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The Council of Advisers of the caretaker government yesterday (29th Dec 2008)approved bangladesh real estate management ordinance 2008.
In a briefing session after a meeting, Bangladesh Care taker Govt's Press Secretary said the meeting finally approved the Real Estate Development and Management Ordinance 2008 for bringing fair management in real-estate business and protecting the interest of buyers and sellers in Bangladesh. Under the ordinance the offences would be treated as non-bailable and cognisable. Provision for going for amicable settlement between aggrieved person and developer before going to court is there in the new provisional law. Purchase and sale management of flats and plots built under government-private joint venture have been included in the Ordinance.There are provisions of punishments for various offenses in the ordinance. If any non-registered real- estate company starts developing works and gives advertisement in mass media, maximum two years imprisonment or maximum Tk 10 lakh fines or both would be given.If any developer starts works without permission, the punishment is maximum 2 years jail or maximum Tk 10 lakh fines or both.
Bangladesh Real Estate Information :
