Problems in the real estate sector

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Who are the people who see the wisdom of investing their money in flats? They are the ones who practically see the difficulties of building independent houses in good localities. Individually buying lands in the good areas is unthinkable for many intending home owners because of the very high land costs. Besides, independently making houses involves absorbing many hazards such as meeting demands of extortionists, harassments by Rajuk officials, etc. It is also not economic to employ security guards for independent houses.
The solution to all these problems is offered by real estate developers who cater to the needs of affordable home ownership in good areas with ample security through building multi-storied flats. All requirements of the home owners are satisfied by these flats and the owners also do not have to spend any time or energy. They can rest content by making a one time deposit of money to real estate developers and allowing them to build homes for them and to transfer the same to them in a year or two.
But the real estate sector is facing many problems that include not getting permission from the authorities to build above six stories in certain residential parts of the city though high-rise buildings are the only means to solve the housing problems of the city's fast growing population. Then, there are the delays caused in approval of plans, similar hazards and delays faced in obtaining permission from utility agencies for water, electricity and gas connections. Lackadaisical attitude of the loan giving institutions is also a factor for the slow progress of the real estate sector. Besides, the private organisations that give loans for housing activities also charge relatively higher rates of interest.
The government should give urgent attention to these issues for the optimum development of the real estate sector.
Ruhul Amin
DOHS, Dhaka