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Soaring construction costs sour concrete dreams
Dreaming about a house costs nothing, but with spiralling land and construction prices it may remain a dream only, writes
Maneesh Chhibber
While the state government has not been able to put a check on the spiralling prices of almost all construction material, the dream of owning a house has become just that - a dream - for the great Indian middle class. Consider this: In less than one year, cement prices have increased by almost Rs 100, bricks are now available for Rs 2600 per thousand, while sand prices in the region too, have increased 100 per cent in just one year. A quick survey says it all. The cost of constructing a house has gone up by almost 35 to 40 per cent in the last one year. And this does not include the rising real estate prices. Experts connected with the construction trade allege that the rise in cement price has been managed by cement manufacturers’ cartel. Despite repeated demands to the Union Government by builders, contractors and bulk users to set up a regulatory authority to regulate the cement price and the trade as well, a powerful lobby of cement manufacturers have managed to get everything stopped. “If such a authority is constituted, manufacturers will not be able to manipulate the cement trade and raise prices arbitrarily. But, the government, which is in league with the cement manufacturers, is not doing anything. Also, since there is perceived shortage of cement, its export should be stopped immediately,” alleges a leading builder. Ditto for bricks. Last year, A-class bricks were being delivered at the construction site for between Rs 1,700 to Rs 1,800 per thousand bricks. These days the rate is more than Rs 2400 per 1000. Same is the case with B-Class bricks. Late last year and early this year, brick-kiln owners were protesting against government stipulation with regard to use of fly ash for making bricks. They had even challenged the stipulation in the court. After a lot of canvassing, the Punjab Government agreed to adopt a go-slow policy. But, in the meantime, citing shortage of raw material, brick-kiln owners had raised the prices. Now, even though the government is not strictly enforcing the guidelines relating to use of fly ash, the rates have not come down. The rate of sand, one of the most important and most-required materials for construction of a building, has also gone up sharply. From Rs 900 per 200 square feet (SFT), the cost of sand has now gone up to Rs 1,400 per 200 SFT. Instances of sand suppliers jacking up prices on flimsy grounds have
gone up. Another major factor responsible for rising cost of house construction is the sharp rise in cost of steel. Currently hovering at around Rs 2,800 per tonne (12 mm), it was available for less than Rs 2,200 at the start of the year. “Consolidation of steel trade is currently on. Once it is completed, prices will rise further as a handful of big conglomerates will control the trade. While people like L.N. Mittal acquiring big steel companies is welcomed, but things will turn negative once the overall effect of big companies like Mittals running the steel trade percolates down to the end-user,” observes Mr P.K. Garg, a leading architect of the region. With the boom in the real estate sector in the north the rates will go up further in view of the fact that construction activity will grow further at a never-before pace.
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Big hoteliers turn towards budget hotels
With rising land cost, five-star hotels are proving unviable for big players, says
Ruchika M. Khanna
The
demand for low-cost accommodation and 10,000 additional rooms, especially in Delhi and the National Capital Region (NCR), has led to a burgeoning demand for budget hotels in the country. A host of global chains and domestic operators are now opening budget hotels. From Taj and Hyatt to Accor and Sarovar hotels - almost everyone has joined the bandwagon to construct budget hotels. Even the Indian Railways Tourism Corporation (IRTC) has proposed to come up with budget hotels across the country. With rooms priced between Rs 1000 to Rs 2000 per day, compared to room tariffs of five-star hotels priced between Rs 13,500 to Rs 15,000 a day, these hotels are sure to rake in business and profit too going by the sheer number of tourist volume they would attract, not just from the foreign tourists, but also from the increasing number of domestic tourists. The rooms will have all basic amenities, minus the frills of the five-star hotel rooms. Clean and spacious rooms and bathrooms will be the USP of these hotels. Emaar MGF, India’s leading real estate developer, and Accor, global leaders in economy and budget hotels, had, last month, announced a joint venture to bring the formula 1 brand of budget hotels to India. The new venture, “Budget Hotels India Private Limited”, has planned investments of 300 million USD over the next ten years. The company has already identified potential locations across the country for the development of formula 1 hotels. Starting with major metros, the company is looking to develop 50 hotels in the first five years of its operations, with the remaining 50 to be developed in the second phase. The total development will add 10,000 hotels rooms that cater for the budget travelers. Hyatt Hotels proposes to open at least two of its budget hotels in the region in the next two years. Hyatt’s budget