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Tk 1 ,000cr Deposited Against Uttara, Purbachal Projects

Rajuk cashing in on delay in plot allotment process

Helem Lalam
Over one lakh plot seekers of Rajuk are now frustrated with the dilly dally over starting the plot allotment process under its Uttara Model Town (third phase) and Purbachal projects while over Tk 1,000 crore deposited money against the plots remains idle under Rajuk authorities pending selection of plot winners.
But Rajuk is getting full benefits from the huge amount of money in the form of interest thanks to the delay while the plot seekers lose about Tk 60 crore which they could earn as interest against their deposited money, sources at Rajuk said.
Over one lakh plot seekers submitted applications with the sums stipulated against different sizes of plots under two projects--Uttara Model Town (Third Phase) and Purbachal New Town Project-- from November 25,2008 to March 10 this year, said Sukumar Chandra Saha, mem- ber estate of Rajuk, adding around 1.67 lakh forms were sold during the time.
Most of the applications along with the money have been submitted before January 12, said another Rajuk official.
The deposited money will be over Tk 1,000 crore as on an averageTk 1 lakh had to be deposited against a plot by over one lakh plot seekers, Rajuk sources said.
Applicants were given assurance of a transparent result by last December and they were to get back their money by the next two months if they failed to get the plot.
But the present government has extended the form submission time till April .30 that has created doubts about transparency in the plot allocation process, said many plot seekers.
'I he frustration is higher among those plot seekers who submitted the money by taking loans. Now they cannot withdraw their applications for the money, they
said.
The last date for procuring forms is now April 29 while submission date is April 30 instead of January 14 and January 15. Earlier Rajuk fixed the date of procuring forms and submission on December 17 and December 18,2008 respectively.
"I could earn around Tk 6.000-7,000 in interest if I kept my Tk 1 lakh in fixed deposit (FDR) scheme of a bank for six months," said a plot seeker from Pallabi area.
"Every month I am payingTk 2,500 as interest to an organisation against Tk 50,000 loan," said Omar Faruk, a resident of Mir Hajirbagh, who applied for a 3-katha plot under Purbachal project.
He said he took the risk as he heard that everything will be done transparently by one month and it could take hardly two months to get back his deposited money ifhe fails to get the plot. "My banker wife borrowed Tk 1 lakh from her bank for a 5-katha plot under Purbachal project and for this every month we are giving Tk 7,000 to the bank for paying the loan money," said a public servant wishing anonymity.
Rajuk already have earned over Tk 15 crore through selling over 1.5 lakh forms (Tk 1,000 for each form), said an official at Rajuk.
Rajuk will earn around Tk 60 crore if they keep the deposited money (Tk 1,000 crore) for six months under FDR scheme of different banks on average 12 percenI interest while it will be able to get Tk 25 crore as interest normally from STD account of a bank at five percent interest, said a banker of a private bank.
Rajuk is taking a deposit of Tk 75,000 for a 3-katha plot while Tk 1 lakh for a 5-katha, Tk 1.50 lakh for 7.5-katha and Tk 2 lakh for 10-katha plot under the two projects. They are taking $ 1500 for a 3-katha plot while $ 2000 for 5-katha, $ 2500 for 7.5-katha and $ 3500 for 10-katha plot from expatriate plot seekers.
State Minister for Housing and Public Works Abdul Mannan Khan told the Daily Star that they have not taken any decision yet as to which process to be used for allocating the plot.
"We will take a decision after taking opinion of the stake holders to maintain transparency during allotment," he said.
Replying to a query on time extension, he said the extension of the date of application was fixed before his joining but the government has no plan for further extension.
He said they would complete the scrutiny of the applications by two months to make allotment by June.
Around 6,383 plots will be given under Purbachal project while around 870 plots under Uttara ModelTown project.