This calendar year began on not such a promising note for the real estate sector and in general for the construction industry. Disclosures around banking sector NPAs led to tighter scrutiny of lending, leading to a slowdown. This put extreme pressure on NBFCs which were the primary channel of investment and lending in real estate. Add to that, the decline in perceived creditworthiness of real estate entities and an already sluggish demand curve, this sole channel was also fast becoming a narrow one. To say the least, the real estate industry has seen much better times. On the other hand, an infrastructure boom has been anticipated for many years but has not materialized in any manner so as to offset the lethargy in real estate.

As if this was not enough, we now have a pandemic which promises to disrupt if not destroy even the safest, most evergreen businesses (think hospitality, tourism, transportation, even religion for that matter). Many from the construction industry have lost their jobs, either due to already stressed businesses having to shut shop or due to a “trim the fat” exercise, which more often than not means letting people go. Extreme work pressure and uncertainty around continuity of our current roles are also not uncommon. Another challenge faced by professionals in this typically low-tech industry has been adapting to the alien concept of working from home. Employment in the construction industry now needs to be looked at through a different lens as compared to the pre-Covid days.

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