The Uttar Pradesh chapter of the National Real Estate Development Council (NAREDCO) said that real estate projects in the state could be delayed by two years due to COVID-19.

According to R K Arora, Chairman Supertech Group and President of NAREDCO-UP, real estate projects provide employment and consume products of about 250 types of industries and it suffered a major set back due to the pandemic COVID-19 and the lockdown imposed by the Government.

“The impact of COVID-19 has pushed back the real estate projects by about two years. Since March 2020 there has been very slow progress in project execution due to labour shortage, raw material scarcity and such problems,” Arora said.

Delivery of approximately one lakh housing units has been affected and it is expected that the delivery timelines will be postponed by about 2 years.

“In order to speed up construction to give possession to buyers, there is need that the government announce relief package and provide last mile funding through existing bank,” said Arora.

The developers’ body has also requested UPRERA to allow 2 years of extra time to complete these projects.