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REHAB hails black money in housing sector

  • Published at 02:57 am June 12th, 2013
REHAB hails black money in housing sector

The realtors welcomed the government’s decision to allow black money to be invested in the country’s housing sector.

According to the Rehab, the realtors’ group, use of undisclosed money in the housing sector will help the local investment become vibrant.

The Real Estate and Housing Association of Bangladesh (REHAB) said the investment of black money to build houses will also prevent money being laundered.

In the proposed national budget for the next fiscal, finance minister said the black money will be allowed to invest in the country’s housing sector.

Through the investment, the money will be whitened, though the provision already proved unsuccessful in the previous fiscals. The black money owners were seen not interested in investment. 

To implement a large budget, stability must be restored to politics, tax net needs to be widened, bank interest rates should be lowered and above all, the implementing agencies will have to prove effective, said the Rehab.

“Although it is an ambitious one, such large budget is can be implemented if politics is ensured stable,” M Wahiduzzaman, REHAB’s acting general secretary, said yesterday. He was addressing a press conference in Dhaka.

M Wahiduzzaman said the proposed budget is intended at development of the country, which will help the housing sector too.

“The budget proposed that the undisclosed money can be invested in the housing sector while lowering tax at source will help boost domestic investment,” he said.

Bangladeshi expatriates money are also invited for investment in the country. The more investment from the expatriates will help balloon the foreign exchange reserve, said the REHAB leader.

“Housing sector will be vibrant again and more employments will be generated through linkage industries.”

“It (investment of black money in the housing sector) will also stop money laundering,” viewed Wahiduzzaman.

REHAB’ Press and Media Standing Committee chairman Liyakat Ali Bhuiyan, vice president Maj Gen (retd) M Abdur Rashid and organising secretary M Saidul Islam Badal, among others, also attended the event.