Flat sale plummets by 30-40 pc in Rajshahi

RAJSHAHI, Nov 19: The housing sector in Rajshahi city has witnessed a 30-40 per cent decline in sale of flats in recent years due mainly to price escalation of the construction materials and higher registration cost.
In the meantime, the metropolis, which is located on the alluvial plains of the Padma River, has passed through a rapid process of visual improvement, with multi-storey buildings springing up here in a too big number.
Various reasons including the economic fallout due to the coronavirus pandemic, Russia-Ukraine war, and uptrend in the dollar price played a significant role behind the unbridled rise in the prices of construction materials.
Until 2009, the lone multi-storey building in Rajshahi city was the 10-storey building of Jiban Bima Corporation in the C&B Mor area.
In the last 14 years, after the development work worth about Tk125 billion (Tk12,500 crore), the number of high-rise buildings ranging from ten to twenty-one floors in the city has crossed 100.
Currently, the prices of construction materials have almost doubled along with the increase in land prices.
Earlier, good quality flats were available in Rajshahi at between Tk 4 million and Tk6 million (Tk 40 lakh to Tk 60 lakh), but currently they are being sold for Tk 7 million to Tk 8 million (Tk 70 lakh to Tk 80 lakh). This has reduced sale of flats in Rajshahi by 30-40 per cent.
According to the housing sector insiders, people's interest for having their own buildings in the healthy environment of Rajshahi city is gradually increasing.
As a result, a huge potential has been created in the housing industry here.
Along with the creation of employment in the industry, the unemployment problem of Rajshahi city is also disappearing.
Besides, the beauty of the city is increasing due to the construction of magnificent buildings.
Again, planned urbanisation is solving the housing problem. In addition to increasing the revenue of the government, the industry is also widening the scope of public service activities.
However, several problems have arisen in this industry, which is currently the biggest investment sector in Rajshahi, said housing entrepreneurs.
Anarchy by unlisted developers is increasing. They continue business unscrupulously, regardless of the ethics.
Customers are often cheated as extra money is taken on various pretexts outside the contract; and flats are not handed over to them on time.
Again, housing dealers do not avail bank loans due to tough conditions.
Besides, complex conditions of RDA and Housing Estate, Nesco, Fire Service are not friendly to housing business. Those associated with this sector are getting confused.
Therefore, they demanded ensuring easy conditions of the government agencies in obtaining the necessary documents along with ensuring transparency in the housing business.
In Rajshahi, developer companies build more flats of 1,200 to 1,600 square feet.
About 70 to 80 per cent of the housing work in Rajshahi is done by members of the Real Estate and Developers Association (REDA). They have an investment of around Tk40 billion (Tk 4,000 crore).
Mizanur Rahman Kazi, general secretary of Rajshahi Housing Traders Association and managing director of Al-Aqsa Private Limited, said housing business is a booming sector in Rajshahi city.
But nowadays due to the increase in the prices of goods due to various global reasons, the construction cost has also increased a lot.
Due to the increase in the price of flats, the sale of flats in Rajshahi has decreased by 30-40 per cent.
He also said the largest sector of Rajshahi is the housing sector which has the most employment opportunities for people.
So the problems have to be solved along with proper patronage. Then a revolution will be possible to build the desired beautiful city of Rajshahi. Or the housing sector may gradually collapse.
He also said doctors, government and private officials are buying the most flats in Rajshahi. The current price of each flat is Tk4,500 to 6,000 per square feet.

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