REHAB fair starts amid calls for low-cost flats
Visitors check out a stall of REHAB Summer Fair organised by Real Estate and Housing Association of Bangladesh, at Ruposhi Bangla Hotel in Dhaka yesterday. Photo: Star
A real estate and housing fair began yesterday in Dhaka with a call to build low-cost apartments.
“Urbanisation is the future demand of people. But it also increases the number of slum dwellers due to an unavailability of low cost apartments,” said Hasanul Haq Inu, information minister.
Realtors should build more low-cost housing projects in the major cities to meet the growing demand of the lower income group, Inu said.
The minister spoke at the launch of the four-day REHAB Summer Fair 2013 organised by Real Estate and Housing Association of Bangladesh at Ruposhi Bangla Hotel in Dhaka.
“It is the government's duty to ensure housing facilities for all. Private sector entrepreneurs should prepare a detailed plan on how to develop low-cost apartments by involving the sellers, buyers and financial institutions.”
The government will support the private initiative, he said. “You (realtors) can definitely come up with low cost housing solutions if you are determined.”
Inu stressed the need to prepare a master plan for the housing sector across Bangladesh.
The country's population is estimated to reach 20 crore by 2040 and half of the population will live in urban areas, Inu said.
“It is a big challenge for both the government and private sector developer.”
Real estate is a growing sector in the country with an annual turnover of Tk 24,000 crore, he added.
The minister agreed that the current rate for apartment registration is high. “It should be reduced to develop the sector.”
Inu also urged realtors to not compromise on quality. “You (realtors) have to construct buildings with quality materials as well as following proper rules and regulations.”
Hailing the government's move to allow black money in real estate, Nasrul Hamid, president of REHAB, said: “It is a good initiative.”
The government proposed to legalise untaxed incomes by investing the funds in the housing sector by paying a certain amount of fine, he said.
“So, it is not black money, rather undisclosed income, as only the person with a TIN and a running business, will get the option to legalise untaxed income under the proposed scheme,” said Hamid.
The REHAB president said real estate is hamstrung by a series of rules and regulations.
“The country has around 68 laws pertaining to the sector. These need to be consolidated into one for the development of the sector,” added Hamid, also a member of parliament.
Helal Uddin, vice-president of Federation of Bangladesh Chambers of Commerce and Industry, stressed the need to strengthen Rajuk (Rajdhani Unnayan Kartripakkha) with a skilled workforce.
The fair is displaying projects from 120 members of the association and is open to all with an entry fee of Tk 50 from 10am to 9pm.
Md Wahiduzzaman, acting general secretary of REHAB, Md Abdur Rashid, vice president, also spoke.
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