Credai, realty bodies observe No Work Day protest

Hyderabad: A No Workday was today organised to protest against the unprecedented increase in the price of raw materials for construction under the aegis of the Confederation of Real Estate Developers' Associations of India (Credai) along with all its chapters in association with Telangana Real Estate Developers' Association (Treda), Telangana Builders Federation (TBF), and Telangana Developers Association (TDA).

More than 1,000 developers in the city and about 800 members across the State participated in the No Workday. This impacted over 2,50,000 direct workforce, 50,000 to 60,000 indirect labour, and 25,000 to 30,000 technical staff involved in the various projects. The rise in raw material costs is impacting building activity negatively causing an increase in home prices and impacting the delivery to home buyers. If not controlled, the increase in prices of raw materials like steel, aluminum, copper and PVC pipes will severely hamper the real estate sector and lead to a hike in property prices and job losses if the developers are forced to stop construction work.

The No Work Day was organised to register the concern of the developer community on the steep and unjust increase in prices of raw materials and highlight the impact if prices are not controlled.

"Hyderabad, being a vibrant city has a robust realty sector and while it is growing rapidly, the price increase in the material cost is increasing the burden on both the builders and the consumers. The present increase in costs for materials like is severely impacting the supply chains and the cash flows for the developers and sending the cost projections in disarray," RK Rao President of Credai Hyderabad said.

"Today the No Work Day to register the protest against steep price hike received a tremendous response from the builder's community. We hope this will trigger the desired response from all suppliers of raw materials, to rein in the prices and ensure the construction works can be carried out without disruption," he added.

"We would once again like to highlight that the real estate sector is one of the largest contributors to the GDP for the state and the country and the 2nd largest employment provider. To register our protest all members of Credai Hyderabad participated in the 'No Work Day' today," V Rajashekar Reddy, General Secretary, Credai Hyderabad said.