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Real estate property Sector in Bangladesh

 Essay about Real Estate Sector in Bangladesh

A Brief Assessment on Real Estate Sector in Bangladesh

The concept of Real Estate is definitely developed to solve the residential facility the industry big problem within a densely filled country like ours. Especially the cities exactly where unavailability of land tends to rise is a tendency of high surge apartments somewhat than private homes. At present 28% of the population of Bangladesh live in urban areas, which will be 34% in 2025.

In our nation real estate organization started in Dhaka in late 70s. The Asian Housing of Islam Group is the master in this organization. During 1971s there were fewer than 5 firms in Bangladesh engaged in this business. 23 years ago there were42 such designers working in Dhaka and now in 2005 you will discover about two hundred fifity companies engaged in this organization. From the early on 1980s the organization has started to flourish and in 1990s it has reached its peak. For the end of year 2000 there was slight downfall in real estate sector. With the quantity of companies increasing gradually and various complications concerning the real estate sector having cropped up needing early answer, necessity was strongly experienced for the organization of a trade association with the Real Estate organization. Real Estate and Housing Relationship of Bangladesh or briefly REHAB was established in 12 , 12, 1991 has solved the problem.

The role of REHAB in Bangladesh:

To have recognition pertaining to the Enclosure Sector as an industry, attempts of TREATMENT have hit with partial accomplishment but there exists hesitation in the implementation for lack of necessary regulating requests. Vat was going to be reclaimed at the price of 15% of the cost of the apartment. Although REHAB used the case with NBR and succeeded in convincing the NBR using facts and figures to affect real deduction of 1. 98% from the price associated with an apartment. VALUE-ADDED TAX has been increased since This summer, 1999 to 3%. TREATMENT succeeded in this respect in a limited way for the reason that it could influence the House Building Finance Firm (HBFC) of a close co-operation between the developers and the HBFC. Representatives of REHAB were invited to participate in the formulation of National Housing Policy during 1993. It can be said with satisfaction the recommendations of REHAB had been quite positive and received due concerns in the plan. The REHAB members have met Ministers & Officials of the Ministry of Community Works and RAJUK many a times to put forward its thoughts about policy guidelines on enclosure, expansion of housing sector targeting the reduced and low-middle income group through distribution of designed land simply by Government, mandatory membership of all developers of REHAB and uniform transfer modalities of land and apartment simply by Ministry of Public Functions and RAJUK. General terms and conditions of RES allotment:

Program for interest of rentals should be made on the prescribed application form duly signed by applicant combined with earnest money. The organization has the directly to accept or perhaps reject any application with out assigning any kind of reason. In acceptance of your application, the company will issue allotment page to the applicant and each will sign an agreement which includes all terms and sources of title including the

payment schedule and based on which the consumer shall start making repayment as per the timetable of the task.

Payments of earnest money, repayments, car parking price, additional performs and other costs should be of bank-draft or perhaps pay-order straight in the name of the respective business against that this receipts will probably be issued Payments of installments and all additional charges have to be made on due schedules according to the plan. The company may well arrange HBFC/Bank loan (if available) for allotted types according to the existing rules and regulations with the authority worried. Delay in payments could make the allocated liable to shell out delay fee (amount varies from company to company) for each and every 30 days for the amount delayed payment. In the event that the payment is delayed further than 60 days the...

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