The real estate sector in Bangladesh is expressing concerns over potential unfavorable policies in the upcoming fiscal year amid the global economic recession triggered by the Russia-Ukraine war. Reports indicate that the National Board of Revenue (NBR) plans to increase taxes and fees on buying flats and plots, disregarding the proposals of the Real Estate and Housing Association of Bangladesh (REHAB). Industry insiders argue that the sector is already grappling with rising construction material prices, and further tax increases would exacerbate the situation.
Additionally, the discontinuation of allowing the whitening of black money in the real estate sector, along with the involvement of 269 backward linkage companies, could deal a severe blow to the sector. REHAB emphasizes the need for a real estate-friendly policy in the upcoming national budget to mitigate the overall impact on the country’s economy. The article also highlights the high prices of construction materials, particularly steel, and the need for industry-friendly tax policies to boost the economy. The REHAB presents various recommendations to the NBR to support the real estate market and encourage urbanization.