Govt advisory for relief to builders: How a war in West Asia is pushing construction costs higher across India
The Union Housing Ministry advised real estate regulatory authorities to grant builders a four-month extension for project completion due to rising construction costs linked to the ongoing conflict in West Asia. Since February, prices for essential materials like cement and steel have surged, with reports indicating increases of 30% to 60% for various construction inputs. This advisory aims to alleviate the pressure on builders facing supply shocks and escalating costs exacerbated by the war's impact on oil and shipping prices.