Struggling realtors resort to layoffs, pay cuts as Covid-19 hits sales

Hit by the coronavirus pandemic, real estate developers have resorted to layoffs and pay cuts and are focusing on cost control measures as sales are likely to remain muted in the coming months, according to industry experts.

The real estate sector has been facing headwinds since the past three-four years following demonetisation, RERA and GST rollout as well as delays in approvals. The Covid-19 crisis has further impacted market sentiment and sales.

According to industry estimates, the realty sector employs 6-7 million people, including 300,000 white-collar employees.

As per estimates by MyHiringClub.com and Sarkari-Naukri.info, around two lakh employees (including the white-collared) in the