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Let the market take its own course

by Faruk Ahmed
The real estate sector is in a serious crisis. The sector which had started its journey in the early '60s and had made a great impact around the turn of the century is now becoming lifeless. gradually.
Entrepreneurs are now saying that the sector is in a deep crisis: its business leaders are wriggling like a bniised bird. For the last few months there is hardly any sales of flats or plots.
Many companies are quitting shops while at least fifty of them are frustrated at the poor sales. And those who have invested hundreds of crores of taka, are apprehensive of the future. Many of them are saying, what is going on? When will the stagnation run out? Buyers are saying, they arc no longer confident of investing their capital in this sector. It is better to buy jewelry-
Market analysts arc saying, apprehension of a global recession, unexpected hike in raw materials, scarcity of land and complications of ownership, loss of purchasing power, failure to keep commitments by developers and finally an image crisis that is threatening a booming billion dollar industry — have combined to create such a situation.
The current down turn has come in the wake of 1/11. Although the government has taken several steps to address the situation it has not been enough to overcome the crisis. On the contrary, another virus has emerged in the form of the proposed ordinance 2008. It has generated many storms in the tea-cup. Now the real estate sector is the talk of the town. Everybody is looking at it — where is it headed for? Where will it end up?
But policymakers are saying that investors and consumers
will very soon see a healthy real estate sector. Because the government is trying to ensure that their hard earned money is not lost the government is promulgating this ordinance. They are firmly saying that the government wants to ensure
that no innocent purchaser will be cheated by any company.
Why is the real estate sector stagnant? What is its main problem? Where will the billion dollar industry end up?
On 22nd June an open discussion was held on the issue at the national press club. Discussants at the seminar said that in the absence of adequate data and because of the immoral activities of a few companies an atmosphere of mistrust has emerged among consumers. To ameliorate this mistrust honest entrepreneurs have to come forward and allow free flow of information about their projects. At the same time the regulatory authority has to step forward and promulgate an ordinance that protects the interest of the consumers. There is some similarity of views among the journalists and regulatory authority. Both say, the company’s dupe consumers by giving dazzling but misleading information through their advertisements.But the opinion of REHAB president Tanvireerul Hoq Probal was quite different.
The contribution of real estates sector to the GDP is between 12 to 14 per cent. This is largely for the private sector. About 50,000 engineers, architects and many more skilled and unskilled workers are involved with it. Many industries like cement, steel, bricks and electricity are dependent on it. Because of the stagnancy in the real estate sector these industries are on a downturn, too. The government has to act quickly to bring dynamism to them. The market has to be left to market forces. It can be improved by strangulation.
Both regulators and developers must take into cognizance that the real estate sector has spawned millions of jobs. It is the ‘mother industry’ for many other industries. If it crashes so will the affiliates. The whole economy will pay for it.
(The writer is the creater of Dhakabiz.com & president of BJFC1)