Home prices to go up 20%, says Credai

Home prices to go up 20%, says Credai

Home prices to go up 20%, says Credai

Planning to buy a flat in Karnataka after a month? Then be ready to pay 15-20 per cent more than the prevailing prices, if the apex body of private real estate players, the Confederation of Real Estate Developers’ Associations of India (Credai) is to be believed.

The president of Credai, Bangalore, R Nagaraj, after inaugurating the three-day “Credai Realty Expo” here on Friday said, “Input costs for construction, whether steel, cement, sand, tiles have all gone up in the range of 10 to 25 per cent. We therefore have to raise prices by about 15 to 20 per cent, otherwise it will be difficult to sustain.” He said that while developers are holding on to prices for now, the increase could come as early as after Dusshera.

The current expo (in Hebbal) is the third in the series being held in the past few weeks by Credai, Bangalore. Explaining the reasons, Credai, Bangalore secretary S Suresh Hari said, “It enables potential buyers not only to visit the expo but also see the projects as they are located in the vicinity, instead of having to travel long distances. A zonal expo has gets more visitors and the conversion rate is also good.”

Hari shrugged off reports that there is a glut of properties available in Karnataka due to low interest levels among buyers.

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