Construction Industry News
The holiday season in India has boosted the real estate sector and Nashik Municipal Corporation (NMC) approved 230 building proposals in October.
The total construction cost is expected to be Rs 100 crore excluding land costs. It expects to add 600 additional apartments in the next two to three years.
The NMC official told media that the company had received proposals for 350 buildings in October. Of the total, 230 have been approved, the rest are under investigation.
The official said the holidays are having a positive effect on the real estate sector. The builders are eager to have their proposals approved to begin construction work.
A senior member of the Confederation of Real Estate Developers Association (CREDAI) - Nashik and Maharashtra Chamber's real estate committee chairman Umesh Wankhede said real estate demand has increased following the Covid-19 pandemic. People have realized the importance of their housing.
He said the number of residential customers has increased. Last month, nearly 300 apartments of Rs 120 crore were booked. Previously, the demand was for ready-to-move-in flats, but now people are booking new flats.
He added that the real estate builders have started planning new construction projects and are submitting their plans to the NMC for approval. The prices of construction raw materials such as steel and cement have also witnessed a price increase. As a result, construction costs have also increased by 20%.
The builders have not raised prices and are selling flats at market rates.
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