Developers Seeking Extra Time for Completion of Projects.

 The price escalation of construction materials has derailed lots of real-estate projects and many developers are seeking project deadline extension from Real Estate Regulatory Authority, Rajasthan. Almost around 300 Promoters have sought out the extension on their self-set deadlines for different reasons including price rise.

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According to some sources the developers expressed their need to extend the timeline for real estate projects for about six months.  This is due to the inflation in commodities like steel and cement which is making it difficult for developers to continue the project while keeping the cost same.

A CREDAI member commented on the subject that many contractors are forced to halt the purchase of said materials due to rise in their prices, which resulted in the deviation from the time line of the project. Many developers and contractors are dropping the projects as they do not see it profitable and are trying to make alternative arrangements.

One of the contractors said that there has been almost 45% increase in the prices of the commodities since the start of the pandemic. Among these commodities some have seen their price increase as much as double. Commodities like Steel with increased price of 115%, plumbing material by 115% and cement by 35% has result in all the problems and financial obstruction.

These increased prices have resulted in financial hiccups for the developers and as a resulted they are demanding rate revisions as a lot of them are facing severe losses. The increased prices hac delayed almost all of the major projects by 6 months.

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