<p>Bengaluru: Homebuyers awaiting apartments or housing complexes may have to wait longer as the conflict in West Asia has disrupted the supply chain of construction materials.</p>.<p>Developers expect delays of at least three to six months in completing large projects.</p>.<p>The Confederation of Real Estate Developers' Associations of India (Credai), Karnataka, will soon write to the Karnataka Real Estate Regulatory Authority (K-RERA), seeking an extension of three to six months for completing all registered projects under the ‘force majeure clause’.</p>.<p>“Though the situation is getting better, the supply chain disruptions have interrupted operations and caused significant delays. This has to be considered a special situation. Hence, we have sought some relief from RERA,” said Sriram K from Credai.</p>.<p>Due to the conflict, gas supply was hit, resulting in shortage of several materials crucial to the construction industry. From steel and tiles to sanitaryware, shortages were reported across sectors.</p>.<p>Many developers either slowed or halted construction activities due to material shortage and rising prices.</p>.<p>“Some materials are available if we pay a higher price. However, a few other materials are difficult to procure even at higher prices. Hence, over the last month, we slowed construction and even halted activities at a few sites,” said city-based architect Yash G.</p>.<p>Developers said construction activity was also affected by a labour shortage over the past month, as many migrant workers returned to their native places in West Bengal and Tamil Nadu during the elections.</p>.<p>Developers said delays in project completion could also push up the cost of new projects and construction.</p>.<p>“The price of all construction materials, including cement and steel, has increased significantly and this will have to be factored in. Fuel price hikes have added to the problem. All of these together will reflect in construction costs,” said contractor Sohan K.</p>.<p>Both project delays and rising prices are expected to affect homebuyers, many of whom are already repaying housing loans.</p>
<p>Bengaluru: Homebuyers awaiting apartments or housing complexes may have to wait longer as the conflict in West Asia has disrupted the supply chain of construction materials.</p>.<p>Developers expect delays of at least three to six months in completing large projects.</p>.<p>The Confederation of Real Estate Developers' Associations of India (Credai), Karnataka, will soon write to the Karnataka Real Estate Regulatory Authority (K-RERA), seeking an extension of three to six months for completing all registered projects under the ‘force majeure clause’.</p>.<p>“Though the situation is getting better, the supply chain disruptions have interrupted operations and caused significant delays. This has to be considered a special situation. Hence, we have sought some relief from RERA,” said Sriram K from Credai.</p>.<p>Due to the conflict, gas supply was hit, resulting in shortage of several materials crucial to the construction industry. From steel and tiles to sanitaryware, shortages were reported across sectors.</p>.<p>Many developers either slowed or halted construction activities due to material shortage and rising prices.</p>.<p>“Some materials are available if we pay a higher price. However, a few other materials are difficult to procure even at higher prices. Hence, over the last month, we slowed construction and even halted activities at a few sites,” said city-based architect Yash G.</p>.<p>Developers said construction activity was also affected by a labour shortage over the past month, as many migrant workers returned to their native places in West Bengal and Tamil Nadu during the elections.</p>.<p>Developers said delays in project completion could also push up the cost of new projects and construction.</p>.<p>“The price of all construction materials, including cement and steel, has increased significantly and this will have to be factored in. Fuel price hikes have added to the problem. All of these together will reflect in construction costs,” said contractor Sohan K.</p>.<p>Both project delays and rising prices are expected to affect homebuyers, many of whom are already repaying housing loans.</p>