The New Nation - Internet Edition

REAL estate business is an important sector of the national economy. According to an estimate, nearly 20 lakh labourers and five thousand engineers and architects are directly engaged in this sector. It is claimed that this sector makes a 15 percent contribution to the GDP. The housing sector is actually a big cross-section of the economy. A large number of backward linkage industries provide about 200 types of products and services to the housing sector. The development of these products is largely influenced by the growth of the housing sector.

The government is reportedly going to promulgate an ordinance on private sector housing to remove irregularities in the sector. The Council of Advisers of the Caretaker Government has recently approved the ordinance. But the real estate businessmen are strongly critical of the ordinance draft. According to them, the proposed ordinance would create obstacles to the development of this fast growing sector. Terming the ordinance draft as not suited to the time they asked the government to review it and called for setting up an arbitration tribunal to address the complaints of customers.

Some rules and regulations are essential to seal the loopholes, if any, in the sector and keep it under discipline. But those should not amount to creation of obstacles to its vibrant growth. Shelter or housing is a fundamental night of the people. It is estimated that at least two million new houses are needed to meet the present demand. There is no housing project for the common people and, as such, it is difficult to meet the huge demand. The authorities concerned should develop appropriate plans for housing that would make shelter affordable to the vast majority of the people. For this participation and cooperation of the private sector would be inevitable.