Builders should deal with the rise in building materials market prices with pragmatism

 The building materials market is poised to grow in India, and across the world, thanks to the situation on the pandemic front improving and the economy becoming better with the passage of time.

On the flip side: increase in the cost of building materials means the overall cost of building structures--both residential and commercial--has become more expensive and somewhat outside the reach of the average buyer.

A "price correction’ is needed in view of this to bring the customers back into the market who can buy the unsold structures or at least show an interest in doing it. Because without buyers, the market will crumble slowly, and there will be no takers for even building materials in the market.  

It may not be so simple, however, given that the builders spent more money to complete their projects. However, if the builders and other parties involved are to remain relevant and in business for the long term, they must swallow this bitter pill.

The good news is that with the pandemic losing its bite, now people are coming forward and seeming to be in a mood to acquire properties using funds earmarked for the purpose.

The builders and those involved with the building materials market should come out with attractive options and offer heavy discounts to make the most of the development with an eye on the future.

At present, they should be more concerned with getting buyers on board and selling their properties than making a handsome profit.