Real estate body CREDAI NCR on Saturday announced that it has banned two cement companies UltraTech and Lafarge, accusing them of artificially hiking cement prices.

In its annual general meeting held on September 25, the board took a unanimous decision to stop procurement of cement from these companies.

"Cement companies have artificially hiked prices by up to 40 per cent in just the last one month. There has been no increase in cement prices in Mumbai, Bengaluru or any other area except NCR," Manoj Gaur, President, CREDAI NCR, told BusinessLine.

Over 220 members of CREDAI NCR, including top builders such as Gaursons, DLF, ATS Greens, among others, have agreed to implement this ban with immediate effect.

"We are already seeing results. Other smaller cement companies are willing to negotiate and bring down prices now," Gaur added.

This decision will take effect in Delhi, Noida, Greater Noida, Gurgaon, Ghaziabad, Yamuna Expressway, Rajnagar Extention, Faridabad, Neemrana, Bhiwadi, and adjoining areas, the statement from CREDAI NCR stated.

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