The Supreme Court on Friday banned all construction activities in Maharashtra, Madhya Pradesh, Uttarakhand and Union Territory of Chandigarh citing the failure of these states and the UT to implement a solid waste management policy. The ban may have dimmed hopes of a revival for the sector.
Omprakash Gandhi, CFO of Ajmera Realty, spoke to CNBC-TV18 about the ban and its impact on the sector.
“As on today, we have not received any notification or stop-work notice from the state government. So construction is going on as per the schedule,” Gandhi said.
“Order is on the state government not to the individual companies,” Gandhi added.
“There will be a huge loss to the industry as well as to the government,” said Gandhi.