Prices of construction materials on the rise in northern region

BOGURA, Jan 27: The prices of construction materials have increased in the northern region as elsewhere in the country after the 12th parliamentary election.

The rod price has gone up by Tk 5,000 to Tk 10,000 per tonne. Cement, sand and brick have also marked hikes in prices, market sources say.

Sources at the Real Estate and Housing Association of Bangladesh (REHAB) said the rod was sold at Tk 80,000 per tonne before the polls, but it was being sold at Tk 90,000 a tonne.

The best quality rod was being sold at Tk 1 lakh against the previous rate at Tk 94,000, they added.

REHAB leaders say the rod price has been hiked by nearly Tk 35,000 per tonne in the last two years.

In 2020, one tonne of rod was sold at Tk 64,000 while a tonne of rod was sold at Tk 70,000 in 2021, Tk 94,000 in 2022 and Tk 1.10 lakh in 2023.

Meanwhile, many people and some real estate companies and builders have suspended construction work following the increases in prices of the construction materials.

Before the national election held on January 07, 2024, the prices of all construction materials were normal with one tonne of rod sold at between Tk 80,000 and Tk 85,000.

Abdul Malek, a resident of Seujgari area in Bogura town, said, "I hoped I would resume the construction work on my house after the polls, thinking that the prices of construction materials would be come down. But, the prices of all construction materials have gone up. Now, I am seriously disappointed."

Shafiqur Rahman, a rod trader, said, "Import of rod-producing raw materials is being hampered for the dollar crisis. Besides, transportation cost is also high due to the problem in the Red Sea. That's why the rod price is on the rise."

Seeking anonymity, a senior officer at the Public Works Department (PWD) in Bogura, said, "Most contractors are showing disinterest in completing their construction work due to the sudden hikes in construction materials' prices. Besides, there is an apprehension of facing difficulties over new projects."

"A section of unscrupulous traders are making quick buck to become multimillionaire overnight in the wake of the poor market monitoring," he blamed.

Barkat Ali, a trader of Satmatha area in Bogura, said, "The rod price was low before the election. Companies increased its prices, showing excuse of a gas crisis."

Similarly, the brick-kiln owners have increased the prices of bricks on the pretext of adverse weather.

Apart from these, traders also increased the cement price by Tk 20 per sack.

Masudur Rahman Milon, president at Bogura Chamber of Commerce and Industry, said, "Many traders can't import raw materials for rod and cement production as most banks are facing troubles to open LC. It has an impact on flat and apartment business, especially in real estate sector."

"The government should take necessary steps in this regard to keep stable the prices of the construction materials. If the government pays attention immediately, the housing sector will be protected," he suggested.