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Rod price drop fails to cut flat costs

Raws ar Khan
Although prices of mild steel (MS) rod, which accounts for 30 percent cost of flat construction, have declined by 20 percent in local market recently, it is not affecting apartment costs.
Developers attributed the situation to the price hike of other construction materials such as cement, crushed stone, bricks and paints as well as increased labour wages.
But they hiked apartment prices several times in the last five months on the ground of rise in rod prices both in local and international markets.
Now per tonne of 10- grade rod is being sold at around Tk 48,000 and 60-grade rod from Tk 59,000 to Tk 60,000 in local market. But the 40-grade rod was selling at around Tk 70,000 a tonne and 60-grade rod at Tk 73,000 in local market five to six monthsago.
Although rod prices have decreased, costs of other construction materials such as cement, crushed stone, bricks and paints are on the rise. Labour wages are
A construction site in Dhaka.
also increasing," said Sharif Hossain Bhuiyan, assistant general manager of Sheltech, a real estate company.
"We have calculated that we will be able to cut apartment prices between Tk 30 and Tk 35 for per square feet of flat due to the rod price fall," he said.
The builders said although rod prices have witnessed a fall, expenses behind labour, brick, cement and other construction
materials have increased sharply by the time, contributing to rise in construction costs.
Some developers are not ready to readjust flat costs now, as they fear rod prices may increase again since the market trend of rod has been volatile for the last few months, sector people said.
"Since construction is a long-lasting process and we have to continue a project for at least two-three years, we need to consider
many things before readjusting apartment costs," said Mahmud Hossain, sales manager of Building for Future Ltd.
While talking about the issue, Tanveerul Haque Probal, president of Real Estate and Housing Association of Bangladesh (REHAB), said it is not possible for REHAB to take any action .about reducing flat costs.
However, in 2006 the association announced to increase apartment price by Tk 500 per sq ft due to rise in prices of construction materials especially rod.
Talking about the announcement in 2006, Tanveerul Haque said REHAB announced to increase apartment cost only once in 2006.
He said the recent price hike of construction materials will not affect much the construction price, and urged the customers to settle prices by bargaining with the developers. Presently depending on locations average price of per sq ft of apartment ranges from Tk 3,000 to Tk 18,000 in Dhaka city, which is two or three times higher than the price three years ago.
kawsar@thedailystar.net