Real Estate and Housing Association of Bangladesh (REHAB) on Sunday welcomed the proposed budget for the upcoming 2024-’25 fiscal and observed that the decision of giving opportunity to invest the undisclosed money is “realistic and time-befitting” .
“Mainstream economy of the country will become more dynamic with undisclosed money invested in the housing sector,” said REHAB President Md Wahiduzzaman at a media briefing at the Centre on Integrated Rural Development for Asia and the Pacific (CIRDAP) auditorium in the city.
He also proposed reducing the registration fee for lands and flats to 7 percent from the existing 22 percent. However, the fees were proposed in the upcoming budget to 30 percent.
“Currently, 22 percent of the land or flat purchase has to be paid as registration fee, which is 30 percent of the proposed budget. Reducing that amount to 7 percent will increase the trend of registrations by showing the correct value of lands and flats as well as increase government revenue,” he added.
He said, “We request a change in the method of revenue collection from the real estate sector. Registration costs will be about 30 percent if the proposed budget is passed. This amount of registration cost doesn’t exist anywhere else in the world. Therefore, I propose reducing it to 7 percent.”
He also proposed introducing the system of providing loans at single digit interest rates.
The REHAB President, however, said that introducing an even lower 4 percent registration fee for five-year-old flats in the secondary market would allow low-income families to be able to buy flats.
“...If the secondary market is dynamic, the country’s economy will be dynamic...The facility of creating a secondary market for real estate, however, has not been included in the budget,” he noted.
