Up to 10 to 30 percent price rise in Real Estate expected in 2022- CREDAI Pune Metro
Pune, January 20, 2022: In response to the recent analysis titled- Annual Real Estate Developers Sentiment Survey 2022’ by CREDAI National, the CREDAI-Pune Metro has said that due to rising cost of construction materials there will be a definite possibility of price rise by almost 10 to 30 percent in home-buying and about 90 percent of the developers in Pune are expecting the rates to go up in the present year.
The survey was conducted amongst developers from 21 states including 8 tier-1 cities in India namely Delhi, Ahmedabad, Bengaluru Chennai, Hyderabad, Kolkata, MMR and Pune and more than 100 developer-members from Pune participated in the survey.
Speaking on the report, Anil Pharande, President, CREDAI-Pune Metro said, “The developers in Pune showed extreme resilience during the COVID 19 pandemic related lockdown and are gradually coming back on track. But with rising cost of steel, cement and other essential materials, construction cost has increased drastically and developers can no longer absorb this price rise. There will be a price rise by almost 10-30 percent, due to which there will be lots of pressure on the developers as well as on home-buyers. We are expecting additional support from the government to control the rising input costs besides streamlining faster approvals for the projects, introducing credit input on GST and increasing availability for funding.”
As per the report, in Pune about 99 percent of participated members are planning for new launches in 2022 with 38 percent having a bullish approach. Upto 72 percent members are focusing on online sales and 65 percent are planning for residential projects, while 72 percent are ready to explore new business models in Real Estate.
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