further be delayed, a study on the impact of Covid-19 second wave on real estate sector in India by developers body Confederation of Real Estate Developers Associations of India (CREDAI) has found.
The real estate research survey was based the on response of 4,813 promoters/developer members of CREDAI across 21 state chapters and 217 cities.
According to the report, about 95% developers in Chennai have responded that customers delayed their purchase decision due to the second wave impacting the sales conversion.
While 86% promoters felt that the impact of second wave on the business is far more intense than the earlier wave, 68% said that they were facing issues in servicing the existing loans.
A total 43% of developers have observed that their construction cost has increased on account of rising material and labour cost by more than 20% in Chennai and 87% of developers have replied no to a query on ‘Are you getting required approvals on time’.
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