Construction Industry Seeks Financial Relief from Government
As construction material prices increase on the market, the construction industry in LAHORE is requesting government assistance. The high cost of construction materials has a significant impact on developers and ongoing public sector projects.
In a media briefing, the head of the Construction Association, Mr. Kamal Nasir Khan, said that construction material prices have grown by up to 75% in the last two months. The current increase in material costs has impeded the progress of ongoing public sector projects.
The market prices increased by 10 to 15%, and the public sector developers must shoulder 60% of the increased expenses. In addition, provincial contractors’ projects do not account for the new rates. To complete their ongoing projects, builders and contractors are pursuing minor loans from banks. Mr. Chairman further stated at the meeting that about 80% of public sector development projects are awarded to small builders and developers.
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