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India-Pakistan tensions: Uneasy calm on border slows housing pulse

With the ongoing conflict between India and Pakistan entering an uncertain calm, real estate developers are expecting the sector to take a mild yet immediate hit, with enquiries and sales dipping. Industry executives and sector observers said that while developers may review the timing of their new project launches, their strategies will largely depend on demand, as consumers tend to conserve cash and delay major purchases. 'Developers may choose to hold off on new launches in these zones temporarily, but ongoing projects are expected to continue with stronger risk management measures in place,' said Amit Chopra, president of the National Association of Realtors. He added that the Indian real estate sector has seen a clear uptick in demand for robust construction and project insurance. 'Especially policies that include force majeure clauses covering political unrest. On the ground, developers are embedding more resilience into their planning, through improved safety features, emergency protocols, or sustainable infrastructure,' he said. Realty players sense a more cautious sentiment taking hold among end-users in sensitive border states such as parts of Jammu & Kashmir, Punjab, and Haryana, while factoring personal and family safety into their decisions. Rakesh Bothra, chief operating officer (COO) at Pioneer Home Developers, said that while there may be some indecision among buyers due to looming uncertainties in the short term, it is certain that this is only momentary, and the new confidence built within the nation will spur rapid economic growth. Similarly, Kunal Behrani, COO at Unity Group, added that while their project timelines remain unchanged for now, the company has activated contingency protocols, including supply chain assessments and stakeholder communication. 'We are also coordinating with local authorities to stay aligned with advisories or safety measures,' Behrani said. Acknowledging that the realty sector was the first to feel the impact of macro uncertainties, including political instability or conflict situations, G Hari Babu, president of the National Real Estate Development Council (Naredco), said the chances of labour migration are low since most projects are located away from the border. Chopra added that most developers now have stronger systems in place, including on-site housing, healthcare access, and transportation to support labour stability. 'While there might be minor cost or availability fluctuations in regions closer to the border, the overall labour ecosystem is far more robust and better managed today,' he said. Behrani, however, said that prolonged uncertainty could result in a migrant workforce choosing to return to their hometowns. 'In anticipation, we are working on strengthening our on-site amenities and extending support to workers through accommodation, healthcare access, and transport arrangements, if needed,' he added. Developers are also assessing the safety situation, with many undertaking mock drills and sensitisation sessions for employees. Umesh Rathore, vice-president (sales and marketing) at Delhi-National Capital Region (NCR)-based VVIP Group, added that while they remain vigilant and prepared for potential escalations, the primary focus is on ensuring the safety and well-being of their employees and stakeholders. 'We have conducted mock drills across our project sites and corporate offices as a precautionary measure to ensure preparedness and safety in case of any emergency,' he said. Behrani added that Unity Group has conducted internal drills and sensitisation sessions to educate employees on emergency response procedures. 'Regular communication is being maintained to reassure our teams and provide updates as the situation evolves,' he said. Experts suggest that the all-important Delhi-NCR market may also experience some ripple effects in terms of sentiment, with people wanting to move to safer destinations. 'But we are not expecting a major influx or downturn,' Chopra said.