5-day real estate fair begins in Dhaka

A five-day Real Estate and Housing Association of Bangladesh (REHAB) Fair 2022 has begun at Bangabandhu International Conference Centre in Agargaon, Dhaka yesterday. 

Md Tazul Islam, the local government, rural development and co-operatives minister, inaugurated the fair, comprising around 180 stalls open, including of building material suppliers and financial institutions, and open to the public from 10:00am to 9:00pm.

The REHAB has been hosting the fair since 2001. So far, the REHAB members have handed over over 2.25 lakh flats either sold or booked at the expositions, said the association.

It is necessary to build a house not only suitable for living but in an area ensuring all kinds of facilities, including schools, colleges, hospitals and shopping malls, he said.

"Those who do the real estate business, do not look at them cross-eyed. They don't always occupy other people's lands. I am saying from my life's experience, 100 per cent purity cannot be found in people," said the minister.

The housing sector is under threat due to higher-than-expected prices of construction raw materials and a new Detailed Area Plan (DAP), said Kamal Mahmud, vice-president of the REHAB.

The amendments requested in the DAP will hopefully be taken into consideration by Rajdhani Unnayan Kartripakkha (Rajuk) and the government, he said.

This is a golden opportunity for buyers to buy flats at low prices and afterwards flats may not be available at lower prices, said Sohel Rana, vice-president of the REHAB.

"We have conveyed to the minister the issues that we are concerned about in the new DAP. He said that he would review those matters which are reasonable and take appropriate action," he said.

"Most of the buildings in the main Dhaka will have four to five floors…(as per regulations) in the new DAP. As a result, the housing shortage will be acute in the future," said the REHAB at a press conference this week.

The association hoped for the new DAP for 2022-35 issued by Rajuk recently to be revised.

The REHAB members have not been able to sign any new agreements with landowners to launch new projects since the government unveiled the new DAP four months ago, it said.

Even no company has secured approvals to roll out new housing projects, said the association.

In spite of the current economic challenges and the increase in the prices of various building materials, sales at the fair will be good, hoped Fakhrul Islam, managing director of iNTECH PROPERTIES.