CREDAI urges PM Narendra Modi to curb cartelisation by cement, steel manufacturers
CREDAI has requested PM Modi to take urgent steps to arrest the cement and steel price rise for survival of the real estate sector in the country.
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The Confederation of Real Estate Developers Associations of India (CREDAI) has sought Prime Minister Narendra Modi s urgent intervention in curbing cartelisation by cement and steel manufacturers to arrest the price hike of cement and steel.
In a letter to the Prime Minister on December 18, the apex body of real estate developers said any increase in raw material cost will lead to increase in the construction costs and overall project cost, and many developers will be forced to halt construction work thereby impacting the delivery of the projects, leading to penal consequences under RERA and other authorities, which will have a cascading effect on the homebuyers also.
Builders Association of India (BAI) statement comes after Competition Commission of India launched raids against LafargeHolcim, parent firm of ACC and Ambuja Cements, as well as on Aditya Birla group firm UltraTech Cement and Shree Cement.