Registration cost needs to be reduced

Engr. Iftekhar Hosen, Managing Director, CPDL

FE Team | Published: Monday, 25 February 2019 | Updated: February 25, 2019 19:10:27

Engr. Iftekhar Hosen

The following are the excerpts from the interview of Engr. Iftekhar Hosen, Managaing Director of CPDL, in an interview with The Financial Express.
FE: Would you please describe the state of the construction sector in the country as it is right now?
Answer: The purchasing capacity of the people has been increasing gradually. As a result middle class people have been buying different sizes of plots and flats. So the existing position of real estate business is satisfactory.
FE: Do you think, after the last general election held December 30, 2018, the prevailing political stability well leave a positive impact on the sector in 2019? Please, elaborate.
Answer: Investment in real estate sector has been progressing uninterruptedly as the political situation of the country is stable.
FE: What are the challenges you face in the business right now?
Answer: The main challenge of this sector is getting the support/ clearance of different agencies of the government. It is the fundamental right of the people to get the facilities of the government. But in practice, we are being deprived.
Apart from the amount paid as the price of a flat or plot, a customer has to spend at least an additional 15 per cent as its registration cost. If the registration fee is reduced to 6.0 to 7.0 per cent, more people would be able to afford to buy an apartment easily. Due to procrastination in getting the facilities of utility services, expenditure of the projects increases.
Moreover, the hassles faced by the developers in passing plans of the projects need to be minimised by the government. It will help increase the investment in this sector while reducing the expenditure on the projects.
FE: What is the state of use of latest technology like prefabricated steel in the sector?
Answer: with the innovation and use of modern technologies, now we are able to construct desired apartment up to the international standard in Bangladesh. The real estate sector in Bangladesh is now fully mature and with the changing situation, apartments of quality and standard are now being built.
FE: How will you evaluate the backward linkage industries in the sector and do you think there exist opportunities still untapped?
Answer: Real-estate sector of Bangladesh is now capable of constructing global standard apartments.
FE: The government plans to build villages like urban areas. That offers a great opportunity for businesses like yours. What is your opinion?
Answer: For meeting the challenges of ever-increasing population, development of new cities is badly needed. Moreover, urban land should be developed in a planned manner, simultaneously by the government like developed countries of the world. Then the government can handed over these land to the real estate owners so that the low income group of peoples can procure plots and flats at a less price. Proper plan of the government is needed in this sector for onward progress of the country.
FE: Please tell about how you got into the business and founded your business venture. What is the way forward?
Answer: CPDL has been progressing well on its transformational journey, which began in 2004. The initial challenges were managed with three core principles: intelligence, innovation and integrity. Customer, Quality and Time were the catalyst to set and achieve the unique market identity of with Quality in Time. Relentless Team Effort on research and development to optimize the functional, aesthetical and ethical essence of the business drove towards TOGETHERNESS within the organisation and among the clients, partners, associates, stakeholders and all related parties.
The organisation is continuously developing innovative property solutions that enable customers to experience some extra ordinary living lifestyle. Family and Environment are two prior considerations in developing a project, green architecture, tested strength of structure, well planned and executed plumbing and electro-mechanical solutions, proper utility services, excellence in finishing workmanship, and enhanced after sales service, with outstanding legal and compliance support.
Based on the strong real estate brand image CPDL has already been shaped up as a FAMILY with the substantial amount of investment both in local and international market.
In the highly competitive, multi-challenged and long return properly development market, CPDL has consistently been a performer and setting trends for others to follow. The innovation-led, future-focused CPDL has been the pioneering force behind the rapidly changing skyline of Chittagong, with the variety of portfolio of residential (Condo, Star Class apartments, luxury apartments and semi-luxury Apartments), Commercial Mixed-use and Hospitality Properties. CPDL, with the spirit of innovation at its core has achieved a position for itself as an industry benchmark for the following core values:
- Quality
- Timely
- Pre-Sales and Post Sales Customer Services
- Strong and sound Technical Team
- Uncompromising Business Ethics
- Constant Commitment to Timeless Values
- Total Transparency in every Aspect of its business
FE: What is your vision of the sector?
Answer: Our vision is to provide apartment to all i.e,. home for all. Then the society will develop gradually. Profit is not our object; our motive is to expand the sector and developed the society at a large. Our intent is to provide quality housing to the people at a reasonable price to resolve housing problems of the city dwellers.
FE: Do you have any suggestion for the policy makers?
Answer: Land value must be reduced and rate of bank interest is to be reduce to 5.0 per cent for easy availability of the apartments to the common people.