Prices of most raw materials spikes in TamilNadu
Your dream home has become increasingly expensive in Tamil Nadu, as the cost of building materials increased significantly. According to projected estimates, there has been a 15% increase in the cost of various raw materials.
The cost of most raw materials, such as cement and steel, rose sharply, with the exception of M-sand.
This price escalation comes at a time when the real estate sector was gradually gaining momentum after the impact of the pandemic.
The price of 50 kg bags of quality cement 53 has increased by Rs 90.
Whereas, steel tariffs have increased by Rs 22,000 per ton over the past 18 months. Furthermore, the cost of electrical and plumbing cables such as PVC pipes has increased by 12% and 14% respectively.
Most property developers have revised construction workers' wages from Rs 100 to Rs 150 per day.
These factors have increased the total construction cost of building a home.
Also, the Treasurer of the Builders Association of India, S Ramaprabhu, mentioned that people have to shell out 15% more than estimated due to the increase in raw materials. Furthermore, steel prices have increased by Rs 13,000 per ton from September to December. It is essential to have a regulatory authority to regulate the prices of cement and steel by TRA from India.
A rise in the prices of construction materials could cause developers to delay existing projects.
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