October 08, 2008

Builders renew calls for Steel Regulatory Authority\'

Various associations under building construction sector has urged the union government to establish Steel Regulatory Authority to ensure fair trade practices and control the steel price which had increased by 50% in the last 3 months.

Mr Srinivasan chairman of Coimbatore Centre of Builders Association of India, Mr K Subhash former president of Association of Consulting Civil Engineers, Mr O Lakshmanan president of Indian Institute of Architects and Mr C S Ramasamy president of Coimbatore Property Developers Association said that the state and the centre were mute spectators in the unprecedented rise in the prices of the steel and cement. They added that there was no shortage of materials and no serious supply demand mismatch. It was clear that companies had hiked the prices by adopting unhealthy market practices and raised the prices of the cement to 45% and over 50% to the steel.

Mr Srinivasan said that BAI would conduct an all India meeting in Thiruvananthapuram on May 11th 2008 to decide future course of action, including stoppage of construction work.