The real estate sector and construction industry of the countryisfacing severe labor crux, which is affecting supply of projects and cost growths, Adi Godrej, chairman of Godrej group, said.
Talking about a real estate in a conference organized in Mumbai, Godrej cited from a World Bank report, which stated that the Indian construction industry is likely to encounterlabor shortage of 18-28% if the country develops at an intermediate rate and a lack of 55-60% if we see great progress. In the past few years, the victory of the national employment guarantee program has abridged the supply of labor in the big cities of the country. This has had an influence on the price and accessibility of labor.
Godrej said, "To recover the situation, we need to get in more technology like pre-fab structures.”Presently, construction practices in our country are extremelylaborconcentrated and there is anawfulrequirement to bring in technology to helpquicker construction. But meanwhile, there is a need for skilledmanpower across the development of a real estate project, FirdoseVandrevala, chairman of Hirco Developments stated.
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