Realtors’ body Confederation of Real Estate Developers’ Associations of India (CREDAI) has said that cement prices have gone up by Rs 60-70 per bag of 50 kg in the last week and it is looking at approaching the Competition Commission of India (CCI) alleging cartelisation by cement producers. “CREDAI will consider going to CCI seeking intervention against cartel of cement manufacturers,” the association said in a statement. When contacted CREDAI chairman Lalit Kumar Jain said,“We feel that there is a cartel. We are considering moving the Competition Commission of India. We are currently taking legal advice,” he added. “Cement prices have increased from Rs 210 to Rs 275 over the past few days in Pune and indications are that they will go up further by Rs 50 per bag in the near future,” Jain said. “A rise of Rs 50 per cement bag leads to an increase in cost of construction by approximately Rs 20-25 per sq ft. We are concerned about this sudden price rise,” he said.

64% mall space deferred in H1 as developers face cash crunch: Report

Three shopping malls became operational and 13 got deferred in the top eight cities of the country during the first six months of 2013 as developers are either cautious or facing cash crunch,property consultant Cushman & Wakefield said. “The top eight major cities witnessed a total mall supply of 2.94 million square feet (3 malls) during the first half of 2013 with over 64 per cent (13 malls) of the total expected supply deferred,” C&W said in a statement. The National Capital Region (NCR) witnessed the deferment of five malls,followed by two in Pune,Hyderabad,Chennai and one each in Kolkata and Bangalore. The malls now prefer to open with near full occupancy,as was seen in some recent cases,he added. “This trend of mall deferment across can be attributed to a number of reasons. Primarily,developers are facing liquidity issues to complete the construction of their malls,” the statement said. Moreover,retailers are cautious in opening new stores and are carrying out comprehensive due diligences to understand their market before making commitments. “Developers are not in a position to launch their malls until they get sizeable occupancy that can support the operations of the mall,” C&W said. PTI