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Real estate: going by the book

Star Business Report
Housing is one of the basic human needs, and in an overcrowded city like Dhaka, finding a place to live at a reasonable price is quite the challenge.
The lack of relevant literature, be it an authentic study or guidelines, to inform of the latest developments, only makes things difficult.
Addressing such issues, Dr Toufiq M Seraj, managing director of a leading local real estate firm Sheltech, penned a book, Private Sector Housing.
“This book has been produced to fill the gap on information regarding the progress the real estate sector and its linkage industries such as cement, steel, ceramics, paint and carpentry, have made in last three decades,” Seraj said.
The book covers a wide range of fields, such as importance and influences of housing on human life, private real estate housing practices in Dhaka, major obstacles of the sectors, housing laws and regulations, and housing practices in some other countries.
The book presents empirical data, courtesy of regular Sheltech surveys, on price rises of land and apartments in major parts of Dhaka.
According to the book, 51 percent of the city residents are businesspersons, while 40 percent are in service.
Simultaneously, only 7 percent live in structures on
their own land, while 33 percent are tenants and 60 percent live in apartments owned by them.
In the last 11 years, the apartment prices have increased at an annual average rate of 14.4 percent, thanks to increased land and construction materials' prices and higher degree of competition among developers, the book says.
The real estate sector is often used as an indicator to measure a nation's economic growth, and flourishing economies in China and Dubai for instance, are represented by booming real estate markets.
Local housing industry has made remarkable progress by contributing 12-14 percent to the country's GDP, creating employments for nearly 40 lakh skilled and unskilled work forces, in the last ten years.
The book also outlines recommendations to mitigate problems facing the sector.
Jamilur Reza Choudhury, former adviser to caretaker government, commended the book as it will greatly help students of architecture and urban planning, researchers and investors alike.
He, however, had suggestions for the next edition of the book, such as elaboration on floor area ratio, height restrictions, building code and Fire Act.
Kutubuddin Ahmed, chairman of Sheltech, and Hasan Jaedi, CEO of Pearl Publication, also spoke at the book launch ceremony, jointly organised by Sheltech and Pearl Publication at Ruposhi Bangla Hotel on Tuesday.