Construction costs hit the roof as raw material prices shoot up
The Hindu
Fuel price hike is one of the key factors that has pushed up cost by about 35%
The construction sector, hit by the pandemic and related restrictions, is facing a second blow with the cost of materials seeing a steep hike as the cascading effect of fuel price hike. One estimate pegs the increase at about 35% over last year. Crucial inputs such as steel, cement, sand, stone aggregates, plywood materials and M Sand have seen a price increase in the last one year, pushing up the overall construction cost. The construction of individual homes has become expensive with cost per square for a moderate structure going up from a range of ₹1.5 lakh-₹1.75 lakh to ₹2 lakh-₹2.5 lakh, industry sources said.
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