Written by: Eshan Maitra

Reported by: Hasaf Arif

Flat & plot buying should be confidential and the buyer should not be questioned about the source of money. This will prevent significant amount of money from being smuggled out of the country. Making a way of investing black money, claims Real Estate & Housing Association of Bangladesh (REHAB) in the 2017-18 Fiscal Year Budget proposal press-conference at the Cirdap Auditorium. Including REHAB President Abdul Kaium Chowdhury, many other prominent persons were present at the event.

REHAB committee suggested to edit the Income Tax Act 19B and make suitable for giving the black monies opportunities to invest in the real-estate industry. At least for next 10 years. Even reducing the leasing from 14% to 7% can ensure rapid growth in ths sector. They also requested to lower the vat increase on rod, from 15% to 1.5%. Unless this will crush this business.  REHAB president in-charge Liakot Ali also added that, Bangladesh Bank allowed loans for buying flat or plots, upon single digit interest rate in 2008-09 Act. That drastically attracted buyers and boomed real-estate industry for brief moment. But, after this being also omitted, people are losing appeal. Therefore, similar loans for 30 years plan can make ways for the public to pay it back at the same rate as usual flat rents. Funding the Bangladesh Building Finance Corporation, may further increase the loan’s amount.