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Square Feat: Mumbai Now The Costliest City To Build Apartments, Says Report
To make cities such as Mumbai smart, smart people must be given the power to charter its course of evolution (Dhiraj Singh/Bloomberg via Getty Images)
When it comes to the cost of construction of a residential apartment in mid-rise buildings, Mumbai has topped the list of urban centres in India, SteelGuru has reported.
According to the report, property consultancy CBRE toldPTI that the average cost of construction of a residential apartment in mid-rise buildings in Mumbai is Rs 3,125 per sqft. Delhi and Pune came a close second with an average construction cost of Rs 2,750 per sqft, tailing a little behind were Chennai and Bengaluru at an average cost of Rs 2,500 per sqft, while the average cost in Hyderabad stood at Rs 2,375 per sqft.
“Among the six leading cities in India, Mumbai remains the most expensive,” said the report. The report said that the reasons for differences in costs can be due to a wide variety of factors such as different demand levels, closeness to supply centres, efficiency of the logistics networks and variance in engineering costs, according to the region.
The report has said that despite the prices of cement and structural steel rising, GST implementation has resulted in stabilizing of the cost of construction, which will lead to 8.2 billion sqft of developed real estate by the year 2025, providing employment to approximately 17 million people.
The prices of structural steel have more than doubled in last 12 years, while the prices of cement have nearly tripled in the last 16 years, added the report.
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