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Bangalore is one of the major cities in India and there are hundreds of houses being built and sold every day across the city. Whether you choose to buy land and build a house for yourself or whether you don’t want all the hassles and choose a property from one of the reputed construction and real estate companies like ours, the overall impact on your pocket is set to be higher than expected.
Construction costs have been steadily rising over the past few years with the implementation of RERA, demonetization, the uncertainties and unforeseen circumstances of the pandemic, the Russia-Ukraine war and fluctuating untimely weather have caused a sharp spike in construction costs by around Rs. 400-600/sq.ft. Know more about increasing costs here.
The industry took a huge hit during the demonetization and implementation of RERA. A few market leaders and big companies were able to adapt to the rapid policy changes rapidly. Several smaller companies have abandoned projects midway or even shut down completely.
The pandemic has caused labour relocation and the availability of labour has been a hassle faced by every company today. The increasing demand has increased the cost of these labourers, especially in the skilled and specialized avenues. There are also delays in obtaining good workers which leads to hiccups in scheduling and disrupts workflow.
The war and global uncertainties have also caused a rise in material costs, mainly fuel and steel. The skyrocketing fuel prices are sending shockwaves not only through the cost of logistics but also by increased material costs. Steel, cement, paint, sanitary materials, plywood and all other materials are also more expensive now.
Copper is in high demand, with the global price rising by over 125% since March 2020. These increasing prices have caused the prices of wires, cables and other electrical goods to consequently increase.
Real estate is a sensitive industry that is affected by a web of factors intricately connected to each other. Although this is one of the most lucrative investment options, real estate is also a high-risk segment and the reliability of the company needs to be the focus of investors. Trusted builders and developers like HM Constructions have been able to deliver projects on time with all luxury amenities due to our experience and uncompromising quality of delivery each time. Each project is rightly priced so clients get properties worth every penny they have invested in us. Find your dream home at www.hmconstructions.com.
Contact us at 888 022 5555. to know more about our projects.