The cost of materials has reportedly increased for a sixth time in the past five to six months, and government contractors and developers have requested additional funding, according to the most recent market study. According to the most recent news, steel prices, in particular, reached record highs in the final quarter of 2022 and are already doing the same in 2023.
The cost of developing various housing projects and mega projects has grown by 25% to 30% due to a significant increase in the cost of construction materials.
ALSO READ: Gold Block Community
Different housing schemes and construction projects are encountering difficulties as a result of the steel mills and dealers’ refusal to supply it at the previous prices of 2 Lac 10 thousand per ton.
All government and private development projects, as well as various housing programs, have been significantly impacted by the apparent increase in the price of construction materials at the beginning of the New Year.
The entire cost of development programs has increased by 25% to 30% so far, and experts predict that this increase will continue due to the nation’s economic uncertainty.
Construction Material New Rates
The most recent market study reveals the following increases in the price of development materials:
- The cost of steel has gone up from 1 lac 75 000 to 2 lac 10 000.
- Similar to this, a single bag of cement that was once sold for 900 Rupees is now sold for 1150 Rupees.
- Previously available for 2700 Rupees, a single cart of sand is now available for 3600 Rupees.
- The cost of crush has jumped from 4000 to 47000 rupees.
- Previously available for 11 thousand, 10,000 bricks are now available for 13 thousand.
- Home shuttering now requires 40,000 thousand workers, up from 27,000 in previous years.
- The number of roof plasterers has expanded from 35,000 to 50,000.
The President of the Contractor Association of Pakistan has stated unequivocally that only the new prices will be accessible for building materials.
The overhead bridge and Kacheri Chowk Underpass have been affected by this increase in building costs, among other projects. Additionally, all of these government initiatives won’t begin until additional funding has been approved by the relevant authorities.
AURA PROPERTIES keeps you informed of the most recent news and events in the real estate industries. Stay connected to our websites & read our blogs.
Research & written by:
Sanah Abbasi