Reinvigorate real estate sector

18 March, 2021 12:00 AM printer

While Bangladesh has so far successfully handled the coronavirus pandemic both medically and economically, there are some particular economic sectors that are yet to get back their previous flow. One of them is the real estate industry that has reportedly witnessed a 60-per cent decrease in business amid the economic hard time around the world. Though some sectors have started regaining their earlier shape using the special stimulus packages that the government had declared in the first quarter of the coronavirus outbreak, this particular sector could not. The leaders of the housing sector have recently urged the government for a special fund and some other facilities for them and the consumers, which – they believe – would help revive the sector that correlates with many other economic affairs.

The stability of this sector has to be given utmost importance as the revival of this sector means the backing of a large number of people at work in the third-largest employment-generating sectors after agriculture and garments. It also stimulates a host of other backward linkage industries. The economic vibrancy in all these sectors and sub-sectors would surely contribute to the GDP growth, economic development and industrialisation of the country exponentially, along with solving the increasing accommodation problems for the growing number of dwellers in urban centres. It would also continue providing the people of fixed income groups with the chance to own a flat without any hassle once the country’s economy will begin running in full fledge.

The government should, therefore, sort out the ways to give the sector much-needed support and the proposals of real estate leaders can be a preference to think of in this regard. Whatever would be the decision, it should come in the quickest possible time. We have already lost a year due to the pandemic. We should not waste more time.