'Real Estate Ordinance 2008' Real Estate

Real Estate Ordinance 2008

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Tags: bangladesh, real_estate, ordinance, apartment, housing

Manirul Alam (59.152.90.74) -

The Bangladesh Government and the Real Estate developers are apparently at loggerhead over the enactment of a draft ordinance named as 'Real Estate Management Ordinance 2008, ' which is intended to regulate the country's booming real estate sector.

Real Estate Developers Association (REHAB) members at a seminar on the capital recently decried the government move to promulgate an ordinance for regulating the country’s fast-growing real estate housing-sector business, which has run so far at their discretion. They proposed that the government could set up an arbitration tribunal to address the complaints of the customers in the real-estate sector as per prevailing law. Speakers at the meet urged the government to review the draft Private Sector Housing Ordinance, as they think the law in the making would neither protect the interest of the buyers nor bring discipline in the property business. Rather, they observed, the proposed law might create obstacle to the growth of the real-estate sector that is now being moved forward mainly by the private sector.

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