Real Estate ordinance soon to ensure business fairness, protect buyers
Wednesday, 26 November 2008
Munima Sultana
The government is about to promulgate the much-talked about real estate ordinance to remove irregularities in the sector.
The council of advisors of the Caretaker Government approved the draft Real Estate Development and Management Ordinance 2008 on November 20 after scrutinizing over the last four months.
The ministries of law and public works and housing formulated the first draft which was approved in principle by the council of advisor on July 29. But the draft law was sent for scrutiny following reaction from the real estate sector companies and their association, REHAB.
Real Estate and Housing Association of Bangladesh (REHAB) mobilized a media campaign to oppose the provision of implicating realtors in non-bailable cases 'without solid ground'. It suggested for the provision of mediation besides other changes to the proposed law.
Apart from placing suggestions, REHAB also finalised a code of business conduct for its members as a sign to show their commitment towards the sector's development. REHAB is yet to comment on the draft ordinance recently approved by the council.
Officials said the draft had been revised to bring some structural changes on the basis of the suggestions from different quarters to ensure fair management of the real estate business, protecting the interests of both the buyers and the sellers.
An official of public works ministry told FE that some of the REHAB's suggestions were considered and hinted about the possibility of incorporation of the provision of arbitration or mediation in the revised draft.
However, officials would not say whether or not the demand of non-bailable issue of REHAB was omitted.
Meanwhile, Bangladesh Paribesh Andolon, Bangladesh Environmental Lawyers' Association and Institute of Architects, Bangladesh (IAB) welcomed the first draft ordinance.
However IAB earlier suggested for a review of some of the clauses of the ordinance for sustainability of business. It then supported the REHAB's suggestion for incorporating of the provision of arbitration before a dispute goes to court.
Both BAPA and IAB now want that the ordinance should be promulgated soon.
Iqbal Habib, joint secretary of BAPA said if the artibration provision is incorporated, all the professional bodies including civil society, consumers' association and educational institutions should be in the mediation team.
He said the provision for mediation in the "Imarat Nirman Bidhimala 2006" provides for a 'Nogor Unnoyon Committee' to ensure justice and augustness in implementation.
Kazi Nasir, general secretary of IAB said institute is always in favour of a clear real estate policy and hoped that the proposed ordinance would protect the interests of both the buyers and the sellers and ensure business fairness in the country.
The government is about to promulgate the much-talked about real estate ordinance to remove irregularities in the sector.
The council of advisors of the Caretaker Government approved the draft Real Estate Development and Management Ordinance 2008 on November 20 after scrutinizing over the last four months.
The ministries of law and public works and housing formulated the first draft which was approved in principle by the council of advisor on July 29. But the draft law was sent for scrutiny following reaction from the real estate sector companies and their association, REHAB.
Real Estate and Housing Association of Bangladesh (REHAB) mobilized a media campaign to oppose the provision of implicating realtors in non-bailable cases 'without solid ground'. It suggested for the provision of mediation besides other changes to the proposed law.
Apart from placing suggestions, REHAB also finalised a code of business conduct for its members as a sign to show their commitment towards the sector's development. REHAB is yet to comment on the draft ordinance recently approved by the council.
Officials said the draft had been revised to bring some structural changes on the basis of the suggestions from different quarters to ensure fair management of the real estate business, protecting the interests of both the buyers and the sellers.
An official of public works ministry told FE that some of the REHAB's suggestions were considered and hinted about the possibility of incorporation of the provision of arbitration or mediation in the revised draft.
However, officials would not say whether or not the demand of non-bailable issue of REHAB was omitted.
Meanwhile, Bangladesh Paribesh Andolon, Bangladesh Environmental Lawyers' Association and Institute of Architects, Bangladesh (IAB) welcomed the first draft ordinance.
However IAB earlier suggested for a review of some of the clauses of the ordinance for sustainability of business. It then supported the REHAB's suggestion for incorporating of the provision of arbitration before a dispute goes to court.
Both BAPA and IAB now want that the ordinance should be promulgated soon.
Iqbal Habib, joint secretary of BAPA said if the artibration provision is incorporated, all the professional bodies including civil society, consumers' association and educational institutions should be in the mediation team.
He said the provision for mediation in the "Imarat Nirman Bidhimala 2006" provides for a 'Nogor Unnoyon Committee' to ensure justice and augustness in implementation.
Kazi Nasir, general secretary of IAB said institute is always in favour of a clear real estate policy and hoped that the proposed ordinance would protect the interests of both the buyers and the sellers and ensure business fairness in the country.