The Joint Action Committee (JAC) of BAI, CREDAI, NAREDCO, SABCA and Workers’ Associations will stage a protest near Metropolitan Hotel here on Friday, demanding that the State and Central governments take necessary steps to establish a regulatory authority for steel and cement sectors.
Addressing a press conference here on Thursday, JAC representatives said that constituting a cement regulatory authority for the sector would curb cartelisation and ‘undue profiteering’ by manufacturers. Similarly, authority for the steel sector was necessary to keep a tab on irrational hike in prices. The steel and cement companies had cartelised pushing the construction industry into doldrums, they said.
The JAC leaders said a regulatory authority would prevent manufacturers from indulging in unethical trade practices which had been causing irreparable damage to the growth and hurting the interests of the construction industry. The steep rise in steel and cement prices had hit the industry below the belt. Resultantly, the construction costs had gone up phenomenally. Bank loan instalments were overdue for those who had taken a bank loan. An increase in the rate of interest had also created a financial burden on the builders, they said, adding a protest is being organised to highlight these issues.
Builders Association of India (BAI) State chairman D. Pankaj Reddy, CREDAI AP chapter chairman RV Swamy, Y.V. Ramana Rao (CREDAI), National Realestate Development Council (NAREDCO) Vijayawada General Secretary Vamsi Krishna Vasireddy, Siva Kumar,GS Prasad and MRT Prasad of State of Andhra Pradesh Building Contractors Association (SABCA), and others spoke.