REHAB Fair sees commitments for Tk1,500 crore bank loans  

Prospective buyers have received commitments of around Tk1,500 crore loans from banks to buy flats, plots and commercial spaces at the Real Estate and Housing Association of Bangladesh (REHAB) Fair.

Various real estate companies have sold flats, plots and commercial spaces worth Tk397 crore during the fair held at the Bangabandhu International Conference Centre in the capital.

Increase in the prices of flats and plots, coupled with the Covid-19 pandemic, has impacted the sales this time. Compared to the last fair in 2019, around 8,000 fewer visitors came to this year's fair. Sales have also come down by about Tk60 crore.

At the closing ceremony of the five-day fair on Monday afternoon, REHAB President Alamgir Shamsul Alamin said that flats were sold and booked for Tk198 crore, plots for Tk125 crore and commercial space for Tk74.38 crore. Besides, the commitments for around Tk1,500 bank loans have also come.

Buyers have received loan commitments from banks to purchase flats and plots after the fair, REHAB officials said.

This time more than 19,000 buyers and visitors came to the fair compared to 27,000 buyers and visitors in the 2019 fair. Flats, plots and commercial space worth Tk456 crore were sold directly that year.

At the Meet the Press, the REHAB president said, "It was a fruitful fair. We look forward to next year."

In response to a question about customer harassment by real estate companies, he said, "We are not denying the allegation. But one thing to keep in mind is that we hand over about 10,000 flats to customers every year. There may be problems in transferring 100 to 200 of the flats. "

"However, we are taking the matter seriously. Our special cell is working. We are trying to solve the problems together with complainants, developers and landowners. We have also solved many problems," he added.

He said many people were a little hesitant to come to the fair because of the coronavirus. Due to that, the number of visitors has decreased.

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

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

Complaints about high price

On the concluding day of the REHAB Fair, there was a large crowd of buyers and visitors.

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

"Due to the coronavirus, our income has already decreased and the price of flats has gone up. I receive a salary of Tk40,000. I would have wanted to buy a flat with my life savings. It is becoming difficult as the price of flats has increased," he added.

At the fair, Eastern Housing Limited is booking flats at its Mirpur 2 and Banasree projects. Besides, land is being booked at a housing project in Savar.

Uzzall Chakrabortty, assistant manager (Sales and Business Development) at the housing company, told TBS, "We have received a lot of response from buyers at the fair. We have sold five flats in the Mirpur project. Many more customers have committed to buy our flats."