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.

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

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