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.
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.”
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