Steady rise in the price of construction material, like cement, steel, bricks, coupled with a shortage of skilled labourers, has hit the realty sector in Gujarat, an office-bearer of state-CREDAI said.

The real estate sector has expressed guarded optimism on Supreme Court ruling that terms as “illegal” any sale of immoveable property through power of attorney (POA) unless the case is “genuine”.

The net profit in the June quarter is down for all major listed real estate companies is a matter of worry for the sector in general.