Thursday , 16 August 2018

Status of housing sector in general

Tasmiah Nuhiya Ahmed, Law Research Officer, BILIA. Advocate, Supreme Court

Tasmiah Nuhiya Ahmed, Law Research Officer, BILIA. Advocate, Supreme Court : Statistics show that Bangladesh will need to construct approximately 4 million new houses annually to meet the future demand of housing in the next fourteen to fifteen years. Estimates for annual requirements for housing in urban areas vary from 0.3 to 0.55 million units.
The current population of Asia is 4,541,176,088, based on the latest United Nations estimates. The population density in Asia is 146 per Km2 (379 people per mi2). 49.6 % of the population is urban (2,255,992,118 people in 2018) .
Dhaka is one of the world’s largest cities, with a population of 18.89 million people in the Greater Dhaka Area. Dhaka’s 2018 population is now estimated at 19,580,000 . In 1950, the population of Dhaka was 336,000. Dhaka has grown by 1,982,000 since 2015, which represents a 3.62% annual change. These population estimates and projections come from the latest revision of the UN World Urbanization Prospects. These estimates represent the urban agglomeration of Dhaka, which typically includes Dhaka’s population in addition to adjacent suburban areas .The ever-increasing urban population is creating an increasing demand for housing and shelter in Bangladesh.
Apart from meeting the housing needs, the Real Estate sector contributes to the Government exchequer through Registration Fees, VAT, Advance Income Tax (AIT), Stamp Duty, Property Handover Tax etc. Also, the construction industry is a labor-intensive industry, whose capacity of absorbing labor is great. The industry provides many jobs for skilled, semi-skilled and unskilled workers both in the formal and informal sectors. For the migrants from the rural areas the construction industry is often a stepping stone to urban life. Real Estate sector is a major part of the construction sector. Most of the labour force engaged in the construction sector is basically engaged in the Real Estate sector. Thus real estate sector is also contributing a lot in the overall economy of Bangladesh.
In the last four decades private developers have supplied more than 100000 units of apartments to the nation (Sheltech, 2011).
The real estate sector of Bangladesh is playing a vital role in mitigating housing needs as well as contributing to the economy. It is felt by all concerned parties that a long term policy for the facilitation of sustainable growth of this industry is to be formulated very quickly as the industry is said to be entered into its matured state. For such policy formulation, it is very important that proper data is available and accessible to all concerned parties. In spite of being such an important segment of the economy of Bangladesh, there is very minimum data available. For assessing the overall business scenario, taking proper investment decisions and formulating long term strategies REHAB being a friendly partner to the Government shall immediately take some measure to create a central data depository for gathering data. Only this can ensure correct decision making regarding this sector in the future.

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