Karachi: According to news reports, Fayyaz Ilyas, chairman of the Association of Builders and Developers of Pakistan (ABAD), requested the government on Tuesday (August 31) to control cement and steel bar prices.
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Due to rising building material prices, notably cement and steel bars, the government is likely to fail its 5 million low-income housing objective (stated under the Naya Pakistan Housing Program), according to the chairman. Recent price swings, he claims, have hampered the expansion of real estate firms and developers, since they have been unable to finish projects. Similarly, the capacity of ordinary people to realise their dream of buying a home is being impacted.
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The chairman of the ABAD has asked Prime Minister Imran Khan and the Pakistan Competition Commission to intervene to bring the rising cost of building materials under control. This would incentivize the construction industry to finish projects more cost-effectively and on schedule.
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