Housing costs increase by 10-15% in Andhra Pradesh
Real Estate

Housing costs increase by 10-15% in Andhra Pradesh

Individual housing and flats have turned costlier by 10-15% in parts of Andhra Pradesh as the developers have imposed a price hike due to the high costs of construction raw materials.

Building materials like steel, cement, plastic and labour charges are witnessing a steep rise, with the builders and customers facing the challenge.

The Indian real estate sector was hit by the Covid-19 pandemic. The steep rise in prices of raw materials has compounded the woes of developers. The price rise has led to homes getting costlier in Vizag and Vijayawada.

The Confederation of Real Estate Developers Associations of India (CREDAI), National Real Estate Development Council (NAREDCO), and Builder Association of India (BAI), in parts of the state, protested against the abnormal price hike of construction materials.

President of CREDAI-Andhra Pradesh, B Raja Srinivas, told the media that the basic prices of cement, steel, electrical, painting, plumbing, sanitary and 250 other materials had increased abnormally. The prices of petrol and diesel have also increased, which is the main reason for the price rise of all other materials.

He said that the prices of some of the construction materials have increased by at least 40-50%, which increased the construction costs. The buyers are facing challenges due to the price hike.

Srinivas said that the cement and steel producers increased their prices, highlighting the various reasons such as losses due to the Covid-19 pandemic. The cost of one tonne of steel was Rs 35,000 months ago, which is 70,000 now. Similarly, the price of a cement bag increased from Rs 300 to Rs 400, while the prices of sanitary, electrical and other required items increased by over 50% in the last few months.

Image Source

Also read: Rising construction costs increase home buying costs: CREDAI

Individual housing and flats have turned costlier by 10-15% in parts of Andhra Pradesh as the developers have imposed a price hike due to the high costs of construction raw materials. Building materials like steel, cement, plastic and labour charges are witnessing a steep rise, with the builders and customers facing the challenge. The Indian real estate sector was hit by the Covid-19 pandemic. The steep rise in prices of raw materials has compounded the woes of developers. The price rise has led to homes getting costlier in Vizag and Vijayawada. The Confederation of Real Estate Developers Associations of India (CREDAI), National Real Estate Development Council (NAREDCO), and Builder Association of India (BAI), in parts of the state, protested against the abnormal price hike of construction materials. President of CREDAI-Andhra Pradesh, B Raja Srinivas, told the media that the basic prices of cement, steel, electrical, painting, plumbing, sanitary and 250 other materials had increased abnormally. The prices of petrol and diesel have also increased, which is the main reason for the price rise of all other materials. He said that the prices of some of the construction materials have increased by at least 40-50%, which increased the construction costs. The buyers are facing challenges due to the price hike. Srinivas said that the cement and steel producers increased their prices, highlighting the various reasons such as losses due to the Covid-19 pandemic. The cost of one tonne of steel was Rs 35,000 months ago, which is 70,000 now. Similarly, the price of a cement bag increased from Rs 300 to Rs 400, while the prices of sanitary, electrical and other required items increased by over 50% in the last few months. Image Source Also read: Rising construction costs increase home buying costs: CREDAI

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?