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.
At its annual general meeting held on September 25, the board took a unanimous decision to stop procurement of cement from these companies. Over 200 members of CREDAI NCR, which include top builders such as Gaursons, DLF, ATS Greens, among others, have agreed to implement the ban with immediate effect.
“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 .
“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 and Yamuna Expressway, among otheradjoining areas, said a statement from CREDAI NCR.