hotels - Choice Hotels - will be opened at Ludhiana and Amritsar. Mr Sushil Gupta, managing director, Hyatt Hotels, during a recent visit to Chandigarh had said that he was also looking at sites in Bangalore, Hyderabad and Chennai for setting up hotels there. “The escalating land prices in most of the towns in North India, including Chandigarh, is a major deterrent for the hotel chains to expand its hotels here, so most of them are coming up with budget hotels,” he had claimed. While big real estate developers like DLF and Uppals have entered into the hospitality sector in a big way, by investing in hotel sites in Delhi, Gurgaon and Chandigarh, big hotel chains like the Taj, Hyatt, Radisson and the ITC are going in for budget hotels, while desisting from expanding their luxury hotels. Even the Indian Railways is now thinking of setting up budget hotels, and will be leasing these out to reputed hotel chains. Even the three-star and four-star hotels are not thinking of expansion, thanks to the escalating land cost. “It is economically not viable for any hotelier to invest Rs 25 crore to Rs 100 crore in buying a site in an auction and then investing another Rs 3 to Rs 5 crore in setting up a hotel with about 20 to 30 rooms. The government has to offer land on leasehold basis, if it wants the professionals to remain in the hospitality sector,” said Mr Rajindera Kumar, president of Hotel and Restaurant Association of Northern India (HRANI), and director, The Ambassador Hotel, New Delhi, while adding that the option now left for big hotel chains was to set up budget hotels. The country is already facing a shortage of hotel rooms during the peak tourist season. The average hotel occupancy in the country has gone up to 60 to 70 per cent across North India, and in Delhi, the average occupancy is 75 to 80 per cent. With the Commonwealth Games scheduled to be held at New Delhi in 2010, the capital is already facing a shortage of 10,000 rooms. With the Government of India now targeting 60 million foreign tourists a year from 10 million foreign tourists as of now, there is a need for more hotels.
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Punjab, Haryana realty sector to attract Rs 1,30,000 cr by 2010
Availability of land and friendly tax regimes are major attractions for realtors, claims
S. Satyanarayanan
With
a projected investment of Rs 1,30,000 crore from private players in real estate by 2010 in North India, various northern states are competing with each other to woo investors to their respective states. However, real estate experts feel that Punjab, closely followed by Haryana, will grab a major chunk of this investment due to real estate and construction-friendly policies. The trends in the sector, according to experts, also indicate the possibility of a sizeable number of realty investors, who are at present focussed on Uttar Pradesh, shifting their focus to Punjab and Haryana further bolstering the investment in these two states. While Punjab and Haryana are expected to attract more investment in commercial segments, the hill states of Himachal Pradesh and Uttaranchal are expected to attract more investment in knowledge-based sectors than real estate. “In Punjab and Haryana land is available in plenty, the tax regime is friendly to real estate and construction business and the proximity of these states to Delhi makes them quite attractive to real estate developers,” Assocham president Anil Agarwal told The Tribune. The Assocham had recently held an in-house meeting of real estate experts to map the investment trends in the sector in North India. “The investors’ confidence is quite high vis-à-vis these two states (Punjab and Haryana) because various central policies directly influence the policies adopted by these two states,” Mr Agarwal pointed out saying “Punjab is expected to remain the number one destination for real estate investors closely followed by Haryana.” Another advantage Punjab and Haryana enjoy is that the state governments there are encouraging captive power generation, which will help bridge power shortfall. This is also an essential step for achieving self-sufficiency in meeting power demands, he said. Assocham secretary-general D S Rawat felt that despite having a friendly tax regime Himachal and Uttaranchal might not be able to attract big investment in the real estate due to scarcity of land as compared to other northern states. However, these two states are expected to attract maximum investment in knowledge-based industries like pharma, BPOs, etc, which is bound to change the industrial profile of these two states and help generate employment, he said. As far Uttar Pradesh was concerned, Mr Rawat said that due to poor law and order situation in the state, real estate players were expected to shift focus to Punjab and Haryana. Though this did not mean that there would be no investment at all or existing projects would be shelved, but a bigger chunk of future investment could probably fall into the kitty of Punjab and Haryana, he added. “Already Reliance has signed an MoU with the Punjab Government for investment worth Rs 40,000 crore and has also committed investment in Haryana,” he further said. As far Rajasthan, the Assocham secretary general said though the investment in real estate was looking up, the high power cost there was biggest hurdle. Moreover, there the investment was likely to be concentrated more in the gem and jewellery segment than in the realty sector, he said.
