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Construction industry in Chennai affected by increase in the price of cement
Posted on: 07/Feb/2019 10:35:36 AM
In the recent times there is an improvement in the real estate sector in Chennai and this sector is showing signs of recovery after being down are known. It is now said that cartel of cement manufacturers have increased the prices of cement by atleast Rs 30 per bag. This has caught the attention of many now.
The important piece of information gathered is the cost of cement that was sold to individual customers has gone up by Rs 30 and the cement sold to developers are dearer by Rs 70 for a bag of capacity of 50 kg.
Many individuals have been involved in the construction of their houses and this hike in the cement prices would create issues for them. It is brought out that the construction works have lost energy because of the hike in the prices. There were complaints from the traders marketing the construction materials regarding the hike in the prices. It was pointed out by a T. Nagar based trader that last week the retail price of leading brands of 53 grade cement was Rs 360 and this has increased to Rs 390 now. He then spoke about how the cost of normal brands of 53 grade cement has become dearer and the price was revised to Rs 350. Beginning from 15th February 2019, the cost of cement bags could increase by about Rs 20 and this was as per few cement suppliers.
Mr. R. Radhakrishnan, former national president of BAI or Builders Association of India, expressed his unhappiness regarding the hike in the cement prices. He spoke about how the increase in the cement prices was irrational. He threw light on how the individuals involved in constructions would get affected badly by this hike in the cement prices. Mr. Radhakrishnan then highlighted that it was because of caterlisation by the cement manufacturers that the prices of cement have increased.
It is important to mention that the Competition Commission of India had already issued a penalty of Rs 6300 crores on cement producers. Finally he hinted about the appeal against the verdict that is still pending in the Supreme Court.
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