Property prices shot up by 10 percent

The prices of property have escalated in Delhi. The prices of construction material have increased manifold due to Russia and Ukraine war. As a result, Delhi builders took a decision to increase the prices by 10 per cent. The prices are likely to increase further. In fact, prices of steel and cement by March-end have increased by 20 per cent. But, the developers foot the bill of increased building material prices.

The exorbitant rise in the prices of materials is cutting into the profits of the builders, therefore, the builders are forced to increase the prices. The sft which is hitherto being sold at Rs 3400 has been increased to Rs 3800. The escalation of prices would range between 8 and 10 per cent. If the material costs increase further, the builders would have no option except increasing the cost of properties further, Asiana Housing Limited JMD Ankur Gupta said. The prices are increased also due to inflation in the market, he added.

Currently, the builders are closely monitoring the situation. If the prices increase further in the same fashion, the builders association would have to take decision on increasing property prices again, Raheja Developers official Nayan Raheja said.