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Old-age homes come of age Old
age homes like ‘2nd Innings’ in “Lage Raho Munnabhai” do not exist just in movies but in real life as well. In Bangalore, which has many firsts to its name where realty projects are concerned, a housing complex by the same name is coming up that will provide quality housing to the aged. In fact a few prominent builders have already started exploring this niche market of quality housing for the aged. Bangalore already has a fair number of social organisations and NGOs providing housing facilities for the aged. However, creation of quality housing complexes, which are equipped with all necessary facilities, including healthcare, needed by the aged, is a concept which is catching up fast. 2nd innings is an upcoming residential complex for senior citizens being built in the style of a resort. Though this complex is accessible only to the well off due to the facilities on offer it has got a good response with many cottages already being booked. This is because living with children is no longer a viable option for many retired couples because of double income families where couples have exacting working schedules. Hence the aged are usually left on their own on many occasions as domestic help is difficult to find in metros like Bangalore. Even when domestic help is there one is not sure of regular service, which can even endanger the lives of senior citizens in case of any medical emergency. Mr Joseph Philip, managing director of 2nd Innings, says the complex offers one-bedroom cottages for aged couples. These cottages would be equipped with an air conditioner, phone line, a computer and a home theatre system. The cottages would be set amidst landscaped gardens ensuring enough area to walk besides access to facilities like a swimming pool, a gymnasium and a library. The complex would have rudimentary medical facilities besides an in-house counselor to look after the mental health of the residents. The complex, which is under construction, is expected to be ready by the middle of next year. One of the leading builders of the city - The Brigade Group - is also coming up with high-end facilities for senior citizens. The group is building one block exclusively for senior citizens at its upcoming project Brigade Gardenia in J P Nagar. As many as 72 apartments are being built on twelve floors with a floor area ranging from 750 to 950 square feet. Flats with bigger floor area also have a study besides the single bedroom - living room combination. This project will also take around one year to complete. Giving details of the project, Ms Shamsiya of the group said common facilities like visitors’ lounge, dining hall, television and reading room and medical room with resident doctor would be provided on the ground floor. She said food and catering, besides housekeeping, would also be provided to the residents, who are being charged a rate of Rs 2,990 per square feet in the complex. Only persons above 58 years would be allowed to stay in the complex with children entitled to a maximum stay of 60 days with their aged parents in one year. Ms Shamsiya said the project was getting a good response despite being marketed only recently. The Paranjape Schemes Construction Limited and the Athashri Foundation are also coming up with a luxury project for senior citizens, which involves creation of 126 residential units at a cost of Rs 50 crore in the first phase of construction at Whitefield. Its single-bedroom cottages are priced at Rs 17 lakh while the two-bedroom ones are for Rs 28 lakh. The developers are even offering customised flats to suit individual needs with owners being giving options about the facilities they need. The developers have also tied up with reputed institutions to provide quality healthcare to the residents. This includes a tie-up with Narayana Hrudayala for telemedicine and Vydehi
Institute for Medical Sciences for continuing medicine. Facilities at this project, which is also coming up, include non-skid flooring tiles in the bathrooms and wider passages and doors for easy walking and wheel chair movement. The project will also have round the clock security, canteen for diet-regulated food and complete generator backup ensuring a smooth and hassle-free life for its residents. Its promoters agree that all this will come for a price. But then such facilities for senior citizens were not available even for a price earlier, they add.
