Does REHAB's code protect clients' interest?
Wednesday, 26 November 2008
Rashedul Haque
THE Real Estate and Housing Association of Bangladesh (REHAB) deserves appreciation for adopting a code of conduct for its members. A code was long overdue for bringing discipline in the sector. The association deserves congratulations. Better late than never.
But the real estate business has to be realistic. The question is, whether the code will really protect the clients' interests. Does it protect even the minimum interest of the buyers? An answer is needed the question 'Are the developers honest in their offer' or 'do they follow the norm of pricing'?
The issues of irregularities not getting settled through mutual understanding due to dishonesty of developers disturb the market. There are allegations that some developers sell apartments by inflating its size. For example, a 1,390 sft apartment is sold 1600 sft apartment. Many of the developers add the common space of the building with the apartments sold. Besides, many developers built their apartment complexes in government land encroaching on roads, lanes and empty spaces to increase the space sold.
It is not possible for every buyer to measure land and space because of lack of expertise. Local RAJUK personnel remain silent because of obvious reasons. But after the handing over the buyer lands into a 'black mailing hole' for the concerned RAJUK personnel to exploit. Every now and then the buyer faces threats for encroachment though he or she had not encroached on government's or other's land. The innocent buyer has face extortion by some dishonest personnel of the government's regulatory authority. Neither developer nor the architect are caught or punished.
For a solution it is necessary to differentiate the floor space, the living space of a flat from the common space of the apartment complex. Calculation of space in the sale of apartment needs honesty. The code has to be honest and clean and not evasive to protect dishonest developers.
The writer can be reached through email mazharul1945@yahoo.com
Thousands of complaints from the buyers are regularly being lodged against developers. The property developers also have their complaints against their clients. Considering the above, the FE introduces a ‘Complaint Board’ for both groups giving scope for responding to the complaints by the parties concerned as well as readers. The language of the complaints and their responses must be courteous and respectful of both the complainants and the defendants.
THE Real Estate and Housing Association of Bangladesh (REHAB) deserves appreciation for adopting a code of conduct for its members. A code was long overdue for bringing discipline in the sector. The association deserves congratulations. Better late than never.
But the real estate business has to be realistic. The question is, whether the code will really protect the clients' interests. Does it protect even the minimum interest of the buyers? An answer is needed the question 'Are the developers honest in their offer' or 'do they follow the norm of pricing'?
The issues of irregularities not getting settled through mutual understanding due to dishonesty of developers disturb the market. There are allegations that some developers sell apartments by inflating its size. For example, a 1,390 sft apartment is sold 1600 sft apartment. Many of the developers add the common space of the building with the apartments sold. Besides, many developers built their apartment complexes in government land encroaching on roads, lanes and empty spaces to increase the space sold.
It is not possible for every buyer to measure land and space because of lack of expertise. Local RAJUK personnel remain silent because of obvious reasons. But after the handing over the buyer lands into a 'black mailing hole' for the concerned RAJUK personnel to exploit. Every now and then the buyer faces threats for encroachment though he or she had not encroached on government's or other's land. The innocent buyer has face extortion by some dishonest personnel of the government's regulatory authority. Neither developer nor the architect are caught or punished.
For a solution it is necessary to differentiate the floor space, the living space of a flat from the common space of the apartment complex. Calculation of space in the sale of apartment needs honesty. The code has to be honest and clean and not evasive to protect dishonest developers.
The writer can be reached through email mazharul1945@yahoo.com
Thousands of complaints from the buyers are regularly being lodged against developers. The property developers also have their complaints against their clients. Considering the above, the FE introduces a ‘Complaint Board’ for both groups giving scope for responding to the complaints by the parties concerned as well as readers. The language of the complaints and their responses must be courteous and respectful of both the complainants and the defendants.