Construction cost can be reduced through pre-cast technology and use of waste material said, the Union Road Transport and Highways Minister, Nitin Gadkari while addressing a conference organized by industry body, NAREDCO. To provide affordable housing, the minister emphasized on reducing interest rates and cost of construction as well as improving construction quality. Mr. Gadkari also asked builders to reduce construction cost and avail dollar loans to cut their interest expenses in order to revive demand. The minister said demand in housing sector is poor but is expected to improve on the back of Seventh Pay Commission award. Mr. Gadkari said the situation in steel sector is also not very encouraging but hoped that demand for steel and cement will rise as lot of projects for road construction have been allotted. He added that the government is taking steps to lower the interest rates. Gadkari said the cost of land, construction and bank loans are high while the builders are not ready to sell flats at cheaper rates. Asking builders to diversify to other sectors, he asked the real estate companies to enter into road development. He said the pre-qualification norm has been eased as more contractors are needed to build roads.
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