Lahore: According to press reports, the Punjab Finance Department announced a 17 percent hike in construction material costs across the province on Thursday (December 16). The price increase in building materials will take effect on January 1, 2022.

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The most significant increase, according to sources, has been revealed for Lahore, with the cost increase made after conversations with contractors and builders. The price of cement per bag has increased by PKR 120 as a result of the changes, while the new price of a white cement bag has increased to PKR 1,350.

Steel prices have also been increased to PKR 150, an increase of PKR 25 over the previous price. The price of first-class bricks has also been increased by PKR 500 per 1,000 bricks. The cost of the other building materials has also been increased by up to 16 percent all at once.

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It is worth noting that the steel bar manufacturing association has recently raised steel bar prices, citing factors like rising international market prices, inflation, depreciating rupee, and higher import prices. The building industry is expected to get a hit as a result of the price change.

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