The five-day REHAB Fair-2017 that began on Thursday at the Bangabandhu International Conference Centre in the capital attracted a huge crowd on Friday, a weekly holiday, as the members of Real Estate and Housing Association of Bangladesh offered different discount packages at the fair for buyers.
Fair organisers said that the companies offered up to 30 per cent discounts on the occasion of the fair.
According to the organisers, this year 205 REHAB-member stalls, 24 cosponsor companies and 13 financial institutions along with 30 building material companies are participating in the fair.
They said though a huge number of visitors visited the fair so far, sales were yet to get momentum for different reasons.
Bharsa Housing and Developers Limited chief engineer GM Shahin Shiras said that for two main reasons they were yet to draw the buyers’ attention.
‘High registration cost and lack of long-term bank loans,’ he said while talking to New Age at the fair venue.
He explained that the registration cost at 16.5 per cent was a huge burden on the buyers while the banks were not offering them long-term loans on easy conditions.
He said they were yet to sell any flat though they have all types of flats (between 900 square feet to 1,650 square feet) in the city’s different important areas including Khilgaon and Maniknagar.
Officials of a number of other housing companies, however, said that the real estate sector was recovering from a stalled business situation as most of the banks were now offering home loans at single-digit interest rates.
They said the demand for big-sized flats (between 2,000 square feet and 4,000 square feet) was high while that for flats sized from 900 square feet to 1,500 square feet was low.
Jams Developments Ltd assistant manager Reza Muhammad Shahariar said they sometimes suffered due to unavailability of electricity and gas connections from the government agencies.
A number of customers said that they were afraid of the developers as they sometimes marketed unauthorised projects.
Businessman Alimur Rahman, who came to the fair from the city’s Mirpur, said that he wanted to buy a flat for his family but he was yet to sign agreement with any realtor as he firstly wanted to be ensured about the legitimacy of the projects being displayed at the fair.
He said many of his relatives had suffered for the developers as they did not hand over their flats on time.
Dom-Inno Developments Ltd assistant general manager Abdullah-Al-Mamun said that they were not marketing any unapproved projects.
He said sometimes customers suffer for a delayed handover of flats as the government agencies make delay in giving them (developers) utility connections.
‘We are yet to sell any flat at the fair,’ he said at 3:30pm on Friday.
A number of sales executives said their target was not to sell flats but to promote their products by disclosing information about the flats at the fair where thousands of people throng.
City Bank officials said that they were offering different amounts of housing loans, up to 70 per cent of flat-booking money at 8.75 per cent interest for the highest 25 years.
‘Our home loan interest is 10 per cent but at the fair we are charging 9 per cent,’ said National Housing Finance and Investments Limited relationship manager Abu Noman.
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