Visitors and potential buyers were cautious at the REHAB fair on Wednesday as many expressed dissatisfaction over the delay in getting flat possession.
Hazi Md Selim Mia, a businessman from Chandpur, intends to buy a flat at the REHAB fair. However, he was not sure whether he was really going to do it, as some of his relatives had to go through a lot of hassles before getting possessions of their booked apartments.
Talking to Dhaka Tribune, Md Selim Mia said: “I am very cautious when it comes to booking a flat. He was a visitor on the second day of the five-day housing and real estate fair, organized by the Real Estate and Housing Association of Bangladesh (REHAB) at the Bangabandhu International Conference Center in the capital.
S M Mahbubul Alam, another visitor at the fair expressed his dissatisfaction over the delay in delivery of flats and plots. Mahbubul Alam came from Bogura to visit the fair.
“Besides, prices of flats and plots are far beyond our financial ability,” he added.
“Many unfamiliar real estate companies are offering deep discounts at the fair; however, a considerable number of these companies are not genuine,” S M Mahbubul Alam said.
“Before booking a flat or plot of any real estate company, buyers should check the legal documents and financial strength and history of the company as well as whether the design of the housing project has been approved or not by the government, said Abdul Fazal Mohammad Tofazzal, head of marketing at the Tropical Homes.
“The allegations of buyers are true, as some companies have entered the property business to make money in the name of business,” he said.
Abdul Alim, a private job holder, said he was looking for a 650 square feet flat, but was not able to find what he was looking for.
Md.Arif Hossain, senior executive (sales and marketing) at the Concord Real Estate and Development Ltd, said that there were huge demands for small and medium sized flats at the fair.
Visitors at the fair are looking for flats of the sizes ranging from 1,400 to 1,600 square feet and within the price range of Tk80 lakh to Tk1.20 crore, Arif Hossain informed.
A total of 230 stalls of real estate companies, land developers, banks, financial institutions, and building material manufacturing companies are participating in the fair with various lucrative offers.
At the housing and real estate fair, 14 non-bank financial institutions and banks are also participating to provide loans to clients for buying flats, plots, and commercial spaces.
The interest rate on such loans is set at 9.99% to 12%, depending on the profiles of customers, along with a loan processing fee of 0.50 to 1%. A maximum of 70% of the property or apartment value can be borrowed.
While talking to Dhaka Tribune, Md Romisul Islam, relationship manager at the LankaBangla Finance, said that the company considered the fair as an opportunity for offering home loans to their customers.
Md Imran Hossain, retail business associate at the IFIC Bank, told Dhaka Tribune that a good number of visitors already showed keen interest to buy flats on credit and wanted to know how they could get the loans.
“We have made a number of commitments to provide credit facilities for buying flats or commercial spaces,” he said.
The City Bank, Brac Bank, National Finance, IDLC Finance, IPDC Finance, and Delta Brac Housing Finance Corporation are offering home loan facilities at the fair.
