Insights to Q3 2022 construction prices

The cost of key raw materials has been key contributors to recent increases in the total construction cost. The market is projected to grow in 2023.

November 15, 2022
  • Pushpa K
  • Brijesh Patel

Since Q2 2022, steel is slightly up by 1% to INR 60,500/ MT. Copper has dropped by 12% to INR 6,50,000/MT, followed by aluminum at 13% to INR 1,98,000/MT and last but not the least, fuel (primarily diesel) has remained at INR 92/liter with meager difference in rate compared to previous quarter.
The cost of key raw materials such as steel, copper, aluminum, fuel, logistics & labour has been key contributors to recent increases in the Total Construction Cost across Construction Development Sectors in India.

The market is projected to grow in 2023 and this strong growth is attributed to improvement in consumer and business confidence. Significant rise in housing and residential permits have led to more construction demand. Occupiers that were postponing their leasing decisions during previous quarters are now being even more optimistic about leasing space, while hybrid working continues to be the mainstay. Office absorption has already touched 40.6 million sq ft during Q1-Q3 2022, a two-fold increase from the same period last year. The industry is expected to maintain its growth momentum, supported by government investment.

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