A Joint Action Committee comprising of various real estate and builders association today announced 'cement purchase holiday' will be observed in Andhra Pradesh and Telangana from July 5 to July 12, in protest against the steep hike in cement prices in the recent past.
Various association bodies like Confederation of Real Estate Developers' Associations of India (CREDAI), its chapters in Telangana and Andhra Pradesh, Andhra Pradesh and Telangana Real Estate Developers' Association (APREDA & TREDA) and Builders Association of India have come together form a JAC to oppose the "unjustified steep hike" in cement prices.
National President of Credai and Chairman of JAC, C Shekar Reddy, said they have demanded an immediate rollback in prices, which witnessed hike of approximately Rs 100/per bag (50 Kg) recently.
"We will review the situation on July 10 and announce further course of action. The Housing sector accounts for 64 per cent of the total cement demand in India. We cannot be cornered by the cartel of cement manufacturers," Reddy said here in a press conference.
According to JAC, Andhra Pradesh and Telangana contribute 25 per cent to the total installed capacity of 325 million tonnes of cement in the country.
"Governments in both the states should take strict action against the cement manufacturers for carteliasation leading to price hike," he said.
P Dasarath Reddy, President- APREDA/TREDA said the hike will have an impact of about Rs 100 per sqft which will have a negative multiplier effect on the economy.
An estimated 20,000 tonnes of cement is sold in a day in AP and Telangana.
