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Developers in the country may go on strike in October if the Government does not listen to their demands. The Chairman of the Mangalore chapter of CREDAI (Confederation of Real Estate Developers’ Association of India), Mr P.M.A. Razak, said this at the inauguration of a property fair in Mangalore on Saturday.
Mr Razak said they want the Government to resolve issues related to delay in sanctioning of projects, and to control the increase in price of cement and steel in the country.
Mr Razak said there has been an unnecessary delay of two-three years in the sanctioning of most projects in the country. In contrast, projects are sanctioned within a few days in many developing countries.
Delays in sanctioning would lead to the cost escalation of projects. He said nearly 45 per cent of cost escalations were on account of delays in sanctioning.
Referring to the increase in the price of steel and cement, he said the Government should set up a regulatory authority to control the price of these resources.
The CREDAI would approach the Prime Minister in June, seeking his intervention to solve various problems of the construction industry in the country.
CREDAI has tentatively decided to go on strike in October, if their demands are not met, he said.
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