Ludhiana: Families dreaming of building their first home are being forced to scale back or abandon construction as the prices of essential raw materials, led by steel and copper, surge by double digits.The sharp spike in building costs has placed a significant financial strain on small-scale builders and middle-class residents. In just three months, the price of TMT (thermo-mechanically treated) steel bars—the structural backbone of residential housing — has jumped 15%, while the cost of copper wiring has soared by as much as 50%.The Steel BurdenFor an average 200-square-yard house, the steel requirement alone has become a budget-breaker. Industry experts report that costs have climbed by about Rs 8,000 for each tonne in a matter of weeks. The price which was then Rs 52,000 for each tonne is now Rs 60,000. A standard home build now faces an immediate additional burden of up to Rs 30,000 on steel alone. “Customers complain, but the increase is unavoidable due to higher input costs,” said Amritpal Singh, a construction material dealer.A ‘Shock’ to the SystemWhile steel provides the frame, copper is draining the wallets of those reaching the electrical phase of construction. Retailers report a sudden and steep increase in the price of wiring coils, the price of which has jumped from Rs 10,000 to 15,000 (a 50% increase). Homeowners who previously budgeted Rs 45,000 for wiring a standard home are now being hit with bills exceeding Rs 70,000. “The increase has been sudden and steep,” said Jaskirat Singh, an electrical equipment supplier, noting that the impact is visible across all residential projects.Small Builders Bear the BruntArchitect Kanav Khosla noted that while there was a brief reprieve in prices following tax adjustments four months ago, that relief was short-lived. The volatility is creating a two-speed market. Large developers are often able to absorb short-term price fluctuations over long-term projects. Individuals and small builders work on tight timelines and fixed budgets, so these “end users” have no room to move and must bear the full brunt of the hike.Timelines in TurmoilFor residents like Aman, who chose to manage his own build to save money, the price hikes have turned a dream into a logistical nightmare. “Rising costs of material has made things much harder and will delay our construction timelines,” he said. As raw material prices continue to fluctuate, the path to home ownership for the average family remains increasingly out of reach, leaving many to wait for a market cooling that shows no signs of arriving.
