Real estate body CREDAI NCR has announced that it has put a ban on two cement companies, Ultratech and Lafarge, saying that they artificially hiked cement prices.
During its annual general meeting held on September 25, the board unanimously decided to stop procurement of cement from these firms.
More than 200 members of CREDAI NCR, which include major builders like Gaursons, DLF, ATS Greens, among others, have agreed to implement the ban with immediate effect.
Manoj Gaur, President, CREDAI NCR, said, "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."
He added, "We are already seeing results. Other smaller cement companies are willing to negotiate and bring down prices now."
CREDAI NCR said this decision will enter force in Delhi, Noida, Greater Noida, Gurgaon, Ghaziabad and Yamuna Expressway, among otheradjoining areas.
During its annual general meeting held on September 25, the board unanimously decided to stop procurement of cement from these firms.
More than 200 members of CREDAI NCR, which include major builders like Gaursons, DLF, ATS Greens, among others, have agreed to implement the ban with immediate effect.
Manoj Gaur, President, CREDAI NCR, said, "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."
He added, "We are already seeing results. Other smaller cement companies are willing to negotiate and bring down prices now."
CREDAI NCR said this decision will enter force in Delhi, Noida, Greater Noida, Gurgaon, Ghaziabad and Yamuna Expressway, among otheradjoining areas.