1. Home
  2. Infrastructure Urban
  3. ECONOMY & POLICY
  4. Real Estate: Central Govt assures cheap supply of steel & cement
Real Estate: Central Govt assures cheap supply of steel & cement
ECONOMY & POLICY

Real Estate: Central Govt assures cheap supply of steel & cement

25 May 2022 2 Min Read CW Team
Property developers in India, which employ both skilled and unskilled labour, are likely to benefit from the Central Government's decision to assure a cheaper supply of steel and cement, the two most important building materials.

To control inflation, Nirmala Sitharaman, Finance Minister, announced many steps, including a substantial drop in central excise duty on petrol of Rs 8 per litre and diesel of Rs 6 per litre.

Along with lowering customs duties on some steel raw materials, the government has announced that steps are being conducted to increase cement availability and reduce cement costs through better logistics.

Harsh Vardhan Patodia, CREDAI, the apex industry association, told the media that the government's momentous decision to lower import tariffs on steel goods should bring relief to all stakeholders.

He said that the reduction in import duties on iron ore and steel intermediates would increase local raw material availability, lower steel product costs, and help tide over project price increases, boosting consumer sentiment.

Sandeep Runwal, National Real Estate Development Council (NAREDCO) Maharashtra President, said that the steel and cement costs would very certainly decrease as a result of this. Fuel and cement price reductions would have a beneficial overall impact on the real estate sector, helping to keep costs in check.

To combat rising input costs, numerous developers have raised residential property prices by 6-8% in recent months in key cities throughout the country, including Mumbai, Delhi-NCR, Bangalore, Pune, and Hyderabad.

In addition to raising pricing, developers were considering halting development.

Image Source

Also read: Govt waives customs duty on imports of certain raw materials

Property developers in India, which employ both skilled and unskilled labour, are likely to benefit from the Central Government's decision to assure a cheaper supply of steel and cement, the two most important building materials. To control inflation, Nirmala Sitharaman, Finance Minister, announced many steps, including a substantial drop in central excise duty on petrol of Rs 8 per litre and diesel of Rs 6 per litre. Along with lowering customs duties on some steel raw materials, the government has announced that steps are being conducted to increase cement availability and reduce cement costs through better logistics. Harsh Vardhan Patodia, CREDAI, the apex industry association, told the media that the government's momentous decision to lower import tariffs on steel goods should bring relief to all stakeholders. He said that the reduction in import duties on iron ore and steel intermediates would increase local raw material availability, lower steel product costs, and help tide over project price increases, boosting consumer sentiment. Sandeep Runwal, National Real Estate Development Council (NAREDCO) Maharashtra President, said that the steel and cement costs would very certainly decrease as a result of this. Fuel and cement price reductions would have a beneficial overall impact on the real estate sector, helping to keep costs in check. To combat rising input costs, numerous developers have raised residential property prices by 6-8% in recent months in key cities throughout the country, including Mumbai, Delhi-NCR, Bangalore, Pune, and Hyderabad. In addition to raising pricing, developers were considering halting development. Image Source Also read: Govt waives customs duty on imports of certain raw materials

Next Story
Infrastructure Energy
04 Nov 2024

Oil Prices Rise Amid Iran-Israel Tensions Despite Record U.S. Output

Oil prices increased due to reports that Iran was preparing a retaliatory strike on Israel from Iraq, although record output from the United States tempered these gains. Brent crude futures rose by 29 cents, or 0.4%, to settle at $73.10 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 23 cents, or 0.3%, closing at $69.49. Both benchmarks had reached session highs of over $2 a barrel earlier in the day. Analyst Ole Hvalbye from SEB Research commented that any Iranian response might be restrained, similar to Israel's limited strike from the previous weekend, suggesting that such a..

Read More
Next Story
Infrastructure Urban
04 Nov 2024

South and Southeast Asia to Invest Over $20 Billion in EV Development

A recent report by S&P Global Ratings projects that South and Southeast Asia will invest over $20 billion in electric vehicle (EV) development in the coming years, with India poised to attract significant EV-related investments. The report highlights India's vast market potential as a key driver for this growth. According to the report, the Tata and JSW groups are expected to invest over $30 billion in EVs and EV materials over the next decade, with approximately $10 billion allocated specifically for projects in South and Southeast Asia. The adoption of electric vehicles in India is anticip..

Read More
Next Story
Infrastructure Urban
04 Nov 2024

India and Saudi Arabia Explore Collaboration in Emerging Sectors

India and Saudi Arabia are exploring partnerships in emerging fields such as fintech, new technologies, energy efficiency, clean hydrogen, textiles, and mining to strengthen trade and investment ties, an official statement revealed on Friday. The discussions took place during Commerce and Industry Minister Piyush Goyal's visit to Riyadh, where he co-chaired the second meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) with Saudi Energy Minister Abdulaziz bin Salman Al-Saud on October 30. These sectors were identified as high-potential are..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

Oil Prices Rise Amid Iran-Israel Tensions Despite Record U.S. Output
OIL & GAS
04 Nov 2024

Oil Prices Rise Amid Iran-Israel Tensions Despite Record U.S. Output

South and Southeast Asia to Invest Over $20 Billion in EV Development
ECONOMY & POLICY
04 Nov 2024

South and Southeast Asia to Invest Over $20 Billion in EV Development

India and Saudi Arabia Explore Collaboration in Emerging Sectors
ECONOMY & POLICY
04 Nov 2024

India and Saudi Arabia Explore Collaboration in Emerging Sectors

Fuel Demand Rises in India, Except for Diesel in October 2024
OIL & GAS
04 Nov 2024

Fuel Demand Rises in India, Except for Diesel in October 2024

China Relaxes Foreign Investment Rules
ECONOMY & POLICY
04 Nov 2024

China Relaxes Foreign Investment Rules

Bhangel Elevated Road Set for January Opening
ROADS & HIGHWAYS
04 Nov 2024

Bhangel Elevated Road Set for January Opening

Bihar Plans Takeover of Bettiah Raj Land
ECONOMY & POLICY
04 Nov 2024

Bihar Plans Takeover of Bettiah Raj Land

Government Grants Rs.1,640 Crore Bailout to RINL
ECONOMY & POLICY
04 Nov 2024

Government Grants Rs.1,640 Crore Bailout to RINL

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000