‘Complete registration by May 31 or face music’

Rajdhani Unnayan Kartripakkha has called upon the denizens under its jurisdiction not to sign agreement with unregistered real estate developers in order for remaining safe from any sort of deception.

The capital development authority has published a circular, asking unregistered realtors to complete registration by May 31.

“We have served the notice to bring unregistered companies under an umbrella of registration so that they construct building timely in RAJUK area, thereby protecting customers from deception and above all ensure their security,” said RAJUK Director (Development Control Wing) engineer Md Mobarak Hossain.

According to the notice, the real estate companies that are not on RAJUk roster won’t get approval for developing plots or constructing apartments.

So, customers should scrutinise documents of the real estate entities whether they have registration with the capital development authority or licence renewal.

Asked about the action against the fraud realtors, Mobarak told The Business Post that they were trying to bring all land developers and real estate companies under registration scheme. “There are court and law enforcement agencies that will take action against the builders who will cheat their clients,” he added.

“If unregistered companies don’t complete registration by the deadline, RAJUK will get tough on them as per the section 19 and 20 of Real Estate Development and Management Act, 2010.”

Earlier, Commerce Minister Tipu Munshi said at an event he received many complaints against realtors that they take money from their clients but don’t hand over apartments properly and timely.

“The realtors should make sure that their customers do not get cheated while buying an apartment. Hence, REHAB should play a proactive role in preventing any such untoward incidents from happening because people invest their hard-earned savings into purchasing a roof over their head,” he added.

REHAB lauds Rajuk decision

Talking to The Business Post, Real Estate and Housing Association of Bangladesh president Alamgir Shamsul Alamin (Kajal) said, “We appreciate the RAJUK decision that aims to bring all real estate companies under its scanner. If it is done, the regulatory authority would be able to watch all realtors properly.”

Alamgir admitted that there are allegations against unregistered companies committing fraud with customers, and even many erect an eight-story building taking permission for six stories.

REHAB Director Md Sultan Mahmud, also chairman of Star Business Development Company (Pvt) Ltd, said there are around 5,000 real estate companies that are not the members of the real estate trade body.

In 2016, the commerce ministry issued a circular signed by its additional secretary Md Abdul Mannan that real estate developers will be required to have REHAB membership to run their business.

Sultan recalled that then commerce minister Tofail Ahmed said no one will be allowed to run real estate and housing business without becoming REHAB member.

“All should be member here for the development of a vibrant construction sector. Now we have a total of 943 members,” according to the realtor.