Hurt by a sharp rise of INR100/bag in cement prices in the past three months, India’s realtor’s body, NAREDCO, has appealed to the country’s competition watchdog, CCI, to investigate the sudden hike in rates.
"We have lodged a formal complaint with CCI recently to investigate unnatural rise in the cement prices in the past few months," NAREDCO President Naveen Raheja told reporters.
Last month, the apex realtors’ body CREDAI had approached Competition Commission of India (CCI) seeking an inquiry against an alleged artificial shortage of cement and high price hikes by leading manufacturers.
Raheja said the association has written a letter to the Commerce Minister Anand Sharma urging him to prevail upon the cement companies to ensure smooth supplies.
"Cement prices have gone up by INR100/bag since August. This is not a normal increase. Rates have been raised by creating artificial scarcity. The government should intervene against cement cartel and ease out supplies to the industry," Raheja noted.