Realtors urge ACC not to scare homebuyers

The Anti-Corruption Commission's letters to realtors seeking information on the property ownership of individuals create panic and depress the housing market, sector leaders said yesterday.

The exercise also neutralises the government's provision to whiten undeclared wealth by investing in real estate, said Alamgir Shamsul Alamin, president of the Real Estate and Housing Association of Bangladesh or REHAB.

The parliament passed the budget clearly stating that undeclared money earned through legal means can be invested in real estate, he said at a media briefing held yesterday at Sonargaon Hotel to unveil a programme to observe REHAB'S silver jubilee.

“Unfortunately, we cannot utilise this money due to questions raised by the ACC in its letters. We receive three letters on average a day from the ACC seeking information on whether the persons named in the letters own any property.”

Alamin went on to urge the anti-graft body not to issue letters 'in a wholesale manner', as it creates panic in the market.

“Even honest people become scared.”

Ultimately, the money is siphoned out of the country, he said. “People will always find ways to hide their wealth.”

Subsequently, he urged the ACC not to take any step that hampers the greater economic interest of the country.

“We expect the ACC to work judiciously by considering all aspects. If they do so, the level of panic in the market will subside.”

Alamin shared the view citing that the housing sector has been on a downturn for the last three years for various reasons.

And the impact of its sluggishness is visible from the slow development of Dhaka city, REHAB said.

The 1,138 member-strong industry lobby group, which started journey in 1991 with nine members, said its activities facilitated the housing sector grow and encouraged the expansion of various linkage industries such as rod, cement and tiles.

In the last 25 years, realtors handed over 1.43 lakh flats and 70,000 plots to buyers, it said.

The real estate and construction sector now accounts for 15 percent of the country's gross domestic product and provides jobs for 35 lakh people and 35,000 engineers and top managers, according to REHAB.

Steps should be taken to make the sector vibrant as soon as possible in order to attain the development goals for 2021 and 2041 set by the government, according to REHAB.

The level of corruption will automatically decline in line with the expansion of digital or electronic system.

Instead of giving surprise, the ACC has to work for plugging-in the ways to make money through corruption, it added.

REHAB however said it does not seek amnesty for black money in the property market. Rather, it wants the government to allow investment of undeclared money earned through legal means, Alamin said.

The level of corruption will drop when the government will ensure the fundamental necessities of people, he said.

It is necessary for the government to take steps so that everyone gets a home. For this, the association called for long-term home loans.

REHAB said its members will build 10 lakh flats over the next 25 years.

The Dhaka city will expand on all sides, while Chittagong, Sylhet, Comilla, Khulna, Rajshahi, Barisal, Bogra, Rangpur and Mymensingh will become mega-cities in the same period.

To celebrate the silver jubilee, REHAB said it has taken various programmes including rally, discussions and reception for luminaries.

At present, more than 2,500 firms are engaged in the sector, according to REHAB.