The abnormal increase in the prices of building material has adversely affected completion of the development projects and other construction work in the country. Due to stoppage of construction work to a great extent, thousands of labourers and workers affiliated with the industry have become jobless.
This situation has also resulted in slowing down economic activities, said the contractors. They have demanded revision of the amount of contracts as it would not be feasible for them to continue the work at previous costs. The contractors point out that construction costs have registered sharp increase as the prices of cement, sand, bricks and iron have shot up. It can be a great setback, not only for the development of housing and construction sector but also for the whole economy of the country, as well.
While the government wants to develop this important sector, it is not taking any tangible step to check the prices spiral of construction materials, they complain. Decrease in construction activities has also resulted in increase of the costs of houses, as well as rent, in the federal capital.
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