Construction industry requests govt for relief amidst price hike

LAHORE: The construction industry has requested the government to provide relief to the sector, as the prices of construction material surging have significantly impacted the developers and the ongoing projects under the public sector.

invest with imarat

Islamabad’s emerging city centre

Learn More

In this regard, Constructors Association of Pakistan (CAP) Chairman Kamal Nasir Khan briefed the media on the matter.

It was informed that an increase of over 75% in construction material prices, including steel, cement, bricks, etc., has restricted the contractors and builders from participating in any new government construction tenders at old rates for the last two months.

The cost of projects under the public sector increased by 10-15%, whereas the builders to bear 60% of the additional expenses of around 60%. However, the price hike is not covered for projects under provincial contracts that have affected small builders and contractors unable to borrow loans from banks to complete projects.

Further addressing the matter, Chairman CAP informed that 80% of the builders in public sector development projects were awarded to small contractors. “If the government delays announcing an immediate relief, work on unfinished projects worth trillions will soon come to a halt.”

 

For news and blogs, visit Graana.com.

Maham Tahir

Recent Posts

Baghbanpura Bazar: A Historic Market in Lahore

Lahore, known as Pakistan's cultural and historic heart, is home to numerous ancient sites, bustling…

2 hours ago

Garha Mor: A Notable Landmark in Vehari City

Garha Mor, a notable landmark in Vehari, Punjab, Pakistan, is significant in its location, accessibility,…

1 day ago

Aslam Market Wah Cantt: Pleasure of Shopping & Dinning

Located in the center of Wah Cantt, Aslam Market is a vibrant commercial hub that…

2 days ago

Abid Market Lahore: An Iconic Shopping Landmark

Located in the bustling heart of Lahore, Abid Market is a landmark shopping area well…

3 days ago

CDA Chairman Urges Rapid Completion of Major Islamabad Interchanges

ISLAMABAD, Nov 16 (APP): The Chairman of the Capital Development Authority (CDA), Muhammad Ali Randhawa,…

3 days ago

IMARAT Announces Launch of Pakistan’s Largest Sharia-Compliant REIT – A New Era of Real Estate Investment

Islamabad, Pakistan— IMARAT Group, a leading real estate developer and innovator in Pakistan, announces the…

3 days ago