CREDAI may call for a strike in October – PMA Razak

Mangalore Today News Network

Mangalore, May 19, 2012: Speaking at the inauguration of a property expo held in Mangalore today, Mr. P. M. A. Razak, the chairman of the Mangalore chapter of the Confederation of Real Estate Developers’ Association of India (CREDAI), said that real estate developers all over India may go on a strike in October if the government fails to consider their demands.

According to Mr. Razak, real estate developers in the country want the government to solve issues regarding the delay in sanctioning projects and to control increase in price of cement and steel.

Stating that the government has delayed for years to sanction several projects across the country, he said that governments in several other developing countries sanction projects in just a few days. Such delay will increase the cost of these projects, he said, adding that 45 percent of the escalation in cost of projects is because the government delays sanctioning these projects.

He also suggested that the government must set up a regulatory body to control the price of cement and steel.

He said that the CREDAI will meet the prime minister this June and urge him to solve the construction industry’s problems.