LAHORE: A seminar, jointly organised by Lahore Chamber of Commerce and Industry (LCCI) and Pakistan Institute of Cost and Contracts (PICC), on the growth of construction industry and contribution of ancillary manufacturing industries was convened.
The seminar was attended by a large number of representatives of various institutions and government departments. The chief guest, University of Lahore Rector Dr Saleem Shuja, thanked participants and expressed his satisfaction of the proceedings. He highlighted the core aspects involved in growth of construction industry and the contribution of related manufacturing industries.
He lauded a recent initiative to promote PICC as a non-profit research based institution to function autonomously for preparation of web based cost data of all construction inputs. PICC is to act as a single source of valid construction cost data and to adress all issues pertaining to engineering contracts. It will help eliminate corruption and revolutionise the way construction sector operates in Pakistan.
PICC CEO M Mazhar ul Islam gave a detailed and comprehensive presentation on PICC cost data, its utility and benefits. The participants were briefed about the schedule of rates (SOR) available on PICC website for basic and composite items in all districts of Pakistan.
He spoke of the various sections of composite item rates, technical specifications, standard measurements techniques, model bill of quantities and guidelines, material testing rates, transportation charges, cost behavior patterns and providers database which have been steadily developed and updated.
He elaborated that the sources for the data are manufacturers of engineering goods, vendors, suppliers, consultants and employers. The data facilitates project planners and investors from Pakistan and across the globe.
Furthermore, Mazhar ul Islam claimed that about 300,000 entries for input rates and about 300,000 entries for composite schedule of rates are being updated on PICC website on monthly basis. The data is collected and verified by market surveyors and is tallied and analysed by cost engineers and quantity surveyors for final determination of the rates.
PICC cost data is available on website for the current month as well as for two preceding months. However, the old data is available in archives, free of cost. He also gave a detailed briefing on future plans and indicated that PICC cost data will be widely used in major areas like preparation of budget cost estimates, preparation of engineer’s estimates, cost validation of PC-1, reference data for resolution of contractual disputes; reference data for price adjustment; and reference data for bidders to prepare the bids.
He said that such data is directly linked to rapid verification of project cost, transparency in the estimates; minimise malpractices & corruption; quality construction; timely completion; effective contract administration; minimize cost overrun and financial loss to national exchequer incurred in terms of currency and to facilitate cost plus project execution. Addressing the participants, Akbar Sheikh of LCCI, emphasised the need for single source authentic cost data; a task on which PEC has taken initiative to boost construction sector of Pakistan.
LCCI, PICC host seminar on construction industry
