New Delhi : Now building a house may prove to be even more expensive. It is being told that there has been a huge increase in the construction cost in the housing sector. Due to this increase, there has been a huge jump in the prices of houses in big cities. Real estate consultant Colliers has recently released a report. According to which, due to the huge increase in building materials and labor costs,
The average construction cost of housing projects has increased by about 39 percent in the last 4 years.
According to data from real estate consultant Colliers India, the average construction cost in premium housing projects which used to be Rs 2000 per square foot in October 2020, will now increase to Rs 2200 per square foot in October 2021 and Rs 2300 per square foot in October 2022. square foot, to increase to Rs 2500 per square foot in October 2023 and the current It has increased to Rs 2780 per square foot in the month of October 2024. Which simply means that in the last 4 years the construction cost has increased by about Rs 780 per square foot.
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11 percent increase
According to Colliers India, the average construction cost of a 15-storey Grade A residential building is this and the average cost of Tier-1 cities is said to be this. According to this data, it has come to light that the average cost of construction of housing projects has increased by about 11 percent in one year. Not only this, there has also been a huge increase in labor cost. Due to increase in the prices of construction materials like sand, brick, glass, wood, the cost of building a house has become expensive. Not only this, there has been a slight increase in the prices of construction materials like cement, steel, copper and aluminium. Due to 25 percent increase in labor cost in the last one year, there has been a huge increase in construction cost.
25 percent stake
Colliers India CEO Badal Yagnik has said that there was a slight increase in the prices of major construction materials last year but the increase in construction cost has been achieved due to increase in labor cost. Let us tell you that labor cost accounts for about 25 percent of the construction cost of housing projects.
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