Karachi: Association of Builders and Developers (ABAD) Chairman Altaf Tai has urged the government to consider the implementation of a barter system with neighboring countries to benefit the construction industry, news sources reported on February 1.
Altaf stressed that there is a huge need for timely actions to boost the construction industry and import construction-related materials. He said that the construction industry growth will be impacted by the dollar rate change and the higher construction material prices including cement, steel, and finishing materials will slow down the construction industry. He added that the builders and developers throughout the country are halting their projects due to higher construction material prices that will eventually push real estate prices up which will not be feasible for the end consumers. in this situation barter system with neighboring countries would reduce the risk of complete halting of construction work. He also urged the government to take timely steps to save all construction-allied industries.
It is important to note that the steel prices reached a historic high of PKR 270,000 per ton by the end of January, due to higher import duties and the dollar-to-rupee exchange rate.
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