Construction cost
The price of property is skyrocketing across the country. The price of 2 BHK flat in Delhi-NCR has crossed Rs 1 crore. The common man is not able to buy his house even after wishing. It is difficult to say that this bubble made in the property market will be less, but the game behind it is definitely shocking! According to a report by Real Estate Advisor CBRE, the construction cost of the new real estate project during the last calendar year increased by just 2% to 4% percent on an annual basis. On the other hand, during this time the destroyers increased the price of the house by 49%. According to the report by the Propstiger, the average price of houses in Delhi-NCR increased by 49% percent in the third quarter of the current financial year. According to a report by Encarock, the property market of Delhi-NCR increased by an average of 30 percent on an average of rates last year.
This whole game of nexus
Realty experts say that it clearly shows what kind of game is going on in the property market. The construction cost of the project increased slightly. On the other hand, all the projects are getting developers on the old allotted land. Then how did the price increase such a big increase? This entire game is of connivance. It includes investors, builders and brokers. The common man has to bear the brunt of this. He is unable to buy his house even if he wants to. The market of Noida was once known for the affordable, but now there is nothing named affordable here. The policy maker needs to take steps on this in time.
This is how the construction cost increased
The CBRE report stated that the cost of cement, steel and aluminum in 2024 fell by 6-8 percent, 3-5 percent and 0-2 percent on an annual basis, while the cost of paint remained stable. However, during this period, the prices of wood and stone increased by 3-6 percent and 0–2 percent respectively, indicating selective demand pressure. CBRE said, “While some major material costs saw softening, efficient, semi-skilled and continuous decrease of unskilled workers, labor expenditure increased by an average of five percent during the year 2024. This increase in labor costs incorporated the benefits of material cost reduction. This increased the total construction cost. ”
Where did the price increase
Poppyger’s report ‘Real Insight: Residential Annual Round-up 2024’, the prices of houses in Delhi-NCR were the highest among the eight major cities. Apart from Delhi-NCR, these eight cities include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (Mumbai, Navi Mumbai and Thane) and Pune. The price of property in Delhi-NCR increased by 49%. Average prices in Ahmedabad increased by 10 percent to Rs 4,402 per sq ft in the third quarter of the current financial year. Prices in Bengaluru rose by 12 percent to Rs 7,536 per sq ft. Prices in Chennai rose 16 percent to Rs 7,173 per sq ft. The average housing price in Hyderabad increased by Rs 7,053 per sq ft in the third quarter of the current financial year. The average rates in Kolkata rose 10 percent to Rs 5,633 per sq ft.
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