Real estate sector in dire straits
Sunday, 19 August 2007
THE drop in sales of plots and apartments to a significant extent, as reported in recent days by the media quoting the figures of the Real Estate and Housing Association of Bangladesh (REHAB), reflects a state of great unease in the real estate sector. The potential buyers of such properties are showing reluctance to make the purchase for a variety of reasons under the given circumstances. The real estate sector contributes as much as 20 per cent to the GDP. It is witnessing a decline in demand. Other industries associated to it such as cement and steel re-rolling, have, thus, witnessed a reduction in sales by 10 and 30 per cent respectively. A large number of people derive their income directly or indirectly from this sector and a good number of them are employed in it directly. The incomes and livelihood of most of them stand to be affected from the downhill developments in this pivotal sector which has been one of the most promising one in recent years.
The above is only one example of how anxieties and fears, on real or perceived grounds, have gripped the otherwise well-to-do sections of the populations. This situation calls for conducting the on-going drive which is also important for ridding the society of rampant corruption and gross irregularities, cautiously and carefully. The drive should target only the corrupt or the very corrupt and that persons with relatively cleaner and sound backgrounds should have little to fear.
In this context the signals have not so far been unmistakably clear. This has created the hesitation and rethink, leading to some businesses and members of the public withdrawing from their normal functioning from a sense of panic or not going for commercial transactions. There is no need to explain why this climate of uncertainty and apprehensiveness should be overcome immediately with the government side contributing most to this effort.
Mojibul Haque
Baridhara,
Dhaka
The above is only one example of how anxieties and fears, on real or perceived grounds, have gripped the otherwise well-to-do sections of the populations. This situation calls for conducting the on-going drive which is also important for ridding the society of rampant corruption and gross irregularities, cautiously and carefully. The drive should target only the corrupt or the very corrupt and that persons with relatively cleaner and sound backgrounds should have little to fear.
In this context the signals have not so far been unmistakably clear. This has created the hesitation and rethink, leading to some businesses and members of the public withdrawing from their normal functioning from a sense of panic or not going for commercial transactions. There is no need to explain why this climate of uncertainty and apprehensiveness should be overcome immediately with the government side contributing most to this effort.
Mojibul Haque
Baridhara,
Dhaka