Labour Shortage and Costs Halt Mumbai Real Estate Projects
MUMBAI: The real estate sector in Mumbai is facing serious challenges, with slowing construction, rising costs, and slipping delivery timelines. An ongoing labor shortage and the increasing cost of materials, fueled by geopolitical tensions, have caused an execution crisis in the industry. The sector has traditionally relied on skilled workers from states like West Bengal, Odisha, Uttar Pradesh, and Bihar. However, recent shifts in regional dynamics and economic opportunities have caused thousands of these laborers to return home. According to developers, this is not a fleeting issue; it appears to be a significant structural shortage. Vishal Ratanghayra, founder and CEO…