OVERVIEW – REHAB FAIR 2009 , Dhaka
Wednesday, June 10th, 2009
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To mitigate the growing housing demand through offering qualitative flats with competitive price to the customers, the Real Estate and Housing Association of Bangladesh (REHAB) is going to organise a five day long ‘Rehab Summer Fair 2009′ from June 4 at Dhaka Sheraton Hotel in the capital.
State Minister for Housing and Public Works Advocate Abdul Mannan Khan is expected to inaugurate the fair at 12 noons at Ballroom of the hotel.
“As a development partner of the government the 524 member organisation of Rehab are working hard to resolve the ‘housing crisis’ as well as establishing a planned city with basic amenities in the country,” Ln.Khaled Mohammad Jewel Mollah, general secretary of Rehab told journalists at a press briefing at the VIP lounge of the National Press Club yesterday.
A total of 175 Rehab members and 4 other financing companies are going to take part in the fair. Besides 15 companies are also participating as ‘co-sponsor’ in the fair, he added.
Engineer Tanveerul Haque Probal, president of Rehab said the overall sale of flats have sharply reduced from 30 to 40 percent from January to March of the current year due to global recession.
The Government could help boost the housing sector by allowing investment of undisclosed money and containing the price of construction materials that could greatly help in fulfilling the growing housing demand, he mentioned.
He called upon the government to reduce the registration and transfer cost of the flats.
Nasrul Hamid MP, member of parliamentary standing committee on Housing and Public Works Ministry and Mahbub Ur Rahman, Secretary of the Ministry would also be present as special guests on the opening day of the fair.
Law, Justice and Parliamentary Affairs Minister Barrister Shafiq Ahmed would be present as chief guest on the concluding day of the fair on June 8 at 7:30 pm at winter garden of the hotel.
ABM Fazlee Karim Chowdhury, Chairman, parliamentary standing committee on Housing and Public Works Ministry and Md Nurul Huda, chairman, Rajdhani Unnayan Katripakkha (RAJUK) are also expected to be present as special guests.
Murad Iqbal Chowdhury, chairman, Mohammed Akter Biswas, convener and Engineer Jahid Hossain, chairman, press and media, of Rehab Fair Standing Committee, among others, were attended it.
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A huge turnout marked the third day of a housing fair in Dhaka with a good number of visitors and buyers buying and booking plots and flats.
Participants in the show said they have received an impressive response from the visitors.
Real Estate and Housing Association of Bangladesh (REHAB) is organising the show styled REHAB Summer Fair at Dhaka Sheraton Hotel.
Although the three-day exposition was scheduled to end yesterday, the organisers extended it for one more day on request of the customers and realtors.
The show is open from 10am to 8pm today with a Tk 50 entry ticket. A total of 175 real estate companies, along with four financial organisations, are participating in the fair.
“We had to extend the fair for the huge response of visitors and until today around 25,000 people visited the show,” said REHAB President Tanveerul Haque Probal yesterday.
Talking about sales, Mijanur Rahman Khan, accounts officer of Hirajheeel Property Development (Pvt) Company Ltd, said they have already received bookings for 100 plots at their project in Dhaka.
The company has also announced a Tk 200,000 discount on every single booking for plot, officials said.
An official of Concord Real Estate and Building Products Ltd said they sold 20 flats in the last three days.
“We also expect good sales on the concluding day,” said the official.
Rupayan Housing Estate Ltd, which, according to the company officials, has created a huge enthusiasm among customers with its over 800 ready flats near Dhaka.
Moklesur Rahman, senior manager (marketing and sales) of Rupayan, said it is a great opportunity for the customers to get a ready flat at reasonable price.
“During the fair we sold around half of our total flats and we expect to sell another 100 units tomorrow (today),” he added.
Realtors are also offering flats and plots outside Dhaka, including some tourist attractions such as Cox’s Bazar and Kuakata.
An official of Century Realty Limited said they have received bookings for 112 plots in Kuakata. The company is selling a 5-katha plot at the fair at Tk 4 lakh.
Managing Director of RAMS Developments Limited said his company was displaying 12 projects and more than 10 flats have been booked.
Realtors demand safeguard.
Realtors have demanded investment of undisclosed money in real estate sector, a bigger government fund to finance apartment buyers and low import duty on construction materials in the upcoming budget.
As sales of flats and construction works have already slowed down amid declining remittance inflow and export earnings in the face of global recession fallout, the government should incorporate measures in the budget to tackle such challenges, developers said.
“If a bigger fund is ensured for the flat buyers, they will get easy access to loan at low interest rate and ultimately help keep the sector vibrant,” said Tanveerul Haque Probal, president of Real Estate and Housing Association of Bangladesh (REHAB).
He urged the government to create a fund of Tk 1,000 crore in the budget for fiscal 2009-10 to help the middle-income people get loan in easy terms and conditions.
REHAB, an association of around 500 real estate companies, wants to see investment of undisclosed money in the sector even by giving fine.
The sector had enjoyed this facility in different fiscal years during the last Awami League and BNP governments until the last caretaker government withdrew it, said Probal.
Talking on the issue, SM Anwar Hossain, chairman of Advanced Development Technologies Ltd (ADTL), said: “I have strong disagreement with keeping undisclosed money in anyone’s possession. Yet, the government should formulate a policy in this regard so it can’t be siphoned out of the country.”
The realtors demanded reduction of import duty on construction materials such as apartment fittings and electric equipment, and withdrawal of import duty on construction machinery.
REHAB also called for a complete withdrawal of import duty from stone against the backdrop of its low supply from domestic sources and the recent price hike of stone chips that the association said caused apartment prices to rise.
The developers also urged the government to cut registration fee of flats drastically, claiming it the highest in the world.
As Finance Minister AMA Muhith on Wednesday hinted a slash in land registration fee and land tax, the developers also demanded similar move for apartment registration fee.
In Bangladesh registration fee of a flat is around 18 percent of its cost, while it is below five percent in India, Pakistan and Sri Lanka, said Sheikh Aftab Ahmed, chief operating officer of Shanta Properties Ltd, suggesting it should be below 10 percent.
A reduced registration fee will significantly bring down the apartment prices, Ahmed said.
Talking about the registration fee, the ADTL chairman also proposed the government fix separate registration fees for separate areas of the country, which is being practised in many countries.
