Realtors’ body CREDAI writes to PMO on steep rise in steel prices

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New Delhi,jul 19:
Realtors’ body CREDAI has written to the Prime Minister’s Office (PMO) for regulating steel prices that have gone up sharply in last two years leading to a rise in construction cost of real estate projects.The Confederation of Real Estate Developers’ Associations of India (CREDAI), in a letter to the PMO on Thursday, has requested the government to intervene in this matter and arrest undue hikes in the prices of steel. Steel prices have shot upwards from Rs 29,000-32,000 per tonne in 2016 to Rs 51,000-54,000 per tonne, CREDAI said in a statement.”It is imperative that the government intervenes and regulates prices for the benefit of all stakeholders of real estate, especially consumers, who are having to bear the cascading effects of the increase in costs,” CREDAI’s President Jaxay Shah said. The continuous increase in steel prices has led to rise in housing prices, “adversely impacting Housing for All”, he added.

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