beautiful BANGLADESH from inside and outside: July 2021

Monday, July 12, 2021

Real Estate Companies in Bangladesh are Rising

During the COVID-19 Corona virus period, buyers in the housing and real estate industry of Bangladesh are increasing. Entrepreneurs in the sector saying that the demand for buyers has increased so much in recent times that top class Real Estate companies in Bangladesh do not have unsold flats. Companies that had stopped building construction work for so long have now come forward and resumed their construction.

Demand from buyers is on the rise as the government provides undisclosed investment facilities in the housing sector. Currently, the highest demand for Apartment / Flats in Bangladesh is among government employees. Some investors demand land and plots. In such a situation, the concerned companies have demanded to reduce the interest and registration cost of loans in the housing sector to 7 percent. The real estate sector in Bangladesh is now a lucrative investment destination for buyers and investors. The registration cost of buying flats and plots is now 10 percent and it comes with single digit or one digit interest loan.

In this regard, Real Estate and Housing Association of Bangladesh-REHAB President Alamgir Shamsul Alamin Kajal said that the real estate companies in Bangladesh are now getting good response from buyers. The situation is such that even good companies are not able to sell flats to the buyers. Buyers are growing every day in recent times. Interest in buying flats and plots is increasing among them. As a result, many companies are taking up new projects to build flats inside Dhaka, Chattogram and other cities across the country.

The undisclosed income is also being invested in the housing sector. Owners of companies are demands the interest rate on bank loans and registration cost of flats and plots should be reduced to 7 percent. Some banks are now keen to lend. Some banks are giving loans at 7 percent interest rate. The recovery in the housing sector is also boosting the overall economy.

Business in the housing industry is coming back. Buyers respond more than ever. This is due to two reasons- one is that money laundering has decreased during the Corona period. Another is the government's undisclosed investments facilities for two consecutive financial years. All in all, the real estate company in Bangladesh is now in a good position.

JCX Developments Limited is a state-of-the-art flat builder in the country's elite Bashundhara residential area inside Dhaka city. Iqbal Hossain Chowdhury, the managing director of the company and director of FBCCI, a top organization of businessmen, told that there has been a lot of demand from buyers for good quality flats in recent times. This demand has been created mainly due to undisclosed money investment facilities. As a result, there is a huge interest of buyers for flats in Bashundhara R/A.

Investors have lots of interest for both ready and used flats in Dhaka city. Some searching keyword in Google are: Used flat sale in dhaka, Low price flat in dhaka, Flat sale in dhanmondi, Studio apartment in dhaka, Used flat sale in mirpur, Ready flat for sale in mohammadpur dhaka, Ready flat sale in dhaka, Flat for sale in dhaka uttara, Flat sale in banasree, Dhaka housing adabor etc.

In the national budget for the fiscal year 2020-2021, the legal directive to allow higher revenue and economic activity in the private sector said that no matter what is in the country's customary law, no one can raise any question about the investment of undisclosed money. To take such an opportunity, taxpayers have to invest undisclosed money in land, flats, buildings and apartments, banks, savings certificates, stock exchanges, bonds or any other such securities. To avail this facility, income tax at the rate of 10 percent has to be paid. Investing in undisclosed funds will reduce money laundering and tax evasion. The move is expected to boost mainstream economy, employment and revenue growth. This facility will be continued in the new fiscal year 2021-22 as well as provision has been made to impose penalty at the rate of 5 per cent on other undisclosed funds.

According to the concerned, the annual market of the real estate companies in Bangladesh / housing sector in the country is now around Tk 60,000 crore. The annual growth in this sector is 15-17 percent. The annual demand is 1 lac 20 thousand flats. Overseas income / Remittance and undisclosed money owners buy more real estate properties. Expatriate income of Bangladesh did not decrease during COVID-19 period. Besides, there is an opportunity to invest undisclosed money by buying land or flats. As a result, trade in this sector has increased a lot. The catastrophic disaster that hit 458 sub-sectors of the housing industry in Corona is now a beacon of hope. Around BDT 2 lac Crore have invested in more than 2,000 industries in this period.

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Friday, July 9, 2021

Japan will build Smart City in Bangladesh

Smart cities, are the result of the growing importance of orienting our life toward sustainability. There are different parameters by which a city ranks more highly than another. To achieve this 10 key dimensions are considered: Governance, urban planning, public management, technology, environment, international projection, social cohesion, mobility and transportation, human capital and economy.

The development of 'smart cities' has been a top priority for many countries and Bangladesh may soon join their ranks. In a bilateral meeting with Bangladesh's ICT Minister Junaid Ahmed Palak and the Japanese Ambassador Naoki expressed Japan's interest in building a smart city in Bangladesh. Last year Japan has set aside a 250 billion yen (US$ 2.4 billion) fund to support Smart City projects by Japanese companies and improve decarbonization measures in 26 cities across ASEAN.

According to Mr. Naoki, Japan has contributed in many sectors, including infrastructural development of Bangladesh. There are currently more than 300 Japanese companies operating in Bangladesh - three times as much as in the last 10 years.

Japan is the largest Asian export market for Bangladesh, amounting to USD 1.3 billion. Despite the many challenges posed by the Covid-19 epidemic, Japanese companies are ready to expand their business in Bangladesh.

Naoki called for the development of strategic relations to further enhance cooperation between the two countries. He said that ICT sector is now the main driving force of the economy of Bangladesh. The Japan International Cooperative Agency (JICA) can further enrich Bangladesh's plan to become a developed economy by the year 2041 by assisting in the development of technology-dependent human resources.

Naoki emphasized the importance of collaboration to further expand cooperation between the two countries through the development of strategic partnerships between Japan and Bangladesh.

To further strengthen Bangladesh's ICT sector, ICT Minister Junaid Ahmed Palak made a number of proposals to the Ambassador, including on cyber security, e-waste management and e-governance. Palak said, "We have already sent a proposal to ERD to set up a Bangladesh-Japan ICT University,".

Japan has allocated 2.4 billion to support Japanese companies in the Smart City project and the development of carbon-free systems in 28 ASEAN cities. Tokyo expects all 26 cities to present their smart city projects by the end of this year, and eligible projects will be selected by March.

Japan expected these 26 cities across ASEAN to present their Smart City development plans at the end of last year, with eligible projects to be picked by March this year. It also expects Japanese companies to have basic plans for these cities with feasibility studies conducted. However, at the time of writing, its progress is still unclear