West Asia War Drives Up Indian Construction Costs by 25%

Construction costs in India's real estate sector have surged by 25% since the West Asia war began in February, according to NAREDCO president Parveen Jain.

Jain attributed the increase to a rise in raw material prices over the past six months. Copper, for instance, has seen a price hike of 60% during this period.

He noted that even if supplies return to normal soon, it will take another three months for the situation to stabilize.

Jain also mentioned that residential property prices are unlikely to rise further as they have already increased significantly. He stated that any changes in these prices would not be possible at least this year.

Parveen Jain's company, Tulip Group, has been experiencing slower demand compared to last year.

Jain expressed optimism about India's real estate growth, citing a shortage of supply compared to the overall demand for residential properties. He predicted that the industry would remain bullish on India for the next 10-15 years.