Real estate construction costs in India to rise 6% in 2024

26 Apr 2024 CW Team

According to JLL's latest Construction Cost Guide, it is anticipated that there will be an average increase of 6% in the overall construction cost in the country across various sectors in the financial year (FY) 2024. The guide indicates that Mumbai remains the most expensive city, with costs being higher, while Chennai offers a more cost-effective option. The higher costs in Mumbai are attributed to the increased prices of essential construction materials such as cement, reinforcement steel, structural steel, and stones.

The guidebook offers insights into market trends and construction costs of real estate assets in major Indian markets. It features a cost matrix representing different styles and quality levels, along with an analysis of market trends for major building materials.

Jipu Jose James, Managing Director of Project Development Services (PDS) at JLL India, commented that businesses are currently reassessing their real estate choices to optimize spending. He noted that while the exact impact of the pandemic on construction costs is still under discussion, the general trend indicates a rise in construction costs.

As a result, customer expenditure is expected to prioritize aspects that enhance the end-user experience. James emphasized the importance of understanding and effectively managing costs to maintain budget control and deliver economically viable, high-quality projects.

The report also observes that labor costs are expected to increase. While several factors influence the cost of construction in India, labor is identified as a critical driver of economic growth. Consequently, as construction activities expand into non-metropolitan and rural areas, the supply-demand gap for labor is narrowing, leading to a more stable labor market and reduced wage disparities.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..