Housing and Public Works Minister Mosharraf Hossain yesterday turned down a request by local real estate developers to revise a government decision to build 22,000 flats in the capital under a joint venture initiative with Malaysia.
On the other hand, the minister proposed that the developers could participate in building 10,000 flats, out of a proposed 30,000, at the government’s Jheelmil project in Keraniganj on the outskirts of the city.
Mosharraf made the remarks while meeting with a delegation of the Real Estate and Housing Association of Bangladesh (Rehab) at the secretariat. Newly elected Rehab President Mukarram Husain Khan led the nine-member team.
The minister further said the government had a plan to build over 110,000 flats in the capital to ensure housing for the common people. Out of the proposed flats, 18,000 will be built at Uttara, 62,000 at Purbachal and 30,000 in Keraniganj.
“You may participate in building flats in the Jheelmil and Purbachal projects. We will welcome your participation,” the minister told the delegation.
He, however, rejected a demand by the real estate companies to revokean agreement with Malaysia, saying: “Not only Malaysia, Singapore has alsoshown interest for building flats here. They will come with proven technology, and there would be a scope for technology transfer.You would benefit from the new technology.”
The government recently signed a memorandum of understanding with the Malaysian government for building 12,000 flats at Uttara and 10,000 flats at Kamrangirchar.
The Rehab chief urged the government not to allow foreign investments in the country’s real estate sector, saying local developers were now capable of building flats with their own experts and provide those to the people at competitive prices. Mukarram Husain also told the minister that the developers were facing financial problems as 22,000 readymade flats remained unsold in the city.
In reply, the minister said, “You (Rehab) better meet with the Prime Minister and the finance minister for incentive packages that would be helpful for the industry.”
Mosharraf Hossain also urged the real estate companies to make their prices more competitive so that people of lower and middle income groups could afford to buy flats.