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Hyderabad’s Rising Construction Costs affect Property Buyers’ Budgets
Research indicates that constructing luxury residential apartments in high-rise buildings in Mumbai comes at an average cost of approximately Rs 5,625 per square foot.
Hyderabad : Research indicates that constructing luxury residential apartments in high-rise buildings in Mumbai comes at an average cost of approximately Rs 5,625 per square foot. In contrast, the estimated construction cost for houses in Hyderabad is around Rs 4,275 per square foot. Compared to other major cities like Bengaluru, Pune, New Delhi, and Chennai, Mumbai’s construction costs are estimated to be approximately 10 percent higher.
Hyderabad stands out for its relatively affordable low-cost house construction compared to major cities across India. It is notably 14 percent more economical than Mumbai, known for its high construction costs.
For the construction of medium-rise commercial buildings, the expenses vary by city. In Mumbai, it typically costs about Rs 3,250 per square foot, whereas in Delhi, the cost is approximately Rs 2,860 per square foot. Hyderabad offers a cost advantage with construction expenses averaging around Rs 2,470 per square foot for similar properties.
The increasing cost of living is becoming a significant factor influencing real estate decisions. Many companies are reevaluating their property choices to optimize their spending. While the specific impact of rising construction costs in Hyderabad is still debated, it is clear that construction expenses are on the rise. Understanding and managing these costs are crucial for staying within budget and delivering high-quality and cost-effective projects.
Prospective property buyers in Hyderabad should be prepared for higher property prices than before. The prices of construction materials in Hyderabad have surged, especially following the pandemic. Factors such as limited production capacity and supply shortages have led to significant increases in the prices of essential construction materials like cement, steel, solid blocks, nails, binding wires, and plywood. Consequently, these rising costs of construction materials are driving up the overall costs of both commercial and residential properties in Hyderabad.
