The New Nation - Internet Edition

Talha Bin Habib

The interest of the buyers and landlords would not be protected, if the proposed ordinance regulating private sector housing business comes into effect, said worried real estate businessmen.

They said the proposed new law might create obstacle to the growth of the fast growing real estate industry, they added.

They called upon the Government to review the draft of the 'Private Sector Housing Ordinance' for the interest of the buyers and landlords.

Terming the new law not time befitting, they said, these new rules could not protect the interest of the buyers and would fail to bring any discipline in the private real estate sector.

The proposed ordinance would create scope for corruption, as it would control the developers rather than regulate them.

It needs fine-tuning to make it a time befitting law, they opined.

They urged the Government to set up an arbitration tribunal to address the complaints of the customers in the real estate and housing sector.

They called upon the Government to review the ordinance, as they think this law would neither protect the interest of the buyers nor bring discipline in the property business.

Talking to the New Nation Engineer Tanveerul Haque Probal, President, Real Estate and Housing Association of Bangladesh (REHAB) said the Government should review the ordinance for the betterment of housing sector's interest.

" If the Government really wants a vibrant but disciplined real estate sector, they should move to adopt a time befitting law through discussion with the stakeholders," he said.

He proposed for the formation of an arbitration tribunal for complaint settlement as the ordinance focuses on removing alleged irregularities as complained by many an apartment buyer and landowners.

He also said that a sharp rise in the prices of land and construction materials might hinder the growth of the housing sector.

The Council of Advisers of the Caretaker Government has recently approved an ordinance that provides non bailable imprisonment to the property developers on different grounds.

Housing in the capital city is in a mess as there is no planning to be followed in this important sphere of civic life.

"The Government should decentralise urbanisation and provide infrastructure so that there could be satellite townships at district level to reduce urbanisation pressure on the capital city," said a high official of the National Housing Authority.

It is estimated that nearly 20 lakh labours and 5 thousand engineers and architectures are engaged in the real estate sector. And this sector is contributing 15 per cent to the GDP.