Realtors in Telangana stop work, hold strike as costs escalate
India Today
Real estate companies in Telangana suspended work as a mark of protest against rising costs of construction materials. They fear that property costs might go up by 10-15 per cent in Hyderabad.
Real estate companies in Telangana on Monday halted work as a mark of protest against the steep rise in the prices of cement, steel, aluminium and other construction materials. Realtors across the state voluntarily suspended work.
According to Confederation of Real Estate Developers’ Associations of India (CREDAI), 5000 builders stopped work on Monday. Around 3.25 lakh people including workers and other staff, also joined the strike.
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Realtors suspended the work to protest against what they claim is an ‘artificial’ rise in construction material prices and to demand government intervention in the matter.
The real estate companies said the price of construction materials increased significantly affecting the cost of the project. There has been a steep increase in prices of materials like cement, steel and aluminium.
They pointed out that it has already suffered for two years due to the pandemic, and now inflation is making matters worse. Rising petroleum prices have also affected the real estate industry.
Cement and steel companies allegedly created artificial price rises, according to Telangana Construction Associations.