Chennai CREDAI Chapter anticipates rise in property prices
Chennai, 3rd January 2018: The Chennai chapter for the Confederation of Real Estate Developers’ Association of India (CREDAI) today organized a press conference in Chennai, to share their views on the impact of rising raw material costs on the real estate sector.
Raw materials like sand that was available at Rs. 35 per Cft. six months back is now available at Rs. 135 per Cft. It is a sharp rise of 75% in prices when compared to the earlier price. Similarly, cement, which was available at Rs. 270 per bag earlier, is now being sold at Rs. 330 per bag, a jump of 25% in the past six months. Steel also presents a similar picture, it was earlier available at Rs. 34,000 per ton but the current value is Rs. 47000 per ton, which is a 32% rise in the cost.
Speaking on the occasion, Mr. Suresh Krishn, President, CREDAI Chennai said “CREDAI Chennai feels there will be a rise in the property prices that can’t be avoided due to rise in the raw material costs.
He further added, CREDAI Chennai also feels that it is the right time for homebuyers to invest now as the developers will be compelled to pass the additional input cost burden to the homebuyers.