Covid-19 restrictions have not stalled construction in Mumbai in FY22
ECONOMY & POLICY

Covid-19 restrictions have not stalled construction in Mumbai in FY22

Real estate developers have not stalled ongoing construction activities in Mumbai despite strict restrictions in Maharashtra owing to the second wave of Covid-19.

This is because the state allowed workers to live on site. While some small developers without the ability to house workers are facing problems, major developers have managed to keep the work going.

There has been no panic among stakeholders this time so far. The economic impact of Covid-19 has not been as severe. Also, a stamp duty cut by the government spurred strong sales for many developers and generated a level of confidence that was absent previously.

All developers said their sites follow Covid-19 measures, including sanitisation, staff rotation, a medical consultation and tests, if required. Developer body CREDAI-MCHI has also advised members to follow pandemic protocols. According to its assessment, 20,000 plus workers are at various sites.

Costs incurred on testing and other arrangements are not significant, developers told a prominent media source.

Image Source


Also Read: Covid-19 second wave may not impact overall construction activities: ICRA

Also Read: Lockdown impact: CREDAI Pune writes to Maha govt

Real estate developers have not stalled ongoing construction activities in Mumbai despite strict restrictions in Maharashtra owing to the second wave of Covid-19. This is because the state allowed workers to live on site. While some small developers without the ability to house workers are facing problems, major developers have managed to keep the work going. There has been no panic among stakeholders this time so far. The economic impact of Covid-19 has not been as severe. Also, a stamp duty cut by the government spurred strong sales for many developers and generated a level of confidence that was absent previously. All developers said their sites follow Covid-19 measures, including sanitisation, staff rotation, a medical consultation and tests, if required. Developer body CREDAI-MCHI has also advised members to follow pandemic protocols. According to its assessment, 20,000 plus workers are at various sites. Costs incurred on testing and other arrangements are not significant, developers told a prominent media source. Image Source Also Read: Covid-19 second wave may not impact overall construction activities: ICRA Also Read: Lockdown impact: CREDAI Pune writes to Maha govt

Next Story
Building Material

JK Cement emerges successful bidder for Mahan coal mine in Madhya Pradesh

This marks the company’s second commercial coal block win, following its acquisition of the West of Shahdol (South) coal block. "The company is committed to becoming self-reliant for its existing cement plants and upcoming projects," JKC stated. The surplus coal from the mine will be sold commercially. The vesting order was handed over to JK Cement during a ceremony at Shastri Bhawan, New Delhi, a critical milestone for commencing mining operations within the stipulated timeline...

Next Story
Building Material

Prism Johnson's cement division goes live with Ramco ERP Suite

Prism Johnson has successfully gone live with the Ramco ERP Suite for its Cement Division. This milestone marks a significant step in Prism Johnson's digital transformation journey, leveraging Ramco Systems' advanced enterprise solutions and process control systems to streamline business processes, manufacturing operations and drive efficiency. The implementation includes cutting-edge modules for Maintenance, Sales, Distribution, Finance, Procurement, Manufacturing, Quality, and HR Management (HRM). These solutions enable Prism Johnson to achieve seamless integration across its business and wo..

Next Story
Infrastructure Urban

Indian shadow bank Shriram Finance gets record $1.28 billion loan

Shriram Finance Ltd. is reported to have borrowed $1.28 billion in a multi-currency social loan, marking the largest offshore facility ever undertaken by an Indian shadow lender. According to a press release issued by Shriram, the deal is divided across the dollar, euro, and dirham. Sources familiar with the transaction, who wished to remain anonymous, indicated that the tenors in the multi-tranche deal range from three to five years. This loan adds to the surge of offshore debt sales by Indian shadow lenders this year, a trend prompted by the Reserve Bank of India's tightening of rules in Nov..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000