Buying a house in a metropolitan city is an expensive affair but soon, it might be possible that the cost might increase as there has been a subsequent increase in the cement and iron prices. The surge in price has been caused due to the increase in cement prices by domestic companies along with a simultaneous rise in the price of iron in the international market.
Since cement and iron are the basic components for construction, it is but simple economics that an increase in their price directly affects the prices of construction sites.
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Cement has grown costly by ₹500 per ton whereas iron has experienced an increase in price by ₹750. In order to increase their profits, South Indian cement companies have raised the prices of the cement whereas the price of iron has been affected by a disaster at an iron mining site in Brazil.
Therefore, the experts have predicted that with the increase of raw materials for construction, it is possible that the houses will be costlier to buy in the future.
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