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Our Bureau

Kolkata, Aug. 6 Real estate prices in West Bengal will rise by 5-20 per cent from September, said Mr Pradeep Sureka, President, Bengal Chapter of Confederation of Real Estate Developer’s Association of India (CREDAI), on Wednesday.

The price hike comes in the wake of a 43 per cent rise in construction costs over the last two years, he said. While construction costs account for 10-15 per cent of the total cost of real estate projects in places such as Mumbai and Gurgaon, in West Bengal it accounts for nearly 80 per cent.

The impact of the cost hike on the real estate industry in West Bengal was thus proportionally larger, he said.

This year steel price had shot up by 107 per cent, cement by 39 per cent, bricks by 52 per cent and sand by 49 per cent, Mr Sureka pointed out.

“Property prices here are expected to rise by Rs 100-500 a sq ft for the next 2-3 months,” Mr Sureka said. While property prices in other places have been experiencing a correction, in West Bengal they are bound to head north since the prices had remained realistic over time, he added.

More Stories on : Real Estate & Construction | West Bengal

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