New Delhi, January 10: Union Minister for Micro, Small and Medium Enterprises (MSMEs) Nitin Gadkari on Saturday lashed out at Cement factories and said they are exploiting the present situation real estate market.

"Cement factories are exploiting the situation. It's not in national interests. We are planning to implement infrastructure projects worth Rs 111 lakh crores in the next 5 years. If rates of steel and cement continue like this, it'll be very difficult for us," said Gadkari while interacting with Builders' Association of India, Western Region via video conferencing," the Minister said while interacting with Builders' Association of India, Western Region via video conferencing. Real Estate Industry Recovering, Average Price of Residential Properties Up 1% in Q4 2020, Says Report.

"There is a cartel in the cement and steel industry. Every steel company has its own iron ore mines and there has been no increase in labour and power costs but they are increasing rates. It is difficult for me to understand (the reason behind it)," Gadkari added.

The minister said real estate is a sector where the government is facing maximum crucial problems. He said that government is in process of finding out the solution, one of the suggestions of the Builders' Association of India, Western Region to set up a regulating authority for steel and cement is good but the ministry needs to look into it more deeply. Gadkari said he will take the suggestion to Finance Ministry and Prime Minister Narendra Modi.

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)