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Rs 4,500 cr IT township coming up in Madurai RR
Industries, which creates infrastructure facilities and offer them on a long-term lease basis to IT companies, is setting up a completely integrated township in Madurai in southern Tamil Nadu. The facility, to be created over four to seven years, depending on the pace of absorption of the space, will include 7 million sq ft of IT park space, 25,000 apartments (some of these would be service apartments) and four shopping malls. This large complex will also have multiplexes, hospitals, hotels, recreation clubs, restaurants and cafes, treatment plants for water supply, waste water and garbage disposal and special clinics to cater to the needs of IT employees. According to Mr R Ravi, MD, RR Industries, “In the first phase, one million sq ft of IT park space and 3,000 apartments will be built. The rest will be completed depending on demand. We have already bought and registered the required 400 acres of land. A part of the township will be an SEZ.” He said, “The IT and ITES companies always have shortage of people who have appropriate skills. The companies look at places where they are able to source good manpower and since ours will be the only SEZ, there will be good potential for this project. Madurai has a population of approximately 1.5 million. If the population further south and east is included, as this is the nearest big city, the population is expected to be approximately around five million. The population that can be employed in IT and ITES companies is about 1.5 per cent of this or 75,000 people at the least. Another 25,000 people from this region work outside and want to return. Hence we will need over 10 million sq ft of residential space to house them. So our entire space can be leased out.” Mr Ravi added, “The township will create an annual GDP of over Rs 3,500 crore or $ 770 million once the project is completed. It will also employ about 10,000 construction workers for the years when the township is being constructed.” “We have provided customer-specific interiors, so that the clients integrate their individual personality into their work environment. Synchronisation of ambience with technology is the keyword,” he added. RR Industries started its operations in 1997 providing infrastructure facilities on long-term rentals to software companies. In fact, RR Industries was the second private entity in Chennai city to do this. The company till date has developed four facilities of about 6-lakh sq ft space. It is also in the process of creating 2.2 million sq ft of space in Ambattur, an industrial zone on the outskirts of Chennai, at a project cost of Rs 510 crore.
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Builder-flat concept finds no takers in Faridabad
The
concept of the builder flat residential housing, considered as a viable option to meet the growing demand of urban housing, has not got the desired attention of the both the state government and the consumers here so far. Though there have been a large number of people favouring the idea, the issue has led to more confusions due the problems, which have not been addressed so far. Also there is no clear-cut policy formed by the authorities to push forward this concept in a city like Faridabad, which has seen a huge demand and investment in the real estate sector over the past couple of years. Though HUDA, which has carved out a large number of urban residential sectors here over the few decades, has its own norms regarding the construction of houses and dwelling units in its sectors, it does not allow the builder flat scheme. But some private builders and construction companies did come up with such flats in sectors, which had been developed by the DLF, Greenfield and other groups. “An estimated 20,000 flats have already been constructed and majority of the units have been sold by the builders in sectors like Sectors 10, 11 (both DLF), Indraprastha enclave in Sector 30, Sainik Colony, Ashoka and Springfield enclaves in the vicinity of Sector 37 near Badarpur border in the past about four to five years,” said a property dealer here. He said the persons, who had purchased these flats about 15 to 18 months back or even earlier, had been able to get their property registered in the Revenue Department. But the registration work was stopped by the government in July last year and this halted the sale and purchase of such properties drastically. “Though many property agents and builders were able to sell some of these flats on the basis of General Power of Attorney document prepared in other states, but the district authorities did not acknowledge the move and it also fell through, leading to a sharp decline in such transactions,” claimed Inderjeet of New Faridabad Estate Agency in Sector 15- A here. He said about 10,000 flats, sold in the period between 2002 to June 2005, were registered. But later the government banned it following complaints that constructions and sale of such flats had been illegal and was in violation of the civic norms framed by the government for urban development. A petition had also been filed in the local court by some local residents demanding a stay and ban on the construction of such flats in various sectors, including 10 and 11. It had been claimed that partition of one residential plot and construction in part should not be allowed, as it had been a violation of the Haryana Municipal Act. If this development was allowed it could result in a civic chaos and collapse of the basic infrastructure, as it would burden both the sewerage and water supply system in the city. According to Mr Kailash Sharma, an office-bearer of the Residential Welfare Association of Sector 10 (DLF) and the Manav Sewa Samiti, an NGO based here, the development of builder flats in Sectors 10 and 11 here had been a kind of blot and the issue was raised by the residents with the authorities concerned. Expressing satisfaction over the ongoing ban on the registry work of such flats, he said it was because of such builders that the land rates in these sectors had escalated beyond reach in the past four to five years. He said it was perhaps due to the fact that the government had transferred the registration work of land and property to the Municipal Corporation, a few years back and this was the period when majority of such a work took place. He claimed the concept of builder flat was not gainful for either the residents or the city, but had proved a fruitful venture for the builders only, who cornered a major profit and went out of the scene after the flats were sold. He said, as the builder had no accountability, the residents would then blame the civic body for the problems like choking of sewer and shortage of water. The District Town Planning Department (DTP) had also claimed that builder flat concept had been against the norms laid by the state government for urban development, as it raised the density of population sharply, which then tended to disrupt the civic infrastructure system. The officials of both the MCF and the DTP (Planning) claimed that no completion certificate was being issued to such units, though there had been rumours that the government might reconsider its decision to allow registration of such flats in the city in near future. Owning a flat in such a building developed by a builder in famous Green Fields colony here has been perhaps a kind of lesson for some residents, who now want to sell off such a property. Deepak Gupta of Block- B of Green Fields’ colony has been one of such a person who has become a victim of undue harassment and victimization. “I have been living in a kind if hell after installation of a telecom tower by my neighbour, living on the second floor of building built on a 250-yards plot , owned jointly by three persons, who had got the ownership through independent registration done a few years ago.” He said despite several complaints and notices the authorities concerned had failed to remove the tower that been installed in an illegal manner. He said though his family wanted to sell the house, but he could not do it as the registry of such flats had been banned. Another woman resident of the same colony claimed that there had been numerous quarrels and disputes with co-owners of the flats in the building developed by the builder and who was no more available to sort out such issues.
