‘Uncertainty’ surrounds prime minister’s housing scheme as steel prices soar

By: News Desk      Published: 04:13 PM, 8 Sep, 2021
‘Uncertainty’ surrounds prime minister’s housing scheme as steel prices soar

It appears that building one’s own home has become only a dream now and the early completion of the prime minister’s housing scheme is also uncertain given the substantial increase in steel prices in the current year, reported 24NewsHD TV channel on Wednesday.

Hammad Ponewala, Iron Merchant Association president, has said that since prices of steel have gone up by 70 percent in the ongoing year, contractors will definitely purchase the building material of inferior quality, thus compromising on the construction of homes and other structures. “Earlier too, buildings made of ‘substandard’ material had collapsed and we may get to see the same spectacle in future too if the sale of poor quality steel continues owing to hike in their prices,” he said.

He has further said that since January 2021, the price of one ton of steel has increased by Rs70, 000, which has contracted the buying capacity of people. “Hence the steel which earlier cost Rs110,000 now costs Rs180, 000,” he said, and added, “Land rates too had increased by 30 to 40 percent.”

Reporter Ashraf Khan