Published:  04:28 AM, 14 September 2019

Trust and transparency in real estate

Trust and transparency in real estate

The complexity and legal formalities in real estate transactions are a hassle for consumers who want to buy property. Recently several complaints have been founded against real estate companies such as irregularities in flat sale, inability to handover flats in a timely manner, etc.

A fraudulent real estate company has recently cheated hundreds of consumers. Incircumstances like these, buyers become worried about the legal issues associated with property buying and selling as any wrong movement can lead to major loss.

Buying a flat from a builder and not receiving it on time is a common thing in the city. In some cases, clients feel trapped and do not understand what they should do to overcome the issue. Trust and transparency arevery important for real estate clients as most do not know much about transparent agreements, which are required to safeguard their interests.

For a transparent transaction in real estate, a buyer should be awareof existing real estate acts in Bangladesh. Overlooking project details and checking a project's approval from RAJUK are the main concerns in this regard. A consumer should deal with developers and real estate agents who are registered.

According to the Real Estate Development and Management Act 2010, brochures of real estate companies must have detailed descriptions of properties. All the conditions of thereal estate development and transactions should be mentioned in the agreement. Developers may change the allocated flat or plot only if buyers agree, but they will not receive any extra fee for this service.

The law also states that developers have to transfer the property to the buyer with complete legal procedure within three months of full payment of property.If the property size changes after the deal is signed, they should adjust the value within three months of handling over the asset.

Real estate and housing association of Bangladesh-REHAB- also have several directions which should be followed by city dwellers before buying a property. If there is a dispute between developers, landowners and flat or plot buyers,REHAB suggests to contact REHABMediation and Consumer Service, who will assistin solving the crisis.

Nowadays,a number of well-known developer companies are highlighting trust and transparency issues as a marketing strategy.

Real estate investors who are developing e-commerce property portals are also playing an important role in establishing a transparent and trustworthy real estate market in the country through the use of technology. For example, the country's first real estate marketplace portal, Bproperty, offers a hassle-free propertydeal.

To make property transactions convenient, easy and hassle free, Bproperty provides all kinds of property related support and services to landlords and tenants as well as buyers and sellers.

The organization shares all required information about properties transparently so that clients can take the right decision. Once the buyers choose their desired properties, Bproperty handles all legal paperwork.The government, individual real estate developers and private sectors play

an important role in making the industry secure and avoiding irregularities. City dwellers must also be very careful in choosing the right real estate company or developer. Because buying a property in a city is a dream for any individual and it is a lifetime decision for most consumers.

The writer is a freelancer

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