SPECIAL BLOG - BUY NOW. SAVE LAKHS
If you’ve been looking to buy a home and are still undecided, NOW IS THE TIME to make that move. Reason: There has been a steady hike in prices of almost all raw materials used in construction.
Multiple reasons pertaining to the current global order has put a dent in the manufacturing output. With constantly high fuel prices, the price of other essential construction material like steel, cement, copper, PVC pipes, aluminium and the like have seen an unprecedented shoot up.
Here is a chart for your understanding.
While corrective measures are being taken, the prise rise from the 1st of April 2022 is inevitable. Considering that approximately 8-10% of total construction costs goes to steel, abour 23% towards plumbing and electrical, 12% for sand and 3% for cement, the total adds up to a few lakhs in nett amount paid. If you are building your own independent home and had factored in 2000 rupees construction cost per sq ft, be prepared to revise that to 2500 rupees at the minimum. That means your 2000 sqft home will set you back at least by an additional 10 lakh rupees.
While the prices of projects under development has increased by approximately 9%, new projects are seeing a hike of 13% - for the time period between January 2020 and December 2021 (source Economic Times). While there has been a steady increase in demand for homes over the last year and well into the first quarter this year, the time is now ripe for you to make that move and buy your dream home before March 31, 2022.