Credai set to observe 'work holiday' in AP

Visakhapatnam: In response to the call jointly given by the associations connected with construction industry, like CREDAI-AP, NAREDCO, AP, Chamber of Commerce, Builders Association of India, licensed technical persons, architects' association and SABCA, CREDAI-Visakhapatnam chapter will observe 'work holiday' and stop work at all the construction sites on April 9.

"We are badly hit due to an unprecedented hike in prices of all materials used in the construction industry including steel, sand and cement," CREDAI Visakhapatnam chapter chairman B. Srinivasa Rao said. Besides cement, steel, sand and electrical items, the prices of nearly 241 items used in the construction sector, had gone through the roof. The escalation ranged from 40 to 50 per cent. The result was that the cost of the final product-the dream house of the buyer-had gone up as never before, he stated.

The realty sector believes it will have a highly negative impact on the sentiment of the buyers and result in adversely affecting the construction industry, which had already been hit hard by the pandemic and other issues. The realty sector is the second largest employer of laborers after agriculture.