14/04/2024
Real Estate latest news: Several cement companies are set to raise the prices by an average of Rs 10-15 per bag. According to reports, the prices of 50 kg bags in North India will be hiked by Rs 10-15 while the prices in the Western region, are likely to be increased by Rs 20 per bag. The central and eastern regions are likely to experience a hike of Rs 30-40 per bag. The surge in cement prices has sparked widespread concerns within the real estate sector. It has posed a significant challenge for future market dynamics, affecting both the cost structure for developers and the pricing landscape for consumers.
Commenting on the development, G Hari Babu, National President of NAREDCO said that the unforeseen escalation not only burdens ongoing projects but also threatens to delay proposed developments. "With construction costs on the rise, developers find themselves under significant pressure. The increased cost of housing projects directly impacts affordability, posing a challenge to the government's ambitious 'Housing for All' initiative. This hike comes at an inopportune time, as the real estate sector was just beginning to recover from the aftermath of the pandemic. We urge for measures to stabilize cement prices to foster a more conducive environment for the industry's growth and development."
