Separate body to regulate realtors suggested
The government should establish a separate regulatory body to regulate the real estate sector, a roundtable in Dhaka suggested yesterday.
"A separate regulatory body should be established to protect interests of both the developers and customers, but the government's first priority is to protect customers' rights,” economist Professor Atiur Rahman told the roundtable.
The vernacular daily Ittefaq organised the discussion on the proposed Real Estate Management Ordinance 2008 at a city hotel.
Rahat Khan, editor of the daily, moderated it.
Professor Monwar Uddin Ahmed, who teaches Economics at the Dhaka University, echoed Atiur's view and said a separate body is necessary, as the Rajdhani Unnayan Kartripakkha (Rajuk) will not be able to effectively regulate the real estate sector as long as it goes ahead with allocating plots by itself.
Housing and Public Works Secretary ASM Rashidul Hai said the government drafted the law at a time when malpractices by developers were on the rise.
"No one can deny the fact of customers being cheated by developers. Now we have to concentrate 80 per cent of our office hours on customers' allegations against developers," he said.
Hai said it is not right that realtors would not get bail against the cases filed under the ordinance. It is judges' discretion whom they would award bail, the works secretary added.
He said the draft law now awaits the law ministry's vetting. After its nod, it will be be placed before the Council of Advisers for final approval.
The role of the government is to facilitate private sector, but it moves to hinder the growth of the housing sector by the new law, said Tanvirul Haque Probal, president of Real Estate and Housing Association of Bangladesh (REHAB).
Besides protecting the customers' rights, the government should also ensure that clean developers do not leave the business for legal complications, said Mobasher Hossain, president of Institute of Architects Bangladesh.
At the function, the speakers also urged the government to keep some provisions in the law to ensure accountability of landowners.
National Housing Authority Chairman Abdul Qayyum and Rajuk Chairman Shafiqul Islam also spoke on the occasion.
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