Hiked prices making projects unviable, says BAI
The Builders Association of India (BAI), an apex representative body of civil engineering construction companies, demanded an immediate rollback of the iron and steel price hikes which they claimed has increased by over 60% in recent times “making all the ongoing projects unviable”.
At a meeting held here on Wednesday, the members threatened to halt all works unless the government intervenes to fix the basic minimum price of iron and steel on all existing projects as such “unprecedented hike” in input costs add additional financial burden to the existing contract works.
“Iron and steel, cement are the most important inputs for any construction project but the price has gone up. increased from ₹30,000 per tonne six months ago to about ₹48,000 - ₹50,000 per tonne. Steel manufacturers have formed a cartel to effect to increase prices in the last few months,” national vice president S.N Reddy, and Telangana State chairman B. Sugunakar Rao said. at a press conference after the meeting.