War impact: construction costs go up, delivery schedules take a hit
The ongoing war in West Asia is significantly impacting the construction sector in Tamil Nadu. Project completion is delayed, and costs for building materials have surged by 25% to 40%. Developers are facing challenges with both rising prices and the availability of essential materials like tiles and PVC products.
- ▪Prices of building materials in Tamil Nadu have increased by 25% to 40%.
- ▪The production of tiles in Morbi, Gujarat, has come to a standstill, affecting availability.
- ▪The total construction cost has risen by at least 5% in the last two months.
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With the West Asia war continuing for more than two months now, Tamil Nadu is seeing the property sector taking a hit as completion of projects are getting delayed and costs are spiralling.Achal Sridharan, founder and Managing Director of CovaiCare, said prices of building materials are up 25% to 40%.According to Gugan Ilango, president elect of Confederation of Real Estate Developers Associations of India, Tamil Nadu, 80% of production of tiles at Morbi, Gujarat, has come to a standstill, hitting availability of tiles. “We are managing with what we have. More than the prices, availability of tiles is a major issue,” he said.This is felt across outlets selling tiles in the State.
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