Chennai, June 25 (IANS): Construction activities in the southern states would come to a halt from July 7 if the 25 percent hike in cement prices is not rolled back, said an official of a real estate developers' association Wednesday
"This price hike can never be justified as it is disproportional to the cement production cost. It has been decided along with the Builders Association of India and others to stop work from July 7 onwards if the prices are not rolled back," Suresh Krishna, the vice president and convenor, Joint Action Committee, Confederation of Real Estate Developers' Association (CREDAI) told reporters here.
According to CREDAI the cement prices has gone up by over 25 percent or around Rs.70 per bag from June 1 onwards.
CREDAI officials said the members will stop buying cement from June 30 onwards and if the price is not rolled back by July 7, construction work would be stopped.
According to CREDAI president Ajit Chordia, the step is to protect customers against the price hike.
The CREDAI, Builders Association of India and other associations urged the government to take immediate steps to reduce the import duty on cement. They also demand the government to facilitate fast track mechanism for getting the Bureau of Indian Standards (BIS) seal for imported cement.