The slowdown in the real estate sector has hit the market for interior decoration.
The slowdown had been to the tune of at least 10 per cent in the last one year, said Sundeep Gupta, president, Association of Architects, Builders, Interior Decorators (ABID), on the sidelines of a press conference to announce 'ABID Interiors', in Kolkata on Tuesday.
Architects and interior decorators have seen delay in payment as real estate projects are behind schedule and some even shelved. The major setback has been due to the sluggish construction activity in the Rajarhat area, the upcoming IT hub of the east. According to Gupta, construction work for at least 60-70 commercial projects are behind schedule at Rajarhat alone. This apart, several hotel projects in places like Eastern Metropolitan Bypass and adjoining areas are stuck due to the economic downturn. ABID was also discussing the matter with legal experts in this regard, he said.
This year, so far, about three million square feet real estate space was added in Kolkata, said Sundeep Chanda of ABID. This would translate into a market worth Rs 120 crore for interior decorators, he added.
However, out of this, barely 25 per cent of the space would fall in the purview of organised market for interior decoration.
