Steps should be taken to raise awareness \\\'about fraudulence in real estate sector\\\'

FE Report | Published: January 01, 2015 00:00:00 | Updated: January 01, 2015 15:48:22

FE Report
The line ministry of the real estate sector should take various measures including publishing warning notices in media to raise awareness relating to fraudulence by some realtors, a top executive of a leading developer company said.
He also claimed that there is no risk in investing in real estate sector as 50 to 60 per cent of the investment is made in the land whereas in developed countries maximum investment is made by banks.
"We should not be lured by the attractive but illogical advertisements by any unknown developer company which sells a plot or flat at an unbelievable price," managing director of Sheltech Pvt Ltd Toufiq M Seraj told journalists while answering questions during a press briefing Wednesday.
He said the land owner should not give his land out of greed to any real estate company without checking the company's background although the offer may be better.
Mr Seraj was addressing a press conference on the occasion of "Sheltech Year Starting Housing Fair 2015" which begins today (Thursday) at its Corporate Office in the city's Panthapath.
The 15-day fair will start with the beginning of the New Year and with the hope that 2015 will bring some good business for the realtors with the increased interest of the buyers and various efforts by the government to salvage the sector from the depression which has been prevailing for over three years.
The main attraction of the fair is that Sheltech will arrange for 70 to 80 per cent loans for the clients at special arrangement at the lowest interest rate which will be at least one per cent less than the market rate.
Besides, there is responsibility of Real Estate and Housing Association of Bangladesh (REHAB) to check the offers of its member companies. Also, a Real Estate Ordinance is in place to protect property owners' rights. The ministry should raise awareness by publishing warning notices about fraudulence, he added.
Mr Seraj, also an architect and urban planner, said the bank interest rate in the housing sector is the highest in Bangladesh compared to other countries in the world. Though the country cannot lower it to three to four per cent as it is in the developed countries, it should be single digit.
He is confident that the incentive package of Tk 200 billion that the government has planned for the real estate sector will be of great benefit for the sector.
Sheltech is offering attractive prices for all its apartments at prime locations in Dhaka and also for land projects at Ashulia and Singair of Savar. The property fair will remain open from 9:00 am to 5:00 pm for the visitors where various old and new projects will be presented before the prospective buyers.
In this fair Sheltech will offer a special apartment project at the heart of the city's Motijheel area near Bangladesh Bank where there will be relatively cheap apartments of 895 to 1100 sq ft at a price of Tk 5,999 per sq ft. The apartments will be delivered within three months and Sheltech will arrange 50 to 60 per cent loans for the clients.
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