2 lakh jobs at risk in real estate sector, more than 60 thousand people have already lost

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Mumbai, Monday 29 June 2020

The Corona virus epidemic will force realty companies to lay off staff and cut wages due to declining sales. Given the possibility of a slowdown in sales in the coming months, these companies are considering various measures to reduce costs. Experts gave information about this.

According to experts, the real estate sector has been facing difficulties for the last three-four years due to difficulties in implementing new systems like denomination ban, Real Estate Regulation Act (RERA), Goods and Services Tax (GST) and delays in getting approvals.

Meanwhile, the Corona virus epidemic has exacerbated problems in the real estate sector, affecting buyers ’expectations and sales. According to industry estimates, the real estate sector employs 60-70 million people, including three million white-collar workers.

MyHiringClub.com and Government-Nokari.com Info estimate that about two lakh employees in the real estate sector (including white-collar) could be fired due to the coronavirus crisis. He said more than 60,000 people have been evacuated in the sector so far.

Rajesh Kumar, chief executive officer (CEO) and managing director (MD) of consultancy firm PropConsillium Infratech, told PTI, "Sales in the sector are having a far-reaching impact and will have a direct impact on companies' profits." . There is also the possibility of default in outstanding payments.

He said, "Already most of the builders are facing cash crunch and so they are now focusing on reducing costs. They are closing offices by laying off staff for this.

A well-known real estate company has been forced to cut jobs and salaries by 15-20 per cent. The non-broking real estate research firm Liases Foras reported a 8.3 per cent loss in each month of the lockdown.

By the end of June, the loss of revenue in the residential market will be 26.58 per cent, which will increase to 35.07 per cent by the end of July, the report said.

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