President of the Srikakulam chapter of the Confederation of Real Estate Developers’ Association of India (CREDAI) G. Raju on Sunday feared that the slump in the construction industry would lead to migration of more than 50,000 workers from the district, and called for immediate steps to control the prices of steel, cement and other building material.
Addressing the media here, Mr. Raju said construction activity had come to a halt as the builders were unable to take up projects with the unprecedented increase in the prices of building material.
“Builders are facing untold misery and financial crisis as expenditure per square foot has gone up significantly. They are unable to deliver the flats at old rates to the buyers. If the situation continues, no builder will be able take up new projects in the future. The common man will not be able to realise his dream of owning an house in such a situation,” said Mr. Raju.
CREDAI representatives Harika Prasad and Muni Srinivasa Rao spoke about the need for a mechanism to control the prices of building materials, and protect the interests of the people as well as builders.
