Average Construction Costs in Major Indian Cities Rise by 39% in Four Years

India: Higher building material and labor costs have driven a 39% increase in the average cost of construction for housing projects in major cities over the past four years, reaching INR 2,780 (USD 33) per square foot. From INR 2,000 (USD 23) per square foot in October 2020, the cost surged by 11% over the past year, primarily due to a significant rise in labor costs and moderate increases in construction materials.

Source: The Economic Times