Realtors call for cuts in property registration fee

The government should halve property registration fee to 7 percent from the next fiscal year to help mid-income families buy flats, realtors said yesterday.

The Real Estate and Housing Association of Bangladesh (REHAB) placed the demand with the National Board of Revenue at a pre-budget meeting at the latter's headquarters in Dhaka.

Around 14 to 16 percent of a property's price is now charged as registration fee, said the association representing developers and builders.

This high registration cost is discouraging many flat and plot buyers from registering properties properly, leading to a huge loss of revenue for the government, the REHAB said.

The association also urged the government to allow investment of undisclosed income in the real estate sector without any question for the next five years. At present, such investment is allowed on payment of a certain amount of tax, depending on the location of the properties.

The REHAB also urged for reducing registration cost for transfer of old flats. NBR Chairman Md Mosharraf Hossain Bhuiyan also spoke at the event.