Week-long housing fair begins in Dhaka

A seven-day housing fair of Sheltech, a leading real estate company of the country, begins in the Dhaka city today.
The Sheltech is going to arrange the fair when the country’s businesses started feeling the pinch of global recession, Toufiq M Seraj, managing director of the real estate firm, said at a press conference on Monday.
The target is to sell around 1200 flats built in about 50 housing projects in the city at discount rate, he said.
The fair to be held at Sheltech’s own building at Panthapath in the city, will remain open to buyers from 10:00am to 7:00pm everyday.
Seraj said sale of flats and apartments has alarmingly slowed down during the last three to four months because of the impact of global recession.
‘We have invested a huge amount of money for building 1200 flats in 40 to 50 projects and the objective of the fair is to sell the flats immediately to recover the investment,’ he said.
And towards the end, flats will be sold at a discount rate with bank loan facilities, Seraj, said.
He also said the customers would be given concessions in down payments with the facilities of more than 70 per cent bank loans,’ he said, adding, ‘The first 10 buyers will get a lucrative discount and benefits.’
‘The price of the flats will range from Tk 3150 per sq ft to Tk 8000 per sq ft,’ he said.
Seraj, also the former president of Real Estate and Housing Association of Bangladesh, urged the government to take realistic measures to enable the real estate sector to cope with the global meltdown.
‘In 2006, around 7000 flats were sold, while the sector experienced a very sluggish sale in 2007 and 2008,’ Seraj said.
He urged the government to take immediate steps to simplify the rules and regulations for real estate business, besides offering stimulus package.
High bank interest rate is the main hindrance to the growth of the sector, he observed, saying, ‘Interests rate of bank loans should be reduced and at the same time, land registration fees and other fees should be lowered significantly.’

Courtesy of NewAgebd