Hike in steel, cement prices hurting realtors in Visakhapatnam

At a time when Visakhapatnam is preparing itself to host the executive capital of Andhra Pradesh, the realty sector of the region was anticipating a boom. However, the spike in prices of steel and cement has significantly affected the sector’s optimism. Realtors are of the opinion that if the prices continue to go up, they will be compelled to stop under-construction projects and wait for the prices to go down. While a 50kg bag of cement cost Rs 225 in January, the price went up to Rs 325 per bag in mid-February. Now, the price has gone up to Rs 400 per bag. Similarly, the price of steel has increased by nearly 60 per cent over the last six months, of which, a 30 per cent hike has occurred over the last three months.