HYDERABAD: The real estate sector in Hyderabad that staged an impressive recovery after the pandemic broke out in 2020, is again hit by the second Covid-19 wave. While there has been a slight dip in property sales, new project launches and commercial rentals, the Hyderabad chapter of Confederation of Real Estate Developers’ Associations of India (CREDAI) claimed that the situation in the city is better compared to other States.
Speaking to Express, CREDAI general secretary Rajshekhar Reddy, said, “Last year as soon as the first lockdown was imposed, the real estate sector all over the country saw a decline. However the sector bounced back within no time. Similarly, with the second wave, the sales have started to see a dip again. Since March this year, the sector has seen a drop in sales and because of the fear of increasing Covid cases. However, unlike other States, Hyderabad’s real estate sector is still afloat.”
A recent report by JLL-CII said Hyderabad’s real estate performed better than other cities in Q2 2020, and it continued to witness relatively good office leasing and residential sales. In residential real estate, Hyderabad witnessed the highest quarterly launches ever during the lockdown period in Q2 2020.
‘No migrant exodus this time’
When asked if the exodus of migrant labourers in the wake of lockdown will have an impact on the sector, Reddy said, “Unlike last time, migrant labourers are not leaving the sector this year. We have asked the builders to provide necessary help to all their workers so that they do not leave. This time the lockdown, announced by the State government, has also given relaxations to continue work at the site. So, following Covid protocol, most construction activities are functional in the city, due to which the workers are still not leaving the city.”
Talking about the disruption caused by Covid-19, the association has demanded relaxations in stamp duty, and GST from the State and central governments. They also demanded that migrant workers should be vaccinated on a priority basis to make sure there is no disruption in construction work.
“We have three demands from the government to help the sector come out of the second wave smoothly. If the consumer can get relaxations on stamp duties from the State government and ease on the GST rate from the central government, it will encourage consumers to invest more in the sector.”
Calling the thousands of migrant labourers working at multiple construction sites in the city, frontline warriors, Reddy added, “We are demanding the government to vaccinate the workers on a priority basis as they are the backbone of the sector. CREDAI is willing to bear the expenses of gettinging migrant workers vaccinated.”
INDUSTRY OWNERS TOLD TO TAKE CARE OF WORKERS
Jayesh Ranjan, State IT and Industries Principal Secretary, urged industry owners to take care of their workers and make arrangements for them during the lockdown as a large number of labourers returned to their hometown during last year’s lockdown.
At a virtual meeting with members of industry bodies, Ranjan said workers can travel to the industries for work by carrying company ID cards or permission letters. He asked industry owners to follow all SOPs strictly. If any worker is found to be Covid-19 positive, they need to be given medical leave and those labourers who come in contact with them need to be quarantined with pay, Jayesh said.