Bank loans

REHAB Fair sees commitments for bank loans of Tk 1,500 crore

Prospective buyers have received pledges of around Tk 1,500 crore from banks to purchase apartments, land and commercial spaces at the Real Estate and Housing Association of Bangladesh (REHAB) fair .

Various real estate companies sold apartments, land and commercial spaces worth Tk 397 crore during the fair held at the Bangabandhu International Conference Center in the capital.

The rise in apartment and land prices, coupled with the Covid-19 pandemic, this time impacted sales. Compared to the last show in 2019, around 8,000 fewer visitors came to this year’s show. Sales also fell by around Tk 60 crore.

At the closing ceremony of the five-day fair on Monday afternoon, REHAB Chairman Alamgir Shamsul Alamin said apartments were sold and reserved for Tk 198 crore, land for Tk 125 crore and spaces trading for 74.38 crore Tk. In addition, commitments for around Tk 1,500 in bank loans have also arrived.

Buyers received loan commitments from banks to purchase apartments and land after the fair, REHAB officials said.

This time more than 19,000 buyers and visitors came to the show compared to 27,000 buyers and visitors at the 2019 show. Apartments, land and commercial spaces worth Tk 456 crore were sold directly this year -the.

During Meet the Press, the president of REHAB said: “It was a fruitful fair. We look forward to next year.

In response to a question about harassment of customers by property companies, he said: “We don’t deny the allegation. But one thing to bear in mind is that we release around 10,000 apartments to customers every year. There may be problems transferring 100 to 200 of the apartments.”

“However, we are taking the matter seriously. Our special cell is working. We are trying to resolve issues with complainants, developers and landowners. We have resolved many issues as well,” he added.

He said a lot of people were a little hesitant to come to the fair because of the coronavirus. As a result, the number of visitors has decreased.

Regarding complaints about the high price of apartments, he said that the price has not increased compared to the rate at which the prices of building materials have increased. Rod and cement prices have increased by more than 30%.

Vice President (First) of REHAB Kamal Mahmud, Vice President (Finance) and Fair Committee Chairman, Engineer Mohammad Sohail Rana, Vice President (Third) Lion Sharif Ali Khan and other administrators of REHAB’s Board of Directors attended the press conference.

Complaints about the high price

On the closing day of the REHAB fair, there was a large crowd of buyers and visitors.

Mazed Hossain, from North Badda in the capital, told TBS that for middle-class people like him, it seems like the dream of buying an apartment will never come true.

“Because of the coronavirus, our income has already decreased and the price of apartments has increased. I receive a salary of 40,000 Tk. I would have liked to buy an apartment with my savings. It becomes difficult because the price of apartments has increased ” , he added.

During the fair, Eastern Housing Limited books apartments in its Mirpur 2 and Banasree projects. In addition, land is being reserved in a real estate project in Savar.

Uzzall Chakrabortty, deputy manager (sales and business development) of the housing company, told TBS: “We received a lot of responses from buyers during the fair. We sold five apartments in the Mirpur project. Many more customers are committed to buying our apartments.”