Real estate sector : The other side
Wednesday, 22 July 2009
The growth of the real estate sector in Bangladesh has been quite impressive. A number of developers have earned high appreciation from their customers for building quality apartments in multi-storied buildings and handing over ownership to them as per schedule.
But all the developers do not enjoy the same kind of reputation for their integrity or efficiency. Reports appear now and then in the press which reveal that some real estate developers are nothing better than swindlers. The so-called developers receive many crores of taka as deposits against land and buildings from unsuspecting people who do not find, even after the expiry of many years, any signs of their dream apartments coming into existence not to speak of actually using or renting them out. Many such deceived clients learn later on that the housing companies do not even own the plots against which they paid money or that the plots are actually of very poor quality-- marshy or water-logged lands-- that would take years to bring into any shape for building high-rise buildings on them.
The fraudulent housing operators in some cases even vanish after taking money from the people without any leaving behind them any trace. Others, who do not entirely vanish and retain at least signboard existence, cannot be forced by their defrauded clients in many cases to observe terms and conditions because of the exceptionally long and exasperating legal process involved.
The current state of affairs in the real estate sector calls for a review by the appropriate government authorities to provide relief to the cheated people. Effective guidelines need to be introduced to regulate such unscrupulous housing companies so that they are obliged to carry out the contracts they enter into with the members of the public. These guidelines should have provisions to penalize the defaulting developers, and the penalties should be swift and effective.
Shahriar Hossain
Arambag, Dhaka.
But all the developers do not enjoy the same kind of reputation for their integrity or efficiency. Reports appear now and then in the press which reveal that some real estate developers are nothing better than swindlers. The so-called developers receive many crores of taka as deposits against land and buildings from unsuspecting people who do not find, even after the expiry of many years, any signs of their dream apartments coming into existence not to speak of actually using or renting them out. Many such deceived clients learn later on that the housing companies do not even own the plots against which they paid money or that the plots are actually of very poor quality-- marshy or water-logged lands-- that would take years to bring into any shape for building high-rise buildings on them.
The fraudulent housing operators in some cases even vanish after taking money from the people without any leaving behind them any trace. Others, who do not entirely vanish and retain at least signboard existence, cannot be forced by their defrauded clients in many cases to observe terms and conditions because of the exceptionally long and exasperating legal process involved.
The current state of affairs in the real estate sector calls for a review by the appropriate government authorities to provide relief to the cheated people. Effective guidelines need to be introduced to regulate such unscrupulous housing companies so that they are obliged to carry out the contracts they enter into with the members of the public. These guidelines should have provisions to penalize the defaulting developers, and the penalties should be swift and effective.
Shahriar Hossain
Arambag, Dhaka.