23 Mar 2022
CREDAI-NCR members plan to stop construction works due to hike in raw material price
NEW DELHI: Realtors' body CREDAI-NCR on Tuesday said its developer members are planning to stop construction works due to a significant rise in cost of raw materials like cement and steel. The construction cost has gone up by about Rs 500 per square feet and this could lead to an increase in housing prices, it pointed out.
In a statement, CREDAI-NCR said the cost of raw materials has gone up by a weighted average of about 30 to 40 per cent recently while the cost of few items has increased by more than 100 per cent in the last 2 years.
"The sudden and rapid rise in costs has eaten into the thin margins of realty projects and rendered them unviable," it said.
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