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TAX tips
Q. In August 2001, I had taken a loan of Rs 19 lakh from a private limited company in which I am a director, to purchase a plot of land in a DDA auction. I have been repaying the loan to the company in instalments since 2001. As of today, the balance to be paid is 15 lakh. Recently, I have inherited a part share from the sale of property owned by my late mother. I want to use this opportunity to repay my outstanding loan amount to be private limited company I would like to know that whether this payment towards a loan taken for a property from the private limited company will still give me the benefit of not attracting the provisions of Capital Gains tax on the amount repaid as loan. My understanding is that Capital Gains tax will not apply because I am effectively investing the proceeds from the sale of a property into another property. R. Nair, New Delhi A. Section 80C of the Act provides that in computing the total income of an assessee, being an individual or an Hindu undivided family, deduction shall be allowed for the amount paid or deposited in the previous year being the aggregate of sums referred to in the said section as does not exceeds Rs.1 lakh. One of the items provided in the section is towards the repayment of the amount borrowed by the assessee from the sources specified herein below for the purposes of purchase or construction of a residential house property, the income from which is chargeable to tax under the head “income from house property” (or which would, if it had not been used for the assessee’s own residence, have been chargeable to tax under that head] (1) The Central Government or any State Government, or (2) Any bank, including a co-operative bank, or (3) The Life Insurance Corporation, or (4) The National Housing Bank, or (5) Any public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes which is eligible for deduction under clause (viii) of sub section (1) of section 36, or (6) Any company in which the public are substantially interested or any co-operative society, where such company or co-operative society is engaged in the business of financing the construction of houses, or (7) The assessee’s employer where such employer is an authority or a board or a corporation or any other body established or constituted under a Central or State Act, or (8) The assessee’s employer where such employer is a public company or a public section company or a university established by law or a college affiliated to such university or a local authority or a co-operative society; or It would thus be observed from the above that the money borrowed by you is not covered in any of the entities referred to herein above. No deduction therefore, is allowable in respect of repayments made towards the borrowings from a private limited company in which you are a director. In any case, the provisions of Section 112 of the Act under which the capital gains is chargeable on the sale of the property is taxed as a separate source and no deduction is allowable against such income under various sections covered in Chapter VIA of the Act. The amount of your share of capital gain would therefore be liable to be taxed until unless you invest such capital gain in the purchase or construction of a residential house property within the specified period.
No LTCG on plot sale if invested
in home construction
Q. Under the apartment system, the residential units on the first and second floors are treated as separate floors and independent of the house on the ground floor for the purpose of sale and purchase. Will the long-term capital gain (LTCG) accrued from the sale of a plot, if spent on the extension of the existing ground floor house or on an independent residential house? V. Kumar Chandigarh A. The long-term capital gain earned on the sale of a plot would be exempt from tax under Section 54 of the Income-tax Act 1961 (the Act), in case the amount of capital gains is invested in the construction of an independent residential house within a period of 3 year of the date of transfer of the plot. The construction of first floor on the existing ground floor will be considered as a construction of a residential house in case such first floor is an independent house in itself. In this connection your attention is invited to a Madras High Court decision in CIT vs. P.V. Narasimhan (181 ITR 101) (1990).
