INSUBCONTINENT EXCLUSIVE:
The real estate market, which was just getting back on track with demand booming after a near two-year gap, is now facing a new setback
with deteriorating air quality in Delhi-National Capital Region (NCR)
construction and demolition activities in the region.
If the pollution reaches severe levels, authorities will enforce a complete ban on
construction and demolition activities in NCR, except on essential projects such as railways, metros, airports, ISBTs, national
security/defence-related projects of national importance.
According to an Anarock research, more than 400,000 units are currently under
various stages of construction in Delhi NCR, such as Greater Noida West, Yamuna Expressway, New Gurgaon, Noida Expressway, Dwarka
Expressway, Central Noida, Greater Faridabad, Raj Nagar Ext
Periodic construction bans by the National Green Tribunal, the government, or the apex court in response to poor air quality have serious
a market beset by heavy project delays and the most number of entirely stalled projects in the country
In recent times, the region has been able to erase much of this historical baggage, with developers becoming sharply focused on timely
completion of projects.
According to industry experts, the emergency measures might help in controlling deteriorating air quality, but the
economics behind this move may not inspire confidence in the realty sector.
V P Lobo, managing partner, Reboot Realty feels that with the
in the absence of sales and construction
said.
Asserting that the contribution of construction and development activities towards air pollution within the region is not major,
RERA guidelines, which requires developers to adhere to the deadlines prescribed by the regulatory authority
"We shall adhere to the directives issued by the Commission for Air Quality Management in the interest of the environment and wait till it
lifts the ban." he said.
In response to the pollution-led ban on construction activities, Santosh Agarwal, CFO and Executive Director,
Alpha Corp, said, "With no construction activity for most of the past two years--due to pollution ban and then due to lockdown--developers
are staring at consistent delays in delivering projects
The Commission of Air Quality Management and the government should look for a midway to handle the rising air pollution levels."
Pollution
levels in Delhi-NCR are at their peak during the winter months, and heavy smog engulfs the entire region
Various construction projects, including residential projects, get impacted in most parts of Delhi-NCR when a construction ban is imposed to
