Realtors seek Tk 3,000cr special fund from BB

The Real Estate and Housing Association of Bangladesh (REHAB) has sought a Tk 3,000 crore special fund from Bangladesh Bank (BB) to keep the housing sector afloat amid the ongoing US-Israel war on Iran and its potential impact.

REHAB made the call during a meeting with BB Governor Md Mostaqur Rahman yesterday.

Global economic uncertainty stemming from the Middle East conflict has begun affecting the country’s housing sector, Md Wahiduzzaman, president of REHAB, told reporters after the meeting.

“To keep the sector operational in this situation, we have requested a Tk 3,000 crore special fund from the central bank,” he said, adding that the governor listened to the proposals and gave a positive response.

Wahiduzzaman also urged the central bank to bring down home loan interest rates to single digits so that more people can afford to buy houses.

Food, clothing, and shelter are basic human needs, he said, adding that affordable housing loans are crucial to meeting this demand. However, the current high interest rates have made it difficult for many middle-income people to purchase homes.

The association placed several other proposals during the meeting, such as introducing special financing facilities for green buildings, solar power installations, and environmentally friendly construction, as well as providing dedicated funding for housing projects in district and upazila towns.

REHAB further suggested expanding low-cost housing loans outside Dhaka to ease population pressure on the capital.

According to the association, the housing and construction sector is currently listed as an unproductive sector in the central bank’s classification. The sector employs around 4 million people and has no history of labour unrest, REHAB noted, and therefore should be recognised as a productive sector.

The association said implementing these proposals would help revitalise the housing sector, make home ownership more accessible for ordinary people, and contribute positively to the national economy.