Realtors’ body may move CCI on cement price hike

Realtors’ body CREDAI on Monday said cement prices have gone up by Rs 60-70 per bag of 50 kg in the last one week and it is mulling approaching fair trade regulator Competition Commission of India (CCI) alleging cartelisation by cement producers.

Realtors’ body CREDAI on Monday said cement prices have gone up by Rs 60-70 per bag of 50 kg in the last one week and it is mulling approaching fair trade regulator Competition Commission of India (CCI) alleging cartelisation by cement producers.

“CREDAI will consider going to CCI seeking intervention against cartel of cement manufacturers,” the association said in a statement.

When contacted CREDAI chairman Lalit Kumar Jain said cement prices have gone up by about Rs 60-70 per bag across the country in last one week.

“We feel that there is a cartel. We are considering moving CCI. We are currently taking legal advice,” he added.

“Cement prices have increased from Rs 210 to Rs 275 over the past few days in Pune and indications are that they will go up further by Rs 50 per bag in the near future,” Jain said.

He said rates have gone up by Rs 60-70 per bag across India.

Jain said the increase in cement prices would lead to rise in housing prices. He explained that it is the common man who ultimately bears the burden of such price hikes.

“Considering that buyer sentiment is currently low, the cement price rise defies logic,” CREDAI said.