FE Report
The sale of apartment declined by more than 35 per cent in the last few months due to non-availability of power and gas connections in the new units.
Sheltech Ltd managing director (MD) Toufiq M Seraj said, "Our apartment sale fell around 25 per cent to 30 per cent in the last three months and the country-wide figure would be 35 per cent. It might reach 40 per cent if the prevailing situation continues."
"Around 10,000 ready flats are empty the market price of which would be around Tk 80 billion. This has happened due to lack of gas and power connections. The construction work of 10,000 new apartments under 700 projects was halted only because of non-availability of power connection," he said this at a press conference on the recent situation in the real estate sector.
He said the tax at sources on apartment and establishment registration was increased to 13 per cent in the budget of 2010-11. The registration cost is now Tk 600,000 which was Tk 400,000 previously.
Dr Seraj said, the recent political crisis in Middle East, is also responsible for lesser sale of flats.
The Sheltech Ltd MD Toufiq M Seraj told the FE that around 2.5 million workers are involved in the real estate sector. If the present situation continues around 500,000 workers might lose their jobs.
He urged the government to take necessary steps to protect the country' s real estate sector.
Real estate sector in real bad shape
FE Team | Published: April 14, 2011 00:00:00 | Updated: February 01, 2018 00:00:00
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