CHENNAI: “There has been a steep increase of almost `100 for every cement bag, and `2,200 per metric tonne of steel during these tough times. This is unethical and against the trade practices,” said S Sridharan, chairman of CREDAI’s TN Chapter.

The real estate developers in Tamil Nadu had just heaved a sigh of relief with the easing of restrictions for the sector, but the happiness was short lived with the spike in prices of raw material.

Seeking intervention from Chief Minister Edappadi K Palaniswami, Sridharan said that steel and cement are the most essential materials for construction, and any increase in prices will have a direct impact on the cost of construction.

He added that it would be difficult for develpors to bear the huge differences in cost in this market scenario, and said that it should be capped, like in Maharashtra and Karnataka. “The developer will be left with no other option than to stop construction, and this will have an impact on customers too,” added Sridharan.

Gas leak tragedy: EPS condoles deaths
Chennai: Chief Minister Edappadi K Palaniswami, on Thursday expressed his condolences to the families of those who lost their lives in the gas leak in Visakhapatnam. “I pray to the almighty that those undergoing treatment recover soon,” the statement added. The leak that occurred in the wee hours of Thursday, has reportedly killed at least 11 people. DMK chief MK Stalin tweeted, “Saddened to hear about the #VizagGasLeak. I express my condolences to the families of those who have lost their lives today. I extend my support to Y S Jaganmohan Reddy and his government in handling this terrible tragedy and providing timely help to all those affected.”