Home ›› 23 Dec 2022 ›› Front
Despite fright among bank depositors, many are keen to invest in the real estate sector, particularly purchase of apartments. Realtors say they receive a positive response from visitors at REHAB fair this year.
Sector insiders say that REHAB fair-2022 has provided a good opportunity for buyers as the apartments would be costlier next year due to soaring prices in the construction materials like rod and cement. So, the fair is gaining momentum this year, they added.
The businesses also said that offering more discounts and gifts attract a good number of customers in the fair. This year the exhibitors can attain their target as many people are seen visiting their stalls.
“Now people feel insecure about depositing their money in banks. So, they are investing in real estate as purchasing apartment is more profitable and safer,” Shariful Islam Tareq, head of marketing of Rupayan Housing Estate Limited, told The Business Post.
He said many small companies could not construct buildings due to a hike in the prices of raw materials. They are selling the apartments which were built before the materials’ prices increased abnormally. So, there is a good opportunity for buyers this year to purchase apartments at reasonable prices.
“This year the demand for the apartments whose prices range between Tk1 crore and Tk2.5 crore is high. Now people’s income has gone up so that they want to get many facilities in apartments like luxurious ones,” he added.
Tareq said they are set to sell a good number of new apartments at this fair for middle and upper middle class people. “The prices of our apartments shot up by 10-12 per cent compared to previous year as raw materials’ prices increased by nearly 30 per cent. In the coming days, apartment prices may go up further,” he also said.
According to the Director of Prasad Nirman Limited Saad Al Zabir Abdullah, they are promoting 10 commercial projects in the fair.
“We are offering 10-15 per cent discount on booking at this fair. Besides, our company is offering opportunity to stay three nights and two days at Hotel Palace Paradise in Cox’s Bazar, and Dhaka-Cox’s Bazar return air tickets,” he added.
Shafiqul Alam, a businessman of old Dhaka, said he visited the fairground to know about apartment prices. “If I get apartment at reasonable price with more facilities, I will book that soon. I would like to purchase an apartment at Tk1crore-Tk1.5 crore.”
“Earlier, I used to deposit money in bank, but now it is very unsafe ahead of the national election. So, I prefer to invest in the housing sector,” he added.
Vice president of Real Estate and Housing Association of Bangladesh (REHAB) Kamal Mahmud said the prices of apartments may go up by 30-40 per cent next year due to new detailed area plan (DAP) and hike in prices of construction materials as well as rising labour wages. So, this fair offers great chance for buyers.
“The fair is gaining momentum this year. Customers get apartments at reasonable prices this year as these are built before increasing raw material prices and implementing new DAP,” he added.
He added that a total of 180 stalls have been set up in this fair. Of them, three are diamond pavilions, seven gold sponsors, 22 co-sponsors, 16 building material companies, and 13 financial institutions.
The five-day fair will continue till December 25. It will remain open for visitors from 10am to 9pm every day.
Chairman of the fair organising committee and REHAB vice-president Engineer Mohd Shohel Rana said that REHAB fair started in Dhaka since 2001. By organising the fairs, REHAB is continuing its efforts to create and expand the market of housing industry at home and abroad.
Flats worth Tk 198 crore, plots worth Tk 125 crore, and commercial space worth Tk 78.38 crore were sold and booked at REHAB Fair-2021. Around 200 stalls were set up at the fair, and over 19,000 people visited the event last year.
