Developers in the country may go on strike in October if the Government
does not listen to their demands. The Chairman of the Mangalore chapter
of Confederation of Real Estate Developers’ Association of
India, PMA Razak, said this at the inauguration of a property
fair in Mangalore on Saturday.
Razak said they want the Government to resolve issues related to
delay in sanctioning of projects, and to control the increase in price
of cement and steel in the country.
Razak said there has been an unnecessary delay of two-three years in
the sanctioning of most projects in the country. In contrast, projects
are sanctioned within a few days in many developing countries.
Delays in sanctioning would lead to the cost escalation of projects. He
said nearly 45 per cent of cost escalations were on account of delays in
sanctioning.
Referring to the increase in the price of steel and cement, he said the
Government should set up a regulatory authority to control the price of
these resources.
The CREDAI would approach the Prime Minister in June, seeking his
intervention to solve various problems of the construction industry in
the country.
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