Iran-Israel Conflict Drives Up Homebuilding Costs in Mumbai, NCR, Bengaluru

• The Iran-Israel conflict is increasing homebuilding costs in India, particularly in high-rise and luxury housing segments.
• Steel prices have surged by nearly 20% to Rs 72,000 per ton due to supply disruptions and higher shipping costs.
• Construction costs in Mumbai are up by Rs 50 per sqft; Delhi-NCR expects Rs 40-60 per sqft rise, and Bengaluru Rs 30-50 per sqft.
• The Strait of Hormuz blockade and rising Brent crude prices are contributing to material costs and potential project delays.
• Industry bodies like CREDAI view the current impact as temporary but warn of broader effects if the situation persists.