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Developers Seeking Extra Time for Completion of
Projects.
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• The price escalation of construction materials
  has derailed lots of real-estate projects and
  many developers are seeking project deadline
  extension from Real Estate Regulatory Authority,
  Rajasthan. Almost around 300 Promoters have
  sought out the extension on their self-set
  deadlines for different reasons including price
  rise.

• According to some sources the developers
  expressed their need to extend the timeline for
  real estate projects for about six months.  This
  is due to the inflation in commodities like steel
  and cement which is making it difficult for
  developers to continue the project while keeping
  the cost same.
• A CREDAI member commented on the subject that
  many contractors are forced to halt the purchase
  of said materials due to rise in their prices,
  which resulted in the deviation from the time
  line of the project. Many developers and
  contractors are dropping the projects as they do
  not see it profitable and are trying to make
  alternative arrangements.

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• One of the contractors said that there has been
  almost 45 increase in the prices of the
  commodities since the start of the pandemic.
  Among these commodities some have seen their
  price increase as much as double. Commodities
  like Steel with increased price of 115, plumbing
  material by 115 and cement by 35 has result in
  all the problems and financial obstruction.

• These increased prices have resulted in financial
  hiccups for the developers and as a resulted they
  are demanding rate revisions as a lot of them are
  facing severe losses. The increased prices hac
  delayed almost all of the major projects by 6
  months.

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