Married daughter should gift share to avoid tax
Q. I being karta of my HUF have one married son and one married daughter. I also own one residential house, which I inherited from my father. My daughter is not interested in any share of my property. I want to will house to my son and also want to partition HUF between my wife, my son and myself. According to new law for inheritance for married daughters in hereditary property how can my daughter relinquish her share in favour of other members? Will it involve any tax liability? Baljeet Singh, Sriganganagar A. The relinquishment of the share by your daughter in favour of other members of the HUF may be construed as transfer of her share and therefore may be exigible to the capital gains tax. In accordance with the decision of Supreme court in CIT W.T. vs. Chander Sen (161 ITR 370), the property inherited by a son from his father is to be construed as his individual property by virtue of Section 8 of the Hindu Succession Act 1956. You could therefore will such property in favour of your son. On partition of an HUF property, your daughter will be entitled to an equivalent share in the property on account of a recent amendment in the Hindu Succession Act 1956. She can after receiving her share, make a gift of her share to her brother which would involve stamp duty but will not be exigible to capital gains tax.
Interest on earnest money by bank not deductible
Q. I have financed application money for HUDA residential plot in current F.Y. 2006-07 by paying 10 per cent amount of total money. The bank debited 8.5 per cent interest (Rs 12,000) on financed amount after being refunded by HUDA. Kindly advise, is Rs 12,000 rebateable and under which section of the income-tax Act, also whether bank certificate is required or not. Rakesh Walia A. The amount of interest paid for financing the application made to HUDA for allotment of a plot is not allowed as deduction under any of the provisions of the Act. Section 24 of the Act provides for deduction of interest in respect of money borrowed for the purposes of purchase, construction, repair, renewable, or reconstruction of a house property. Therefore, the interest paid by you for getting the finance for application money for HUDA residential plot would not be an allowable deduction.
CG tax on disputed property
Q. We have sold some land and received the full price. The sale deed has been executed and registered with the Sub-Registrar. The party (second party) has taken the possession of land. There are some long-term capital gains in this deal. However, prior to this sale, we had also received advance from another party (first party) against sale of this land. We had returned the advance without any consent from first the party. As soon as this party came to know of our above deal, it moved court for specific performance of its agreement with us. The matter is now in court. As on date the second party with whom the sale deed has been executed is unaffected because of any order from the court. Our question is: Whether we should pay tax on long-term capital gains at this stage or wait for the final court orders which may take years to decide. You may say that this all depends upon the accounting treatment we give to sale proceeds realized, i.e. a) If we book this as sale, then the liability to LTCG tax will arise. In that case what will happen if the court finally orders for the compensation to be paid by us to the first party who has moved the court against us. In that case, there may not be capital gains at all. Shall we be entitled in the future to refund of tax to be paid by us now. b) If we don’t book this as sale, and treat the money received as advance against sale of land till the court decides the case finally - (again can we do like this, as the sale is complete as far as the second party is concerned, it is not concerned with our dispute/court case with the first party), can we postpone payment of tax if any payable that time. We may not have to pay any tax as the court may order for some compensation, and in that case our sale price should be reduced by this compensation amount. R.K. Gupta, New Delhi A. It would be better to pay the capital gains tax on the basis of the sale deed registered in favour of the second buyer. This is because the advance, which you had received against the sale of your property from the first buyer, has been returned and the new sale deed in respect of the plot in favour of the second buyer has been registered and possession has already been given to him. The court has not granted any stay in this regard and therefore such sale is not likely to be affected by the court order. The making of entry in the books of account would not make difference as substance of the transaction will have to be looked into. Since there is no stay against the implementation of the sale deed executed by you in favour of the second buyer, the court may at best award compensation equivalent to price difference, if any. Such compensation may be claimed as deduction while calculating the capital gain on the contention that the amount is in the nature of expenditure wholly and exclusively in connection with the transfer. In case the department contests such deduction it may be possible to seek deduction under Section 154 of the Act as and when the court order is passed and you agree to abide by such an order. |
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Constructing
Till October-November last year a bag of branded cement was being sold for around Rs 140. At present it is available for Rs 225 despite the fact that almost all major cement companies have increased production to meet the growing demand. 
