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Proposed ordinance stunts growth of real estate industry: REHAB chief

BID News
The president of Real Estate and housing association of Bangladesh (RHAB) Engineer Tanvreerul Haque Probal said the contradictory policy and the government’s indifferent attitudes toward private sector would distort the growth of the real estate sector.
In an exclusive interview. TOIAB chiefthe government should consider real estate investors as industrialists. Their service is of no less value than in investment in others sectors. Even in neighboring India, it is treated as an industry and is lumped together with infrastructure, as a priority industry. Here, we have a totally different attitude, a new law has been set in motion that ties us up.
“How do they expect an industry to flourish after that? Where do crores of people go from here? I am sorry to say, it will only make the housing crisis even more acute”, Probal asked.
In a laissez-faire economy, REHAB president said private sector is the engine of growth.
Therefore, most countries are scaling down the slate and making way for the private sector. “Yes, there are strong regulatory bodies that ensure quality services and allow easy entry and exit but nowhere..- is the engine subverted.”
Probal said, that the government will frame laws tc ensure transparency and accountability in the sector to ensure consumer
benefit is also our demand but this does not mean that there will be only laws for the private sector and the public sector remains totally unregulated is unfair.
Describing the proposed law as the biggest threat to the growth of the private sector the business leader said that it is
not the public sector but the private that leads real estate. As of now. we have built thousands of apartments, employed 50 thousand engineers and millions of semiskilled and unskilled workers. The sector zontributes 12% to the GDP. Therefore, the govern-mnt should ensure 'fast tacking’ our activities, instead of trying to tie us down.
The ordinance is contradictory and is full of undesirable clauses. For instance, all projects are to be coverd by the 2004 ordinance but in reality, nobody has been able to pass a single project under it. Has the administration inquired, why the lay-out. drawings were never passed?
He said REHAB is aware of
many cases where a real estate developer has been adversely affected by the land developer. In some cases it was observed that two of the five brothers are canceling the contract after the commencement of work. How will the developer then be compensated? Nothing is said about it. In some cases the apartment owner is not paying up after-taking possession- of the house. What happens then ?
Probal said, the ordinance says that the agreement must include a clause that has to specifically state when utilities will be available. Now, we do not provide utilities. It is the government’s job. “If they fail why should we be punished?
The president of the Real Estate and Housing Association of Bangladesh (REHAB) Engineer Tanveerul Islam Probal concluded that the government’s real estate policy is so contradictory and unrealistic that it has brought the industry' to a dangerous turning point. The ordinance speaks of it.
position to give something of substance to the nation”, he said.