More than 50 per cent apartment buyers face sufferings in taking possession of their flats timely each year as the realtors often fail to hand over the same within the given deadline, according to the REHAB sources.
The realtors while admitting the delay in handing over apartments to buyers, blamed the abnormal rise in the prices of building materials for the delay.
The number of complaints against the realtors has gone up in the recent time.
Flat buyers usually complain to the Real Estate and Housing Association of Bangladesh (REHAB), an organisation of 361 realtors, high officials of the government or go to police stations to seek remedy against the unusual delay.
All the leading realtors of the country are on the list of those missing the deadlines, REHAB sources claimed.
According to the sources, they are now receiving more than 35 complaints each month, against 10 to 12 made previously, relating to issues like missing of deadlines and use of low quality building materials by the real estate companies.
'Around 3500 flat buyers in the recent years, more than 50 per cent of the total flats handed over a year, are not getting their flats timely. This unexpected delay is caused mainly by the price hike of building materials and other reasons,' Tanveerul Haque Probal, president of the REHAB told the FE Tuesday.
Shakil Ahmed, working with a multinational company in the city, also told the FE that the company concerned pledged him to hand over his flat in December last, but he was yet to receive it.
'It is unlikely that I would get my flat shortly. I am yet to lodge any case or complain with the Rehab on the issue as my developer has assured me that he will do it shortly,' he added.
A number of flat buyers told the FE that they needed support from the government as well as the realtors to resolve the problem of unexpected delay in the handover of flats despite payment of all dues.
However, the government is planning to introduce an ordinance to streamline the real estate sector and reduce the sufferings of the people.
There is a demand for flats from the middle income group, mostly working in developed countries including the US, Canada and Britain.
Apart from this, officials doing private jobs are also in the queue to buy flats as the Bangladesh Bank has eased the conditions of its housing loan scheme.
Following an increased number of cases of missing deadlines by the realtors, a number of leading developers have stopped selling flats for the time being.
'I have stopped selling flats as I cannot cope with the rising cost. Although every day buyers are coming to buy flats,' said Mr Tanveer, who is also managing director of the Building for Future Limited, one of the leading real estate companies.
'One of my projects is being implemented fast at the city's RK Mission Road, but I am not selling any flat as I cannot predict what the prices will be,' he added.
According to realtors, the construction cost has almost doubled over that of last one year.
'We earlier needed Tk 1600-1800 for each square feet, but now the cost has risen in between Tk 2700 and Tk 3200 including land prices,' said one official with the Asset Development, another leading real estate company.
'Construction cost for a 20 square feet bath room is now Tk 40,000 against Tk 20,000 a year back,' said MA Gafur, managing director of Shahjalal Property.
Kazi Ainul Hoque, managing director of Equity, a leading developer in the port city of Chittagong, told the FE that he was also planning not to sell flats in the wake of the galloping prices of building materials.
REHAB sources said realtors also miss deadlines due to the delay in getting connection of power and other utility services.
Mr Tanveer said the sufferings of buyers will reduce if the government can stabilise the prices of building materials.
'I assure you that the construction cost will not rise and there will be no complaint relating to any delay, if the government can guarantee price stability of building materials, especially MS rod prices,' Mr Tanveer added.
Prices of apartments rose by more than 100 per cent in posh areas and 70 to 80 per cent in other parts of the city over a period of last one year, REHAB sources said.
Currently, the prices of flats in posh areas including Gulshan are ranging between Tk 8,000 and Tk 15,000 per square feet, in Dhanmondi and its peripheral areas between Tk 6,000 and Tk 8,000, Uttara and Mirpur areas Tk 3,500 and 4,000.
According to the real estate companies, the rod prices rose by 60 per cent, brick prices by 100 per cent, cement by 15 to 20 per cent, paints by 30 per cent and aluminium and glass by 35 per cent.
Realtors missing deadlines for apartment handover
Jasim Uddin Haroon | Published: July 26, 2008 00:00:00 | Updated: February 01, 2018 00:00:00
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