Islamabad, Aug 24: Many people’s dreams of owning their own homes have been crushed by the escalating cost of materials, according to WealthPK. Contractor Naeem Ahmed stated that the individuals involved in the building industry were facing numerous issues due to the increasing cost of materials. According to him, the building sector in Pakistan is the foundation of numerous companies, including paint manufacturers, hardware stores, brick kilns, steel mills, and woodworking shops. The workers and businesses alike are feeling the pinch of the surging prices. It is paradoxical that despite being a billion-dollar industry that supports countless families, the government is not regularizing the material pricing.
A family finds it challenging to afford for a new house given the sharp rise in the cost of necessities like steel, cement, and bricks. People now find it more difficult to afford their dream homes due to the circumstance that has caused an increase in the cost of building as a whole.”It seems like there’s no end in sight for the real estate industry; things will only get worse.” People in Pakistan have stopped doing business, and they are not buying real estate or building new projects, according to Naeem.
The building industry provided a lifeline for unskilled workers, but the current state of affairs has left many of them unemployed, according to Bilal Ahmed, CEO of a construction company, who spoke with WealthPK, because the high cost of materials and the current state of economic uncertainty have caused investors to stop making investments.
We are frantically trying to convince the authorities that the real estate industry is the backbone of the economy, creating jobs and supporting related enterprises. But it appears that those in charge don’t give a damn about the real problems facing the sector, he added.
“To make matters worse, the construction practices used today are antiquated. Even for little jobs, machinery is employed all across the world, yet Pakistan is lagging behind in implementing contemporary techniques. To stay afloat and provide homes for the many families who have been fighting for years to realize their goals, we must implement cost-cutting measures,” he continued. Farhan Malik told WealthPK that his family battled for years to purchase a house.
“Although the contractor’s quote caught us off guard, we were prepared for construction. My mother asked me right away to put the plan on hold and put the money away for rainy days. For my family, the rising cost of materials has become a nightmare,” he remarked.
Our original projections have nearly doubled, therefore we have to reevaluate our strategy. The issue we have is that it is too tiny to house two families, as I mentioned to my mother when we were thinking about building a smaller home,” he continued. Farhan proposed that the government should provision for inexpensive housing because people’s lives were being made miserable by unchecked price increases and skyrocketing rents.
