CREDAI opposes cement price hike

CREDAI opposes cement price hike

CREDAI opposes cement price hike

The Confederation of Real Estate Developers' Associations of India (CREDAI), representing major builders in India, has denounced the rise in the price of cement by up to 40% in a short span of two months.

In a press release, CREDAI president Jaxay Shah said, “We are pained by complaints of unjustifiable and collusive jacking up of cement prices by cement manufacturers across India which have a potential to create unnecessary roadblocks and impediments in achieving the goals of Housing For All by 2022 envisioned by the prime minister.”

Shah said that on previous occasions too, the Competition Control of India had pulled up cement manufacturers for collusive pricing and imposed hefty fines on them. He claimed that an increase of Rs 100 per cement bag results in an increase in construction cost by at least Rs 50 per square foot in the entire project.

He said CREDAI is in talks with other affected parties like Builder’s Association of India as well as National Highway Builder’s Federation for possible joint action against this “artificial” price rise.