The New Nation - Internet Edition

BSS, Dhaka

The Housing and Public Works Ministry at an exchange of opinion meeting here on Thursday resolved that the promulgation of the Real Estate Management Ordinance-2008 will protect the interest of common people by bringing an end to corrupt practices by unscrupulous real estate developers.

Presiding over the meeting, Housing Secretary ASM Roshidul Hai said the government is going to formulate the ordnance in consultation with people for the first time to protect the interest of clients while buying plots or flats from the developers.

Real estate developers, including members of the Real Estate and Housing Association of Bangladesh (REHAB), buyers and land owners participated in the meeting.

The secretary said the developers are not rival to the government, rather a partner of the administration. Thus, he said, the government has no intention to suppress them.

Joint secretaries KM Mozammal Haque (development) and Akhter Ahmed (Admin), members of the Rajdhani Unnayan Kartipakkha (RAJUK), Chittagong Unnayan Kartipakkha (CHUK), Khulna Unnayan Kartipakkha (KHUK), Rajshahi Unnayan Kartipakkha (RAUK), REHAB executives, eminent lawyer Dr M Jahir, environmentalist Prof Abdullah Abu Sayeed, were present in the meeting.

K M Mozammal Haque said the government is formulating the ordinance to protect the interest of the general people side by side creating a safer investment environment in the real estate sector.

Akhter Ahmed described the government's plan for promulgating the ordinance as a positive step and said this will ensure a win- win situation for both the sellers and buyers.

Dr Jahir was critical of the provision of penalty in the draft of the ordnance and suggested forming a sub-committee for creating special tribunal for ensuring equitable justice to land owners, purchasers, utility and material suppliers related to real estate management.

The purchasers welcomed the government's decision and said the Real Estate Management Ordinance-2008 is definitely a commendable step in safeguarding the interest of general public.

On the other hand, the developers demanded elaborate discussions with the government before finalizing the ordnance.

Prof Abdulla Abu Sayeed said the REHAB should have a code of conduct and underscored the need for integrating all real estate developers into an association for ensuring the interest of real estate developers and buyers.

Accepting the buyers allegations against a number of developers, the Ministry of Public Works at an inter-ministerial meeting finalized the draft of the real estate management ordinance-2008 on March 11, 2008, The ordinance will be finalized very soon, the Ministry sources said.