RealEstateAgentsPune.com

“We have informed our customers that there will be a delay in the delivery of flats due to this force majeure situation. We can’t say when the sub-contractor’s labour will be back, when normalcy will return or when flats will be ready” said Gera Developments chairman Kumar Gera, who is also founder chairman of the Confederation of Real Estate Developers Association of India.

“We believe that 50% of labourers have gone back and labour rates have surged from Rs 350 a day to Rs 750. We are not even sure if the labourers will come back. The Builders Association will wait till the end of March and assess the situation. The members will then take a decision on informing their customers about the possible rate hike,” Mr Lalit Kumar Jain, Kumar Builders chairman and president of the Promoters and Builders Association of Pune (PBAP).

Source: http://ravikarandeekarsblog.blogspot.com/2008/03/pune-realty-prices-exod...