Expressing its concern over the ever-increasing prices of steel, cement and petroleum products, the Association of Builders And Developers in Pakistan (ABAD) has issued a statement saying the increase will have a very negative impact on the country’s construction activities.
Not only will it become next to impossible for poor and middle income segments of society to acquire housing, but the rate of unemployment for skilled and unskilled labourers will reach new heights, the Daily Times quoted the group as saying.
In a joint statement, ABAD chairman, engineer Farooq-uz-Zaman Khan, vice chairman Muhammad Arif Siddiq and regional chairman Saleem Kassim Patel, have said the last two months have seen record increases in the price of steel. In addition, the representatives said that cement manufacturers have also increased the price of a 50kg bag by PKR10-15 soon after the end of the winter season. It says if the government fails to take prompt action it is feared the price of cement will increase further.
They said that the share of cement in total construction costs comprises of 15 per cent and the recent increase has resulted in adding an additional 2-5 per cent in the cost of a housing project.