Political Turmoil
Housing sector faces Tk 400cr loss daily
Star Business Report
Country's real estate and housing sector faces a Tk 400 crore loss every day due to the countrywide indefinite blockade programme, lamented leaders of the Real Estate and Housing Association of Bangladesh (Rehab) yesterday. At a press conference at the National Press Club in the capital, the Rehab leaders also urged the caretaker government as well as all the political parties to place national interest above all partisan interests to resolve the stalemate. "We have postponed the Rehab Fair, scheduled for November 14-18 due to political unrest, causing a Tk 250-300 crore loss ", Tanveerul Haque Probal, general secretary of Rehab, said. He mentioned that as many as 130 real estate and housing companies out of the 270 rehab members were supposed to participate in the fair. He expressed his dismay that the political turmoil has not only forced to stop selling of plots and flats, but it has had an adverse impact on the overall trade and business sector. The second largest domestic income sector after the garments, the real estate and housing contributes to 14-15 percent to the GDP, Rehab leaders informed. "For a critical situation on the political front, our construction processes are forced to have stopped, leading to a risk of failure in handing over plots and lands to the purchasers as per schedule", Mohammad Abdul Awal, president of Rehab, warned. "That may also put us before legal procedures," he added. The Rehab leaders also said for the price hike of construction materials and electric cable, the prices of flats have already shot up and any further crisis in this sector would take the sector on the verge of ruination. SM Anwar Hossain, senior vice president of Rehab, M Saiful Islam, vice president, and Sayed M Akhter, organising secretary, were also present at the press conference.
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