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Construction cost to soar

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Together Cement & Steel producers are increasing product rates, land rates are set for big jump because cost of building is expected to go up by 20%. Niranjan Hiranandani, MD of Hiranandani Constructions said to www.propertykhazana.com that, “There will be a huge increase in the cost of construction by over 20% owing to the hike in cement & steel rates. Selling rates of lands are likely to rocket significantly. In the recent times the cost of building has soared by over 10%. Steel rates in the domestic market has gone up by 30% in the 6 months and 20% in 3 months, the cement companies have increased the rates by Rs. 3-4 across the country.”
As per to the Seshagiri Rao, Director Finance JSW Steel, Steel manufacturers has forced to increase the rates due to hike in the required hard materials and cement manufacturing companies have come to a conclusion to put across their proposals to lessen rates to the Govt.
Treacherous situation from manufacturers of inputs has left no choice for builders. Mufatraj Munot, Chairman of Kalpataru Properties said to www.propertykhazana.com that, “There will be a large hike in cost of building over 20%.” Abhishek Lodha, Director of Lodha Group said that, “Construction rate has grown up to 15% and this crash will differ from one locality to another,” and Vimal Shah, MD of Akruti City said that, “They also have to stick together with the bandwagon.” Pawan Burde, Research Analyst in Mining & Metals of Angel Broking said that, “rate of steel is increased by $200 globally, this is due to the hike in the cost of inputs like iron ore and metcoke. Iron ore rates are up by 65% this year, as metcoke rates increased and in general, the cost push was to the tune of $200-$250 a ton. But, in spite of this the hike in rates has not been as far as the hike in the input costs.”
Source: NBTVLIVE

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