Real estate developers in Hyderabad have requested the government to do something about the spiraling increase in prices of construction inputs like the cement and steel. They also want a real estate regulatory authority to be put in place at the earliest.
Speaking on the sidelines of curtain raiser of a property show organised by the Hyderabad chapter of Confederation of Real Estate Developers Association of India (CREDAI), P. Rama Krishna Rao, general secretary of the association said, “Prices of inputs like cement and steel have shot up exponentially. In about 8-10 weeks, prices of cement has gone up by almost Rs 8,000-9,000 per ton and it would become a dampener for the affordable housing and infrastructure projects taken up by the Telangana government. Hence, we would request for government intervention in this issue”.
He also called for speedy constitution of Real Estate Regulatory Authority (RERA) in the state. “We have been facing some issues with regards to RERA and in the absence of any regulator, we don’t know where to apply and whom to notify,” said Rao.
The state of Telangana notified the RERA Act in August last year but has not able to constitute this authority so far.
However, the Association expressed satisfaction over the improving real estate market in the city. “With Hyderabad becoming a hub for large multinational companies, we are hopeful that the city is likely to witness a significant demand for housing in the coming few years,” said Rao. The Credai property show will see participation of over 120 developers and will be conducted from March 2-4.