Govt urged to rein in construction material cost in Vijayawada

Vijayawada: National Real Estate Development Council (NAREDCO) general secretary B Amaranath said that real estate sector is one of the largest contributors to the national GDP and provides employment opportunity to a large number of people.

Addressing the media, Amaranath demanded that the government intervene for putting an end to the collusive practices in the industry and protect the customers’ interest as property prices will go up by whopping 25 to 30 per cent, if it is not corrected.

He said that the cost of construction is likely to go up as cement prices are hiked nearly by Rs 100 per bag since beginning of this month, the steel prices have gone up by more than 12,000 per ton in last six months and all other building materials like paints, sanitary ware, plumbing etc have gone up by nearly 15 per cent in last couple of months.

NAREDCO general secretary V Vamsi said that the ‘Housing for All by 2022’ scheme will remain a dream for the poor, if the Central and the state government does not intervene in the matter to control the abnormal hike of construction material prices.

He said the tax structure and tax compliance becomes simpler for builders, if the recommendations of 33rd GST Council will be implemented with immediate effect rather than from April 1.