REHAB wants interest waiver under fiscal stimulus

The Real Estate and Housing Association of Bangladesh (REHAB) has demanded that the interests on existing loans of real estate sector be waived till December 2020 under the government-announced stimulus package, and that the loans be rescheduled on easy terms.

The organisation on Monday made the demand in a statement signed by its president Alamgir Shamsul Alamin Kajal.

The novel coronavirus has dealt a heavy blow to the country’s economy, read the statement, adding that in this situation, the real estate sector has suffered the most as there are many linkage industries involved in this sector.

The housing industry employs 3.5 million people and millions of people work here on a daily basis.  

Therefore, if the housing industry suffers, it will have a devastating effect on other sectors as well, the statement pointed out.  

In order to overcome this situation, the statement demanded, it is very important that interests on existing loans of real estate businesses be waived till December 2020 under the government stimulus package, and that the loans are rescheduled on easy terms.  

Earlier, a working group -- comprising REHAB, the Ministry of Housing and Public Works, FBCCI and NBR -- came up with some recommendations for overall development of the housing industry in the country.

REHAB demanded implementation of those recommendations. 

According to REHAB, it took a few years to overcome the housing sector crisis in 2011.

While the sector is trying to recover from the crisis, the coronavirus has hit it again.

Effective integrated measures need to be taken now to prevent the current crisis, the statement added.

/sr/at/teb