Four extra work hours leave Mumbai builders happier

As per the latest news, new hours have speeded up work by over 10%, with developers also gaining on account of lower interest cost as projects are likely to be completed faster. Home buyers in Mumbai can now expect delivery of their homes faster owing to a recent government directive that has allowed construction work on building projects between 6 am and 10 pm, an effective extension of four hours every day.

These extended construction work hours, permitted as part of the state’s ‘ease of doing business’ initiative, from earlier stipulated timings of 7 am to 7 pm, has expedited construction activity by over 10% in the city. In addition to this, developers are also expected to gain on account of lower interest cost as the project is likely to be completed faster.

“The decision to increase work hours by the civic authority is directed towards faster delivery of projects and will provide momentum to the construction activities. This will drive deliveries of the projects and help develo pers avoid consumer issues that may arise with delays. Timely delivery of the project will also help in reducing the cost of servicing debt over the project’s life cycle,” said Harleen Oberoi, managing director, project management, India, Cushman & Wakefield.

Source: The Economic Times