Commerce Minister Tofail Ahmed expressed his willingness to look into the realtors' demand for a reduction in flat registration fee and create a separate fund for the sector's development.
"I will talk to the finance minister (AMA Muhith) about the issue, as the government's goal is to ensure shelter for every citizen," he said while speaking as the chief guest at the inaugural ceremony of REHAB fair 2017 on Thursday.
The Real Estate and Housing Association of Bangladesh (REHAB) organised the five-day expo at Bangabandhu International Conference Centre (BICC) in the city.
State minister for power, energy and mineral resources Nasrul Hamid attended the ceremony as special guest. REHAB acting president Nurun Nabi Chowdhury (Shaon), vice-president Liakat Ali Bhuiyan, vice-president (Finance) Md Shohel Rana and director Md Shakil Kamal Chowdhury also attended the ceremony.
Tofail Ahmed said the real estate is a very crucial sector in the country's economy, as over hundred other businesses, including rod, cement and transport, are linked to it.
About the realtors' demand, the minister said he would talk to the finance minister regarding the setting up of a separate fund of Tk 50 billion for the sector's development in order to provide affordable housing for the people.
The government is also working to provide housing facility for every citizen by 2021, he said, adding that a comprehensive plan of action involving the agencies concerned is needed to attain the goal.
In his speech, Nasrul Hamid stressed the need for creating long-term loan facilities with single-digit interest rate for the customers to ensure housing for all.
Nasrul Hamid, also a former president of REHAB, also called for setting up a fund of Tk 50 billion for the sector's development.
Nurun Nabi Chowdhury said Bangladesh has the highest registration fee for a housing unit of any country in South Asia.
At present, the registration fee is 14 per cent for a flat, he said, adding that the rate should be lowered to 8.0 per cent for Dhaka and Chittagong metropolitan areas and 6.0 per cent for other regions in the country.
"Reducing the rate will boost the government revenue from the sector, as many are avoiding the registration process for higher cost," he said.
He also said realtors are facing challenges due to higher value of a land.
"Rajdhani Unnayan Kartripakkha (RAJUK) are making flats on the government-provided lands without additional cost, while the realtors' cost go high for procuring a private land," he added.
He requested the government to look into the matter for the sake of realtors.
More than 200 companies including real estate, building materials, interior decorations and financial institutions are taking part in the fair.
The fair will remain open from 10:00am to 9:00pm daily for the visitors. The entry fee is Tk 50 for each person.
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