The country’s housing and real estate sector has set to turn around after recovering the slump in the last few years as some commercial banks have started to provide loan to the sector in single digit, industry people said.

However, the people related to this sector said if the registration fees of the plot and flat will be reduced, the middle class people will be more attracted for buying flat and plot. The housing and real estate businesses demanded incentive of Tk 20,000 crore as housing loan for fulfilling the dream of accommodation of lower and middle income people.

Real Estate and Housing Association of Bangladesh (REHAB) sources said that the real estate businessmen have doubled their investment in this sector in the last five years.

According to REHAB, in 2013, investment in real estate sector in Chittagong region was Tk 3,500 crore in 2014, it was Tk 3,750 crore in 2015, Tk 4,000 crore was invested in the sector in 2016, Tk 5,000 crore in 2017 and the investment reached at Tk 6,500 crore in 2017.

REHAB vice president and Chittagong Regional Committee Chairman Abdul Kauiam Chowdhury said, “The housing and real estate sector has set for turnaround, recovering the slump.”

However, he asked the government for single digit loan for the sector. He also urged the government to reduce the registration expenses from 16 per cent to seven per cent.

He also said the present registration expense in Bangladesh is much higher comparing to other countries.

 “As per the goal of the government to make Bangladesh a middle income country, government has to take some more steps to enrich the housing and real estate sector,” ASM Abdul Gaffar Meyazi, convener of press and media, Chittagong Region of REHAB, told The Independent.

“The government should provide opportunity to invest the undisclosed money in this sector without imposing any conditions. If people can invest the undisclosed money which is legal money, the tendency of laundering money to abroad will reduce and the housing and real estate sector will retrieve,” added Meyazi also the managing director of East Delta Housing Ltd.

“If the housing and real estate sectors revitalize, 300 organisations related to the sector will boost up.  

Due to government initiative the numbers of plot and flat booking and investment have increased in the sector in the last six to five years, added Meyazi.

He also demanded to the government to resume the loan facilities which was given in 2009.

A four-day long housing and real estate fair is scheduled to begin at Radisson Blu Chittagong Bay View in Chittagong today. The fair will be inaugurated at 12 pm by Chittagong Development Authority (CDA) Chairman Abdus Salam. Around 59 real estate firms, financial institution, building material institution from Chittagong and Dhaka will participate in the fair to display their offers at 83 stalls.