CREDAI urges government to control steel, cement prices

Confederation of Real Estate Developers Association of India-AP State General Secretary K.Subhash Chandra Bose on Tuesday urged the Union and State governments to establish competent authorities to control cement and steel prices which had been skyrocketing for the last three months.

Addressing a media conference here, he said that the cement and steel companies had jacked up prices in spite of huge drop in demand with the impact of lockdown and coronavirus pandemic. Mr. Bose said that each cement bag was available at ₹240 six months ago but now it was priced at ₹370.

“The steel was available at ₹38,000 per tonne till August is now priced at ₹67,000 per tonne. The Union government announced many incentives to companies to reduce the prices at least ₹5000 per tonne. But it is not being implemented by traders in AP,” said Mr. Bose.

“The government should establish an exclusive competent authority to control the rates. Otherwise, the entire construction activity will be halted for many years. It will have a cascading affect on the livelihood of thousands of workers across the State,” he added.

CREDAI Vizianagaram Chairman V. Parthasarathy and President Ch. Suryanarayana Raju said that increase in raw material cost had led to hike in ₹500 per sft, causing heavy burden on buyers of properties. The Secretary of the Association R.A.N.Secretary said that the CREDAI’s State body had already submitted a detailed note to the government, explaining the grievances of the construction industry.