Association of Builders and Developers (ABAD) has ended its seven-hour long sit-in after assurance by high official of Karachi Water and Sewerage Board about issuance of pending No Objection Certificate (NOC) to builders within a week.
According to sources, a massive traffic jam was reported in Karachi’s on Thursday following a protest over delay in approval of new water connections. On 22rd Nov’18, members of the Association Builders and Developers (ABAD) staged a large protest against the water and sewerage board in light of the ban against the construction of high-rise buildings.
At least 2,000 people, including major political leaders, took part in the protest. The protesters have narrated that they have still not been given a no-objection certificate for water connections for new buildings. According to the affected, KWSB’s failure to issue the NoC despite Supreme Court’s orders had disrupted the construction of around 550 buildings.
According to Chairman ABAD, more than PKR 600 billion investment had been ceased due to this ban on construction of high-rise buildings in the city. Thousands of workers, including engineers and architects, were in the threat of losing their jobs due to this ban with the steel industry would have affected immensely.
According to sources, most re-rolling mills have closed due to the low demand. The
stocks are high, but there are no buyers. New demolition reported this week – “MT PACIFIC LAGOON”, type CRUDE OIL TANKER, build 1999, Flag Liberia, has be reported to arrive on Plot #125 at Gadani Shipbreaking yard.
Imported scrap prices firm after falling down – Shredded scrap from Europe has been assessed at USD 345/MT, while sheared HMS from SA has been evaluated at USD 340/MT. International HMS from Dubai has been traded at an decreased rate of USD 338– 340/MT this week from last week’s rate of 345/MT,CFR.
Local steel prices remained almost stable for local rebar and billets. The local steel industry has been under constant threat as a result of bans and increases in sales tax. The local industry is uncertain of when exactly conditions will improve for good.
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