BLEAK HOUSE: DOWN TIME FOR NAVI MUMBAI REAL ESTATE

While construction work has already resumed with restrictions in Navi Mumbai, developers claim that it is unlikely to operate at full capacity in the days to come, as there will be a manpower crunch. At present, only in-house workers are being employed, as per state gover nment guidelines.

Developers’ bodies say that even after further relaxation of lockdown rules in the days to come, there will be a shortage of workers, as most of them have either gone to their hometowns or switched professions during the lockdown.

Navi Mumbai, where real estate is considered the primary business, has come to a standstill, like the rest of the country, due to the lockdown. Most under-construction sites are deserted, with hardly any construction activity.

Even in new, developing nodes like Ulwe, Dronagiri, Karanjade or areas falling under the Navi

Mumbai Airport Influence Notified Area (NAINA), there is almost no construction activity.

Now, developers are worried about timely completion of projects. “The completion of ongoing projects is likely to be delayed. There are very few workers available in the city, to resume construction work in full swing, even if the gover nment were to allow workers from outside,” said Haresh Chheda, president,

Builders' Association of Navi Mumbai (BANM). He added that despite efforts from developers to provide them with basic needs, most workers went back home for fear of contracting the infection or because of pressure from their families in villages.

In addition, resale of property too will pose a challenge, Chheda said, since there are more than 15,000 houses for sale in Navi Mumbai. “Because of widespread job losses and salary cuts, there will be an impact on property values and accordingly, there will be a correction in price,” said Chheda.

Liquidity is another problem that developers have been facing for quite some time. “The real estate sector has not got much in the recent package announced by the central gover nment. Construction is the primary business of Navi Mumbai and it will suffer in days to come,” said Chheda.

Prakash Baviskar, president of CREDAI-MCHI, Navi Mumbai, too believes that the short-ter m outlook does not seem very promising for developers. However, he says there is cause for a little optimism provided the state gover nment pays heed to some basic issues. “NAINA is an emerging area in Navi Mumbai and there is a need for speedy infrastructure development there. A number of projects are ready under NAINA but developers cannot hand over flats, as infrastructure is not in place,” said Baviskar.