RAWALPINDI: The public contractors have requested an increase in the estimated costs for ongoing development projects.
This happened as the prices of building materials, including concrete, cement, bricks, and galvanized sheets, have reached an all-time high in the open market due to the ongoing rise in the value of the US dollar and gold.
According to details, the price of iron rods alone increased by 55,000 rupees per ton in just one day and is expected to rise another 5,000 to 10,000 rupees per ton in the coming week.
Additionally, the cost of cold-rolled steel sheets has gone up by 15,000 rupees per ton, now reaching 280,000 rupees per ton, and the price of a cement bag has increased from 11,000 rupees to 12,000 rupees.
Furthermore, the Vice President of the Government Contractors Association, Zulfiqar Sati stated that construction was no longer feasible at current rates and a formal demand for an increase had been made.