India’s real estate industry demands enquiry into price hikes

The Confederation of Real Estate Developers Association of India (CREDAI) has approached the Competition Commission of India (CCI) to look into what it calls the ‘exorbitant price hike by leading cement manufacturers’. CREDAI is accusing manufacturers of creating an artificial shortage of cement, pushing prices up from Rs.170 – 180 per 50 kg bag to Rs.270 – 280.

"The real estate industry has witnessed an increase of Rs.100 plus per bag in last one month, which is an increase of 75 per cent in the price of cement despite of the constant price of its inputs," a statement released by CREDAI said.

"The gap between demand and supply has been artificially created by the cement manufacturers. However, the cement manufacturers have been maintaining that the production has been less than what the demand is and also that the facilities are closed for maintenance."

Read the article online at: https://www.worldcement.com/asia-pacific-rim/10102011/india%E2%80%99s_real_estate_industry_demands_enquiry_into_price_hikes/