The Real Estate and Housing Association of Bangladesh has sought government announcement on single digit interest loan and a refinancing facility worth Tk 200 billion to bring dynamism in the real estate sector of the country.
REHAB, the national association of the real estate owners, said some of the scheduled banks of the country are providing housing loans at the single digit interest due to reduction in the rate interest but the government is yet to formally announce a cut in the loan interest to nine per cent or below.
Vice president of REHAB and chairman of the REHAB Chittagong regional committee Abdul Kauiam Chowdhury made the pled at a press conference in Chittagong city on Tuesday.
REHAB director and co-chairman-1 of the regional committee Md Omar Faruque, REHAB director and co-chairman-2 of the regional committee Engr Md Didarul Hoque and convener (press and media) of the regional committee ASM Abdul Gaffar Meyazi were present.
The press conference was organised on the occasion of the four-day REHAB Chittagong Fair 2018 scheduled for February 8 to 11 at Radisson Blu Chittagong Bay View. Chairman of the Chittagong Development Authority Abdus Salam will inaugurate the fair on Thursday noon.
Kauiam Chowdhury said there is strong demand for houses for the people of the low and middle income groups in Chittagong and other parts of the country. "It is possible for us only when the government arranges housing loan from the said fund at 5.0 per cent interest," he said.
Stating that the real estate and house building sector's contribution to the national economic growth is about 15 per cent annually, he said very high land registration cost is one of the major impediments to flourishment of the important sector and it is rather dragging it behind.
Currently, the registration cost stands above 16 per cent that needs to be brought down to six to seven per cent, which will revive the sector.
Chowdhury said right to housing is one of the five basic rights of the people of the country and the REHAB is committed to ensuring if the government solves the problems lying with the industry. "If we don't get government support, our initiatives will also remain unfulfilled."
He said that REHAB organised 10 fairs in Chittagong and 17 fairs in Dhaka in the past since 2001. Besides, it organised 12 REHAB housing fairs in the USA and one each in the UK, Dubai, Rome, Canada, Sidney and Qatar.
The REHAB has successfully cemented a bridge between the common people and the real estate developers of the country. It will try its level best to take housing facilities to the doorsteps of the people, Mr. Chowdhury said.
He further said that the fair will remain open to the visitors from 10.00 AM to 9.00 PM on all days with single and multiple tickets at Tk 50 and Tk 100 respectively. The closing session of the fair will be addressed by Chittagong Divisional Commissioner Abdul Mannan on February 15 followed by Mezban and musical performance by noted national artiste Ankhi Alamgir.
As many as 59 companies will participate in the REHAB fair and display their products at 83 stalls. Some financial institutions, building materials producers and linkage firms will join the fair co-sponsored by Airbell Development Technology, Amin Mohammad Foundation, ANZ Properties, Berger Paint, Bikroy.com, Building Tech & Ideas, Concord Real Estate, CPDL, Elite Paint, Epic Properties, Equity Property Management, Finlay Properties, Hatil Complex, Zumaira Holdings, Moulana Development, Navana Real Estate, Rangs FC Properties, Sanmar Properties, Abul Khair Ceramic, Unique Assets and US-Bangla Assets.
