Greenfield construction costs marginally rise by 2-4% in CY 2024

In 2024, greenfield construction costs increased by 2-4% compared to 2023, a moderation from previous years. Key materials like cement and steel saw price declines, while labor costs rose by 5%. Mumbai experienced the highest fit-out cost increase. The sector faces challenges due to labor shortages but continues to attract strong investments and focus on sustainability.