Muhammad Saleem

The rising material cost has dashed the hopes of many to have their own residential units, reports WealthPK. Naeem Ahmed, a contractor, said the rising material cost was creating a plethora of problems for the people attached with the construction sector. He said the construction industry was considered the backbone of a number of businesses in Pakistan like brick kilns, steel mills, hardware stores, woodwork shops, paint manufacturers and many more. “The skyrocketing prices are squeezing both the workforce and businesses across the board. It’s ironic that the material prices are not being regularized by the government although it is a billion-dollar industry supporting countless families. “It’s difficult for a family to budget for a new home when the prices of basic material like bricks, cement and steel have skyrocketed. This situation has led to a surge in the overall construction cost, making it difficult for people to afford their dream homes.

“I don’t see any light at the end of the tunnel for the real estate sector, as the situation will go from bad to worse. The business activities in Pakistan have grounded to a halt, and the people are avoiding investing in construction or real estate,” Naeem said. Bilal Ahmed, CEO of a construction company, told WealthPK that the construction sector was a lifeline for unskilled workers, but the current situation had left many of them jobless, as the investors had stopped investment due to the current economic uncertainty and exorbitant prices of material. “We are running from pillar to post to make the rulers realize that the real estate sector is the engine of the economy, ensuring employment and boosting allied businesses. However, it seems that the people at the helm are least bothered about the industry’s genuine issues,” he said.  “The current construction patterns are outdated, adding to the problem. Machinery is being used worldwide, even for minor tasks, but Pakistan is behind in adopting modern methods. We have to introduce cost-saving measures to stay afloat and ensure homes for the countless families struggling to materialize their dreams for years,” he added.

Talking to WealthPK, Farhan Malik said his family struggled for years to have their own home. “We were ready for construction, but the contractor’s quotation was unexpected and surprising. My mother immediately asked me to postpone the plan and save the money for rainy days. The surging costs of materials have become a nightmare for my family,” he said. “Our initial estimates have almost doubled, forcing us to reconsider our plans. I suggested to my mother that we should consider building a smaller house, but the problem we encounter is that it can’t accommodate two families,” he added. Farhan suggested that the government should make arrangements for affordable housing, as the unbridled price hike and surging house rents were making people’s lives miserable.

Credit: INP-WealthPk