Real estate hit by labour crunch, rising costs as LPG crisis drives workers home
“There has been a noticeable increase in labour costs. Skilled labour, in particular, has seen an escalation of approximately 8-10%, driven by supply constraints, higher cost of living, and intermittent disruptions in construction activity,” said Niranjan Hiranandani, chairman of National Real Estate Development Council (Naredco), and founder and chairman of Mumbai-based Hiranandani Communities.
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