Hyderabad: Hike in steel price has hit the double bedroom housing project. As claimed by GHMC, it could not see much progress in the 2BHK project due to delay in decision making by the government.
The government has convinced manufacturers to supply steel for Rs 43,660 per ton when prices were Rs 53,100. An agreement has been made between steel manufacturers and the government on February 16. The steel manufacturers have agreed to supply until April 16.
Taking a note of this, contractors have not gone ahead with the works waiting for the state’s intervention to fix a standard price and pay the difference amount.
The current market value for steel had gone up to Rs 48,700, which includes 18 per cent GST. The project had come to a grinding halt at several locations across the city as steel manufacturers were not willing to supply steel at the agreed price of Rs 32,550 per tonne.
