In a bid to regulate construction costs and address pricing challenges in the construction industry, the National Construction Industry Council (NCIC) has introduced Construction Cost Indices (CCI).
NCIC Chief Executive Officer, Gerald Khonje, said this in Lilongwe and said the CCI has been developed in collaboration with the National Statistical Office (NSO) through intensive surveys.
It will serve as a reference point for managing construction costs, which have been significantly impacted by rising material, labour, and interest rates.
Khonje said the indices will regulate suppliers of construction materials to avoid overcharging prices of crucial items, prevent project delays and avoid contractors from abandoning projects mid-way, which will ensure quality construction in Malawi.
He further warned suppliers against exploiting changes in commodity prices, such as fuel, to unfairly increase the cost of construction materials.
By Yamikani Makanga
