Experts attributed to the increase to an increase in labor costs | Photo credit: Istock.com
The new housing buyers in Chennai will have to pay 10 to 20 percent of extra money to buy apartments in the middle of an increase in the cost of construction. The increase is synchronized with cost escalation for raw materials such as steel, cement and sand, and even labor cost. Those who carry out renewal work are also seriously injured, Fuentes said.
Interestingly, Casagrand issued ads on Wednesday that they claim that due to the increase in construction and input costs, prices in all its projects will increase from May 20.
The increase in the cost of raw materials has to gradually occurs. Labor costs have also increased, said Bharat Jain, director of the Arihant Foundation. “We have already increased the cost of the apartments, but gradually,” he said. “Since the price of cement, Steel and RMC have increased to 20 percent, our costs have increased 10 percent beyond. We are in the luxury and luxury segments and pass our clients with the gradual calculated,” Heer A. Business line.
Work costs
Pradyumna Krishnakumar, executive director of Brigade Enterprises, said that although the cost of the material has remained relatively stable, the increase in labor cost has resulted in a 10 percent increase cost over last year. “We have not yet increased our prices. However, the increase in prices is reviewed in a regular base, depending on the costs related to the required pricing and correction of prices will be carried out as requested,” he said.
VS Sridhar, Executive Managing Director, Tamil Nadu and Kerala and GCC Advisor – Operations, Cushman & Wakefield, said the residential real estate market for Chennai has witnessed a significant increase in new project releases with 00 in Narly00 in Narly00 in Narly00 in Narly00 Inits 2024.
Duration The same period, construction costs in the city have increased by around 6-8 percent. The proportion of high -end housing and luxury has also increased significantly, from 9 percent by 2022 to 26 percent in 2024, reflecting a growing consumer preference for premium developments. Simultaneily, the weighted average launch price increased by 18 percent of ₹ 6,000 per square foot in 2022 to ₹ 7.050 per square foot in 2024. of consumption, it is likely that residential prices are syndal. Gradual. Gradual.
Demand no blow
According to Mohamed Ali, president of Credai Chennai, the constant increase in construction input costs in recent quarters, participulates for cement, steel and labor, has exerted ascending pressure on project development expenses. While developers have absorbed much of this increase to maintain the affordability and demand for support, they are now witnesses of a gradual and calibrated ascending review in the prices of the apartments, especially in the middle segments and premium.
Despite the thesis challenges, Chennai’s residential market continues to show resilience, with a large extent promoted by the end user, partly of IT professionals and salaried buyers looking for long -term and quality housing, he said.
The real estate industry said that to guarantee long -term affordability and the cushion of the impact of increases in increase, there is a need for support policy measures. A more holistic solution and long term, such as fiscal credit mechanisms for rationalization entry and a reduction in the GST slab in key materials such as cement, can relieve pressure on construction costs, said Ali de Credai.
Posted on May 16, 2025
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