Assam: Real Estate Sectors Incurs Huge Loss Amid COVID-19 Pandemic

After the first wave of the COVID-19 pandemic, the second wave has also impacted in the economy not only in the country but in the entire world. Assam too faced huge losses due to the pandemic in different sectors. The real estate sectors have also incurred huge losses during the pandemic.

The business tycoons of Assam associated with the construction sector have also faced problems as the excessive hikes in rates of construction materials have put them in dilemma. They also have to undergo huge losses as most of the construction works have been put on hold due to the pandemic. The situation which was improved slightly after the first wave has also degraded after the second wave of COVID-19 started since the first month of the year.

President of Assam Real Estate and Infrastructure Developers' Association (AREIDA), PK Sarma said that the rates of raw materials have increased at an alarming rate especially of sand and stone by 30 percent. "We have also requested the government to look into the matter and also fixed a meeting with Chief Minister Himanta Biswa Sarma to discuss the issue," Sarma added.

It may be mentioned that the Assam government sets new rules and regulations for stone quarries and sand mines for which most of the quarries and mines have been closed down. This is one of the reasons for which the rates of sand and stones have been increased. The limited numbers of stone quarries and sand mines have not been able to meet the demands for which the rates have been increased alarmingly.

AREIDA President further stated that it is not only the private real estate sectors which have been affected but the government sectors have also been affected by the pandemic and therefore, the government is thinking to bring in control the rates of the construction materials.  

ALSO READ: APDCL Faces Loss Of Over Rs. 1000 Crore