The businesses of the country鈥檚 real estate and about 200 linkage industries urged the government to take immediate action to resolve the issues stemming from the current Detailed Area Plan and construction regulations.
They reminded that landowners, real estate companies, and investors in the linkage industries are deeply dissatisfied with the DAP.
They revealed it at a press conference on Tuesday in the capital, organised by the Real Estate and Housing Association of Bangladesh.
Representatives from dozens of linkage sectors, including cement, cables, wood, paints, steel, elevators, tiles, bricks and more, attended the event.
According to industry people, the DAP (2022鈥�2035), implemented in 2022, has notably limited buildings鈥� height and floor area.
As a result, landowners are now reluctant to enter into new development agreements, leaving developers unable to initiate new projects.
REHAB president Wahiduzzaman said that the country鈥檚 housing sector and around 200 linkage industries, which employs about 4 million people, are facing severe stagnation due to the discriminatory nature of the DAP and the Floor Area Ratio (FAR)-related complexities in the building construction rules.
鈥楧ue to the ongoing stagnation, many businesses have been forced to lay off workers and if continues, it could significantly impact the broader economy,鈥� he added.
He also said that the housing and linkage industries contribute approximately 15 per cent to the country鈥檚 GDP.
This slowdown has also sharply reduced demand for materials used in construction.
Sheikh Masadul Alam Masud, founding chairman of the Bangladesh Steel Manufacturers Association, said that the demand for steel rods has declined by nearly 50 per cent, putting factories at risk of shutting down.
Echoing this concern, Akhtar Hossain Dhali, senior vice-president of the Bangladesh Electric Cable Manufacturers Association, stated their industry is being forced to cut staff due to the stagnation.
Shankar Roy, executive director of the Bangladesh Cement Manufacturers Association, added that the downturn has equally impacted cement sales.
Emdad Ur Rahman, president of the Bangladesh Elevator, Escalator, and Lift Importers Association, shared that their business has dropped by at least 50 per cent.
The industry representatives also said that many companies have already scaled back operations, reducing three daily shifts to two or even one.
Despite slashing product prices to stimulate demand, market conditions remain sluggish.
They called on the interim government to take swift and decisive steps to resolve the crisis and restore confidence in the real estate market.
