Rajasthan: Flat prices will rise by 10-15% starting April 1st.

The Confederation of Real Estate Developers’ Association of India (CREDAI), the apex association of private developers, on March 12 announced to increase the rates of flats and villas by 10-15% owing to the increase in the cost of raw materials.

The new plans would go into effect on April 1. Dhirendra Madan, President of CREDAI-Rajasthan, asserted, “Because of drastic rise in the value of key ingredients, the prices of the units will be increased by 10-15% beginning in April.” Residents who want to buy a house should do so in March to eliminate paying the extra cost.”

The real estate industry is dealing with a variety of issues as a result of the pandemic. The rise in the prices of key raw materials has only exacerbated developers’ woes and harmed the sector. “Because of cost increases, profit margins have shrunk.” “The developers have no choice but to raise the price,” said another CREDAI member.

Steel, cement, copper, PVC pipes, and other construction materials have all seen record price increases, according to developers. Furthermore, the highest aluminium prices were recorded, and consistently high fuel prices have resulted in an increase in project prices.

The developers have also asked the state government and the federal government to implement a policy to keep prices stable so that housing can be provided to all sectors.