Real Estate: Central Govt assures cheap supply of steel & cement

25 May 2022 CW Team

Property developers in India, which employ both skilled and unskilled labour, are likely to benefit from the Central Government's decision to assure a cheaper supply of steel and cement, the two most important building materials.

To control inflation, Nirmala Sitharaman, Finance Minister, announced many steps, including a substantial drop in central excise duty on petrol of Rs 8 per litre and diesel of Rs 6 per litre.

Along with lowering customs duties on some steel raw materials, the government has announced that steps are being conducted to increase cement availability and reduce cement costs through better logistics.

Harsh Vardhan Patodia, CREDAI, the apex industry association, told the media that the government's momentous decision to lower import tariffs on steel goods should bring relief to all stakeholders.

He said that the reduction in import duties on iron ore and steel intermediates would increase local raw material availability, lower steel product costs, and help tide over project price increases, boosting consumer sentiment.

Sandeep Runwal, National Real Estate Development Council (NAREDCO) Maharashtra President, said that the steel and cement costs would very certainly decrease as a result of this. Fuel and cement price reductions would have a beneficial overall impact on the real estate sector, helping to keep costs in check.

To combat rising input costs, numerous developers have raised residential property prices by 6-8% in recent months in key cities throughout the country, including Mumbai, Delhi-NCR, Bangalore, Pune, and Hyderabad.

In addition to raising pricing, developers were considering halting development.

Image Source

Also read: Govt waives customs duty on imports of certain raw materials

Infrastructure Transport

17 Oct 2025

Sonowal Unveils Eight Projects at NMPA’s Golden Jubilee

Union Minister for Ports, Shipping and Waterways, Shri Sarbananda Sonowal, inaugurated the Curtain Raiser Ceremony of the Golden Jubilee Celebrations of the New Mangalore Port Authority (NMPA) at Bharat Mandapam. To commemorate the milestone, he unveiled eight major maritime infrastructure projects designed to strengthen India’s port network, enhance logistics performance, and promote sustainability. These include a modern cruise terminal, new covered storage facilities, a 150-bed multi-speciality hospital, expanded truck terminals, and improved port access infrastructure aimed at enhancing..

India To Boost US LPG Imports, Cut Middle East Reliance

India is planning to reduce imports of liquefied petroleum gas (LPG) from the Middle East as state-owned refiners prepare to ramp up purchases from the United States, according to sources familiar with the matter. The move aligns with New Delhi’s efforts to expand energy cooperation and secure a broader trade deal with Washington. State refiners have already notified their traditional LPG suppliers in Saudi Arabia, the United Arab Emirates, Kuwait and Qatar of the potential reduction in imports. Although the exact size of the supply cut was not disclosed, earlier reports suggested that Indi..

UK Sanctions Nayara Energy in Crackdown on Russian Oil

The United Kingdom has announced fresh sanctions on 90 entities, including Indian refiner Nayara Energy Limited, in its latest bid to curb Russian oil revenues and weaken President Vladimir Putin’s war funding. The sanctions, unveiled jointly by the Foreign, Commonwealth and Development Office (FCDO) and the UK Treasury, aim to disrupt networks supporting Moscow’s crude exports amid the ongoing war in Ukraine. According to the FCDO, the new restrictions are intended to “strike at the heart of Putin’s war funding” by targeting firms and assets that enable Russia’s energy trade. “..