In a major policy shift, the government has planned to build multi-storied buildings in villages for housing purpose to save croplands now decreasing every year, officials said Saturday.
Ministry of Finance (MoF) officials said they have planned to undertake a pilot project for rural housing in some 66 upazilas across the country.
"Since Bangladesh's farmlands are fast decreasing every year due to housing and urbanisation, the vertical expansion of houses in the villages will be helpful in saving arable lands," said a MoF official.
"Usually the government always focuses on housing in urban areas. This time we are setting our sight in villages," he told the FE.
The Bangladesh House Building Finance Corporation (BHBFC) has already prepared a Tk 3.62 billion project titled "Financial & Technical Assistance for Rural Housing in Bangladesh", he said.
The state-run house-building financial institution has sent a project proposal to the Bank and Financial Institutions Division under the MoF for consideration.
A Bank and Financial Institutions Division official confirmed receipt of the BHBFC project proposal. "We are reviewing it."
"Bangladesh's urbanisation is growing fast. If we want to save arable lands, vertical expansion of houses in villages is the best option," he told the FE.
According to the project proposal, the BHBFC will primarily build 345 four-storied buildings at 66 upazilas.
Each of the building will have 8 flats. The total flat number will be 3,000 units in the 345 buildings.
As per the plan, the BHBFC will provide maximum Tk1.0 million loan to a customer in villages for availing a flat. A borrower will pay the loan at 6.0 per cent rate in 20 years.
Under the pilot project, some 18,000 families will get the flats in the rural housing project.
The official said the rural buildings will get all the utility facilities including water, electricity supply, schools and colleges, and playgrounds.
Another Bank & Financial Institutions Division official said the BHBFC has sought Tk3.13 billion funds from the government exchequer out of the total Tk 3.62 billion pilot project.
The remaining Tk 600 million will be the equity of the BHBFC which will come from the borrowers' financial contribution, he added.
Bangladesh is one of the fastest-growing economies in the world where urbanisation is leading to loss of arable lands. The densely-populated country needs houses for its expanding family members.
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