Construction prices to rise by 20 per cent

Credai: Annual real estate developer feedback survey

Aurangabad, Jan 23:

The Confederation of Real Estate Developers Association of India (CREDAI), an association of builders, recently announced its annual real estate developer feedback survey. About 60 per cent of developers said house prices would rise by more than 20 per cent in the coming year due to rising prices of construction materials, the report said.

In this context, Credai Aurangabad president Nitin Bagdia said that a survey of developers in the construction sector was conducted on behalf of CREDAI on the backdrop of union Budget 2022. It included developers from 21 states including Delhi, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai and Pune. Some positive announcements should be made in the forthcoming union Budget for the growth of the construction sector and for the success of the housing for all scheme.

Making it easier to do construction business will create a positive atmosphere in real estate development in the new year. The survey found that 55 per cent of developers said they would increase their online business, while 39 per cent said online sales would increase by 25 per cent. In the new year, 96 per cent developers have announced plans to launch residential projects. Forty-five percent of developers prefer to launch commercial projects.

According to the survey, 60 per cent developers will raise house prices by up to 20 per cent due to rising construction materials prices. Harshvardhan Patodia, national president, CREDAI, said that the rising cost of raw materials for construction should be brought under control. The report of the survey has been sent to the Central government.