Massive hike in prices of construction material

KARACHI: The prices of construction materials have been increased massively despite the drop in petrol prices, ARY News reported.

As per details, the cement bag will now cost Rs1200 whereas the price of gravel has been increased to Rs 125 per square foot.

Additionally, the price of sand trolley has been hiked to Rs 18,000 per trolley and the price of steel has reached Rs 270 per kilogram meanwhile 1000 bricks will now cost Rs 15,000.

In the aftermath of the hike, people have started halting their construction work and the workers have also increased wages.

Earlier, the then former minister Ishaq Dar said that the construction sector drew the main focus of the government as the common man as well as builders were given a major relief in the Federal Budget 2023-24.

Budget 2023-24: Big relief announced for construction sector

The minister said that keeping in view the importance of the construction sector in economic development, the government had decided to facilitate the common man and builders in the construction of houses and buildings.

“Around 40 industries are linked with this sector (construction). The construction enterprise will be given either a 10 per cent or five million rupees concession or which be less of the two for the next three years.

“And the individuals, constructing their own buildings will be provided 10 per cent tax credit or one million rupees concession, or which will be less of the two. The concession will applicable on the projects, commencing from July 1, 2023 and afterwards,” the minister added.