In response to escalating construction expenses, real estate developers are gearing up to raise housing rates across the board. The decision comes as a necessity to balance increasing costs with diminishing profits, posing a challenge for both developers and potential buyers alike.
JLL Projects and Development Services MD Jipu Jose James stated that in order to deliver environmentally friendly and high quality projects within the specified time frame, the construction cost should be managed more efficiently. Pune-based Goel Ganga Developments has increased its property prices by 5 to 7 percent. It has announced that they will give maximum benefits to the buyers even though they have increased the prices slightly. Anurag Goel, director of Goyal Ganga Developments said that even if the demand for housing has not increased dramatically after Covid, our market conditions have improved significantly.
Gurugram-based 4S Developers said that skyrocketing construction material prices and rising labor costs are proof of the renaissance of the real estate sector. On the other hand, Gurugram-based MRG Group revised its property prices. It has decided to increase the price from Rs.10,000 to Rs.13,500 per square feet. Bengaluru-based Shriram Properties said that property sales prices in Bangalore have increased by 5 to 6 percent and in Chennai by 3 to 4 percent.
