Housing prices may rise due to Ukraine crisis

New Delhi: Realtors' body Credai on Thursday said housing prices may increase in the coming months due to likely rise in rates of raw materials like cement amid the conflict between Russia and Ukraine.

In a statement, Credai President Harshvardhan Patodia said: "Post the geo-political escalations, oil prices have surged, and stock markets have crashed globally." Oil prices have continued to rise over the last couple of months owing to concerns over disruptions in the global supply chain amid the crisis, he added.

"Additionally, it will further impact Indian cement makers as they were already reeling under the pressures of rise in costs of raw material and energy," Patodia said. Cement makers will need to pass on the burden as 60-65 per cent of their business is either directly or indirectly linked to crude prices, the association said.

"Eventually, the impact will trickle down into the real estate industry as well," he said.