NEW DELHI : Real estate sector, which is estimated to incur a loss of over ₹1 lakh crore due to nationwide lockdown, is likely to see pay cuts and job losses as cash-strapped builders will look to reduce their fixed cost at a time when their sales revenue has almost come to a grinding halt, according to industry players.
However, property developers and consultants believe that damage could be minimised if the government announces a big relief package for the industry as well as the overall economy. "Real sector is the second-largest employer after agriculture and provides for both blue and white collar jobs.
Construction and other allied workers comprise a very important segment of the Realty Sector. There might be job losses and pay