Affordable housing threatened as cement prices soar

The middle-class dream of owning a home has got a jolt of reality with the construction costs going through the roof during the pandemic, as cement manufacturers have increased prices by Rs.100 per bag (50-kg). The price of a bag of cement has shot up to nearly Rs.420, catching developers on the back foot as they cannot demand more money from customers to whom they have already sold flats. Government contractors are also hit, according to the Builders Association of India, which has joined with the Confederation of Real Estate Developers ’ Association of India (CREDAI) to demand a cement regulator.