Land registration

Published:  12:55 AM, 12 October 2017

High fee taking toll on revenue

-estate sector is providing high registration fee on land and flat which seriously taking toll on revenue. For high registration fee the government is being deprived of registration fees. The land and flat owners are being reluctant to register their assets due to the high fees.

The real-estate businessmen have demanded to reduce registration fee. Now the sector is providing over 14 percent registration fee which higher than other neighbouring countries.

They also said that the land and flat owners are living there for long time  after buying the assets without registration due to high government charges. They came up with the assertions while speaking at a press conference on 'Housing Finance  Fair' at Bangladesh House Building Finance Corporation (BHBFC) in the capital yesterday.

The fair is jointly organized the BHBFC and The Real Estate and Housing Association of Bangladesh (REHAB) at Pan Pacific Sonargaon Hotel in the city aiming to focus on the country's housing sector. Nurun Nabi Chowdhury, Vice President of REHAB, said that the government is taking about 14 percent registration fee which is too high.

He urges to the government to reduce the registration fee from existing 14 percent. High registration fee is seriously taking toll on their business, he added. He also urged to bank and financial institutions including BHBFC to provide loans for the customers for the interior decoration. They should provide registration fees. Number of customers can not pay registration fees for high rate.

He said that the loan provider companies should cut interest rate on house building. Credit rate in most of the counties of the world is below 5percent on house building. Debasish Chakrabarty, Managing Director of BHBFC said this is for the first time the BHBFC has arranged housing finance fair in the country. The initiative will be helpful to both buyers and sellers.

He said the customers will get all kind of information including housing companies, lone provider institutions under one roof. And they could choose the flats according to their demands. The customers will get suitable products and other services at the fair.

The customers will get 50 percent discount BHBFC's loan application and inspection fees at the fair and all other offices during the fair. There are some 82 stalls including real estate companies, developers, financial institutes, building materials and LP gas distributors will display their products, services and offers.

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