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Manufacturers have jacked up cement rates, charges CREDAI Chennai

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 Briefing reporters at a press conference here on Monday, Confederation of Real Estate Developers' Association of India (CREDAI) Chennai chapter president W S Habib said waiting period for cement had increased.

 CHENNAI: A month after cement manufacturers spiked the prices of cement, developers have charged that artificial demand for the key construction material (cement) is being created to justify the price rise.

Briefing reporters at a press conference here on Monday, Confederation of Real Estate Developers' Association of India (CREDAI) Chennai chapter president W S Habib said waiting period for cement had increased.

"What used to be a day for delivery of cement is dragging to three to four days. Moreover, the cost of cement has jumped by Rs 100 from Rs 240 to Rs 340 for developers," he said.

The retail prices for individual buyers have hit Rs 400 from Rs 340 in the last one month, he added. "It is a steep increase, which has crippled the construction sector. About 30,000 construction projects worth of Rs 10,000 crore spread across Tamil Nadu has been affected" he said.

Charging that all cement manufacturers had jacked up cement rates irrationally in the absence of any rise in the cost of raw materials, he said, this would have an adverse impact on the price and delivery of apartments to the buyers.

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