REHAB fair begins to regain buyers' confidence
Wednesday, 12 November 2008
Munima Sultana
The REHAB fair 2008 began in the city on Tuesday with a better market outlook compared to last year when the sale of apartments dropped significantly.
In 2007, the sector had dull business due to increased price of land and construction materials. The sale of both apartments and land fell by around 50 percent that year also because of anti-corruption drive.
This year, the organisers say, the fair will help regain the confidence of the buyers as the economic situation has improved a little compared to the previous year.
"We are expecting better business from this year's fair as enthusiastic buyers are making more queries to buy flats. Besides, highest number of real estate companies are participating this year with quality products," a REHAB executive told FE.
The Real Estate and Housing Association of Bangladesh (REHAB) has been organising the fair in the city since 2001 to increase businesses and expand the market at home and abroad.
This year, around 187 out of 453 developers registered with REHAB are participating in the fair. Five lending institutions are also there to support the buyers. The REHAB fair has been organised with 12 cosponsors. Last year a total of 130 developers took part.
At the fair inauguration, REHAB representatives said to ensure buyers' interest, a code of conduct formulated by REHAB was approved by its members before the fair began so that confidence in buyers returns and a fair business atmosphere is created in this sector.
REHAB President Tanveerul Haque Probal said that the code would serve the interests of both the buyers and sellers from signing an agreement to delivery stage.
He said the fair provides the opportunity for the buyers to choose.
The REHAB President said the soaring price of land and construction materials, lack of coordination among service providing organisations, bank loan crunch, high rate of credit and dillydallies in approving building designs were impeding the sector's growth.
The government should reduce registration costs, help people afford a home, he said.
Probal told FE that Rehab could not set a target as the market was yet to stabilise. He pointed to the sudden rise of rod price to Tk 53,000 from Tk 40,000 when the fair began.
So far REHAB organised fairs in Dhaka and Chittagong for market expansion. It also organised six fairs in the United States, once each in the UK, Italy and UEA to create housing market for the NRBs.
Like in the previous year, the organisers said, REHAB asked the participating companies not to sale any unapproved plot or and flats. It asked them to put on display the government's approval of their projects to the buyers visitors, and without fail.
The REHAB fair 2008 began in the city on Tuesday with a better market outlook compared to last year when the sale of apartments dropped significantly.
In 2007, the sector had dull business due to increased price of land and construction materials. The sale of both apartments and land fell by around 50 percent that year also because of anti-corruption drive.
This year, the organisers say, the fair will help regain the confidence of the buyers as the economic situation has improved a little compared to the previous year.
"We are expecting better business from this year's fair as enthusiastic buyers are making more queries to buy flats. Besides, highest number of real estate companies are participating this year with quality products," a REHAB executive told FE.
The Real Estate and Housing Association of Bangladesh (REHAB) has been organising the fair in the city since 2001 to increase businesses and expand the market at home and abroad.
This year, around 187 out of 453 developers registered with REHAB are participating in the fair. Five lending institutions are also there to support the buyers. The REHAB fair has been organised with 12 cosponsors. Last year a total of 130 developers took part.
At the fair inauguration, REHAB representatives said to ensure buyers' interest, a code of conduct formulated by REHAB was approved by its members before the fair began so that confidence in buyers returns and a fair business atmosphere is created in this sector.
REHAB President Tanveerul Haque Probal said that the code would serve the interests of both the buyers and sellers from signing an agreement to delivery stage.
He said the fair provides the opportunity for the buyers to choose.
The REHAB President said the soaring price of land and construction materials, lack of coordination among service providing organisations, bank loan crunch, high rate of credit and dillydallies in approving building designs were impeding the sector's growth.
The government should reduce registration costs, help people afford a home, he said.
Probal told FE that Rehab could not set a target as the market was yet to stabilise. He pointed to the sudden rise of rod price to Tk 53,000 from Tk 40,000 when the fair began.
So far REHAB organised fairs in Dhaka and Chittagong for market expansion. It also organised six fairs in the United States, once each in the UK, Italy and UEA to create housing market for the NRBs.
Like in the previous year, the organisers said, REHAB asked the participating companies not to sale any unapproved plot or and flats. It asked them to put on display the government's approval of their projects to the buyers visitors, and without fail.