Maharashtra developers have decided to halt construction due to the increase of building materials rates, including cement and steel. In this context, Maharashtra builders asked the government to extend the deadline by at least six months to complete the current projects. ‘Cement, steel and other construction equipment prices have been rising for the past two years. Now these are sky high. This has become an overwhelming burden for many developers.
This is especially the case in Tier-2 and Tier-3 cities. In this context, the 61 City Association members who are members of Credai Maharashtra have no choice but to suspend their construction, ”said Credai Maharashtra President Sunil Furde. The cost of the project has gone up by 40 to 45 per cent due to the increase in construction material prices.
As a result, the cost per square foot has gone up by Rs 400 to Rs 600 more. Currently, about 10,000 projects are being worked on across Maharashtra. About one million people are directly and indirectly employed. In this context, there is concern that if construction activities are halted for six months, all of them may be affected.
