Rising construction costs increase home buying costs: CREDAI
Real Estate

Rising construction costs increase home buying costs: CREDAI

The Confederation of Real Estate Developers' Associations of India (CREDAI), Maharashtra, asked the homebuyers to be ready for a steep rise in housing costs as the construction sector is reeling under inflation woes.

While addressing a press conference, CREDAI President of Aurangabad, Nitin Bagadiya, told the media that the costs of raw construction materials had risen sharply in the last few days. Due to which the construction sector has to bear increased prices per project.

He added that the prices of construction materials, including cement, steel, aluminium, plumbing materials, labour transportation, among others, are increasing. The increasing cost will affect the builders and the homebuyers.

The construction sector is a leading industry in the country. The construction business is again under crisis due to the increasing costs of projects.

While the construction sector was facing a crisis due to demonetisation, Goods and Services Tax (GST) and the Covid-19 pandemic, the increasing prices of construction material have affected the whole budget, he said.

He said that the construction sector is the country's largest provider of Gross domestic product (GDP), the largest employer and a factor for economic development. However, homebuyers are facing a financial crisis for multiple reasons.

The Covid-19 lockdowns had affected the construction workers, along with several stalled projects. The rising price of fuel, cement and steel has a huge impact on the construction sector. The housing costs are likely to increase by Rs 500 per sq ft after Diwali, he said.

Akhil Khanna, CREDAI Secretary and Rajendra Jabinda, former state CREDAI President were also present during the press conference.

Image Source

Also read: Rising steel, cement prices to impact real estate

The Confederation of Real Estate Developers' Associations of India (CREDAI), Maharashtra, asked the homebuyers to be ready for a steep rise in housing costs as the construction sector is reeling under inflation woes. While addressing a press conference, CREDAI President of Aurangabad, Nitin Bagadiya, told the media that the costs of raw construction materials had risen sharply in the last few days. Due to which the construction sector has to bear increased prices per project. He added that the prices of construction materials, including cement, steel, aluminium, plumbing materials, labour transportation, among others, are increasing. The increasing cost will affect the builders and the homebuyers. The construction sector is a leading industry in the country. The construction business is again under crisis due to the increasing costs of projects. While the construction sector was facing a crisis due to demonetisation, Goods and Services Tax (GST) and the Covid-19 pandemic, the increasing prices of construction material have affected the whole budget, he said. He said that the construction sector is the country's largest provider of Gross domestic product (GDP), the largest employer and a factor for economic development. However, homebuyers are facing a financial crisis for multiple reasons. The Covid-19 lockdowns had affected the construction workers, along with several stalled projects. The rising price of fuel, cement and steel has a huge impact on the construction sector. The housing costs are likely to increase by Rs 500 per sq ft after Diwali, he said. Akhil Khanna, CREDAI Secretary and Rajendra Jabinda, former state CREDAI President were also present during the press conference. Image Source Also read: Rising steel, cement prices to impact real estate

Next Story
Real Estate

Rethinking Slum Development

In July 2024, the Supreme Court directed the Bombay High Court to initiate suo motu proceedings to evaluate the implementation of the Maharashtra Slum Area (Improvement, Clearance and Redevelopment) Act.During the ensuing proceedings, the Division Bench of Justices expressed concern about the plight of slum dwellers, saying, “Merely because you are a slum dweller doesn’t mean that you are left to the discretion of developers. They end up with a pittance.” The Bench also noted that the buildings allocated to slum dwellers were akin to “vertical slums”. “The buildings are congested. ..

Next Story
Real Estate

Ring in the New!

Lighting:OLED (organic light emitting diode) panels such as those by Philips are the latest option in soft lighting fixtures that can be embedded into walls, ceilings or furniture, says Nilesh Sawant, Principal Architect, Nilesh Sawant Architect. “Being thin and flexible, they lend themselves well to different applications while delivering the energy-efficiency associated with LED technology.”And Sapna Aggarwal, Founder, ANSA Architecture & Interiors, says “Embedded light-emitting diodes can create a dreamy illumination, while dimmable LEDs are useful for allowing..

Next Story
Infrastructure Urban

Jhansi Library

The Jhansi Library, commissioned by the Jhansi Development Authority (JDA) under the Jhansi Smart City initiative and built by Bootes Impex, a net-zero construction-tech company. It is the first library in Asia to achieve EDGE (Excellence in Design for Greater Efficiencies) certification from the International Finance Corporation (IFC), a member of the World Bank Group. This milestone marks the library as India’s first and only net-zero library, aligning  with India’s Net-Zero Vision 2070.Sustainable designDeepak Rai, Managing Director, Bootes Impex, explains, “The project's vision ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000