S.A Shofiee, Sylhet :
The landslide loss in housing, apartment business sector left hundreds of housing building, apartment, flat, construction businessmen in huge loss. There is an acute depression persisting in this bright prospective sector.
It has been learnt from Sylhet Apartment and Real Estate Group (SAREG) source that there has been a landslide loss for the last 3-4 years.
This landslide and deteriorated housing, apartment and newly constructed building sell-out have made businessmen in erratic condition.
Owing to continuous huge loss, the housing companies and entrepreneurs office and business enterprises in Sylhet, have been forced to close their business.
On condition of anonymity, a businessman told this correspondent that although purchasing and selling out transaction has been almost nil, the payment of installments of bank loan and bank interests are to be paid up duly in the banks and other financial institutions. In this sector, not only house building finance corporation, banks and some financing NGOs have also been investing their capital in terms of both cash and kinds in this sector.
It has been further assessed that owing to the withdrawal of foreigners’ and expatriates’ investment in house-building, apartment, flat construction, the depression has become losing concerned to such an extent that the sellout of flats and apartments has become very thin. As per squeal to the poor sell out and purchasing flats and apartments, new construction work in various residential areas industrial localities has come to a stand still. As the foreign investment has been being withdrawn or suspended, the construction of new buildings, flats and apartments has also been either suspended or reduced owing to the business communities staying away from housing business.
As per reliable source, it has been learnt that the housing and multistoreyed building and apartment business have come to a stand still as the most investors and expatriates living in Britain, Middle East and American Countries, have lost their interest as there has been a depression in this sector as per sequel to the selling out of buildings, apartments and flats reduced. This condition of sell-out of apartments and flats has been attributed to economic depression suffered by the middle income and lower middle income group people in Sylhet.
In apartment business about 150-200 enterprises or financial instructions have been engaged, against whom 110 have become members of Sylhet Department and Real Estate Group (SAREG).
Some businessmen while talking to this correspondent that three years ago, per square foot of 5-storeyed building’s ground floor apartment could be purchased at the rate of Tk. 5,200 but now this rate has been shrunk to Tk. 4,500-4,800 per square foot. At present 5,300 taka valued one square foot of apartment cannot be sold even at the rate of Tk. 3,000 now-a-days that baffled the selling Enterprises, House Building Enterprises. Meanwhile, an expatriate, on condition of anonymity disclosed that many expatriates entrepreneurs invested crores of taka in Housing and Building Construction Project, but now they have been lying suspended. But the interests of bank loan and loans from business and investment enterprises are to be paid up regularly in order to avoid certificate cases.
Meanwhile, as the investment in housing has been declined, the investors are not taking loan from banks where thousands of crores of taka have been lying idle. Absence of security, political unrest, bank heist, deterioration of law and order situation have also attributed to the dislocation and impediments in this business and investment sector.
The landslide loss in housing, apartment business sector left hundreds of housing building, apartment, flat, construction businessmen in huge loss. There is an acute depression persisting in this bright prospective sector.
It has been learnt from Sylhet Apartment and Real Estate Group (SAREG) source that there has been a landslide loss for the last 3-4 years.
This landslide and deteriorated housing, apartment and newly constructed building sell-out have made businessmen in erratic condition.
Owing to continuous huge loss, the housing companies and entrepreneurs office and business enterprises in Sylhet, have been forced to close their business.
On condition of anonymity, a businessman told this correspondent that although purchasing and selling out transaction has been almost nil, the payment of installments of bank loan and bank interests are to be paid up duly in the banks and other financial institutions. In this sector, not only house building finance corporation, banks and some financing NGOs have also been investing their capital in terms of both cash and kinds in this sector.
It has been further assessed that owing to the withdrawal of foreigners’ and expatriates’ investment in house-building, apartment, flat construction, the depression has become losing concerned to such an extent that the sellout of flats and apartments has become very thin. As per squeal to the poor sell out and purchasing flats and apartments, new construction work in various residential areas industrial localities has come to a stand still. As the foreign investment has been being withdrawn or suspended, the construction of new buildings, flats and apartments has also been either suspended or reduced owing to the business communities staying away from housing business.
As per reliable source, it has been learnt that the housing and multistoreyed building and apartment business have come to a stand still as the most investors and expatriates living in Britain, Middle East and American Countries, have lost their interest as there has been a depression in this sector as per sequel to the selling out of buildings, apartments and flats reduced. This condition of sell-out of apartments and flats has been attributed to economic depression suffered by the middle income and lower middle income group people in Sylhet.
In apartment business about 150-200 enterprises or financial instructions have been engaged, against whom 110 have become members of Sylhet Department and Real Estate Group (SAREG).
Some businessmen while talking to this correspondent that three years ago, per square foot of 5-storeyed building’s ground floor apartment could be purchased at the rate of Tk. 5,200 but now this rate has been shrunk to Tk. 4,500-4,800 per square foot. At present 5,300 taka valued one square foot of apartment cannot be sold even at the rate of Tk. 3,000 now-a-days that baffled the selling Enterprises, House Building Enterprises. Meanwhile, an expatriate, on condition of anonymity disclosed that many expatriates entrepreneurs invested crores of taka in Housing and Building Construction Project, but now they have been lying suspended. But the interests of bank loan and loans from business and investment enterprises are to be paid up regularly in order to avoid certificate cases.
Meanwhile, as the investment in housing has been declined, the investors are not taking loan from banks where thousands of crores of taka have been lying idle. Absence of security, political unrest, bank heist, deterioration of law and order situation have also attributed to the dislocation and impediments in this business and investment sector.
