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Trends June 28, 2022

What’s new for real estate in the Fiscal Year of 2022-2023?

Reading Time: 4 minutes The budget this year has brought forth many regulatory changes to have a good hold on the economy and maximize its growth. A number of initiatives have been taken to boost the economy by facilitating different sectors with various incentives and significant budget allocations. The real estate sector, on the other hand, is an exception. Although not in a terrible position right now, the real estate in the Fiscal Year of 2022-2023 could be in a vulnerable state due to both uncertainties in regulatory changes and certain regulatory changes. Here is what is new for real estate in the Fiscal Year of 2022-2023. Withdrawal of untaxed money investing in real estate? In FY 21, the government issued a bill in the parliament regarding the legalization of undisclosed money investing in real estate in an effort to save the sector from incurring losses. And soon after the green light from the…

Trends June 25, 2022

Looking back at the fiscal year 2021-2022: What happened in the Real estate sector

Reading Time: 5 minutes In what seemed to be a never-ending saga of uncertainties for the global economy during the pandemic, Bangladesh’s real estate sector remained somewhat steady as opposed to some countries. With the enactment of the revised budget for FY 2020-2021, a couple of new regulations were put in place to save the real estate market from the impact of pandemic. And it worked. The real estate sector bounced back and the future was looking great at the beginning of 2021. But in the wake of an armed clash on Europe’s border, the situation has become very precarious once again with the world economy on the receiving end of a fatal blow. And this time the crisis could spell even more bad news for the real estate sector in Bangladesh. Here is what happened in the real estate market in Bangladesh in FY 2021-2022? Raw material price In the wake of the…

Trends May 31, 2022

What is Mutation Khatiyan and How to Execute It?

Reading Time: 3 minutes In order to buy, sell or hand over any property, one must undergo quite a few legal procedures. After purchasing a property, completing the execution of the Mutation Khatiyan is the most important legal procedure after the registration. Because if not executed, there is a possibility to become ousted from the property due to loopholes in the law. Yet, to many people, the process of mutating a property is hard to understand. However, that is gonna change today. In this article, we will be discussing everything that you need to know about Mutation Khatiyan, why it is important, and most importantly how to execute it. What is mutation Mutation Khatiyan or Namjari is a legally upheld document that is prepared to rule out any complication regarding the ownership of a piece of land. When a person or organization gets the ownership of a piece of land legally by updating the…

Trends May 28, 2022

What is sale permission and why it is important

Reading Time: 3 minutes You can’t transfer the ownership of leasehold property the same way you could have if it was a freehold property. In order to do that, you will need RAJUK’s sale permission first in compliance with its regulations. This is the first step in transferring the ownership of a leasehold property. And the permission letter that the seller gets from RAJUK to sell the property is basically known as the sale permission letter. In this regard, it is important to know that sale permission is required only for the leasehold property. In the case of freehold property, however, no permission is required. What properties are the leasehold property Generally, all the properties that are under the supervision of the Capital Development Authority (RAJUK), Chittagong Development Authority or CDA, Ministry of Works or Ministry of Housing and Public Works, or National Housing Authority are basically leasehold properties. And for the leasehold properties…

Trends May 24, 2022

How to get building approval for construction

Reading Time: 3 minutes Everybody has a dream of owning a home in Dhaka. Numerous plans including location selection, land purchase, house design, and construction are carried out to fulfill that dream. But before you could do all that, you need approval for building construction. In that regard, RAJUK or the Capital Development Authority is the government institution overseeing all development plans in Dhaka. One of the agency’s functions under the Ministry of Public Works is to approve building designs. So if you want to build any building in Dhaka, first you have to submit its design to RAJUK and get approval. In order to get approval for the construction of buildings, especially in Dhaka, the design of any building has to comply with the National Building Construction Rules of Bangladesh and RAJUK Building Construction Rules. if any building or part is constructed in violation of these two types of rules, then that building…

Trends May 21, 2022

Find the Answers to these FAQs of Mortgage

Reading Time: 4 minutes Securing the fund, sometimes known as a mortgage, is one of the most critical aspects of purchasing or selling a property. A mortgage is a loan provided by a bank or mortgage lender to a buyer to assist with the purchase of a home. Understanding the ins and outs of mortgages is critical whether you’re buying or selling a house. Because the vast majority of people who purchase a home will require a mortgage, and knowing the FAQs of mortgage can substantially decrease the stress of acquiring one. In today’s blog, we sat down with our mortgage experts at Bproperty, and listed down some of the most frequently asked questions about mortgage for you. How Do I Start The Process Of Getting A Mortgage? Getting the mortgage process started is one of the first stages in buying a property. And finding a top mortgage lender or bank is the next…

Trends May 10, 2022

Types of home loans in Bangladesh and Eligibility Criteria

Reading Time: 5 minutes Whether you are planning to purchase an apartment, a piece of land, or a whole building structure, or are renovating an existing property, you need to make a massive investment. That is where home loans come into play. Even people who can finance on their own feel at ease taking a home loan. This is because it is easier to pay back loans in affordable installments than to spend a huge amount of money at once. And it also puts less pressure on the borrower. The good news is the real estate sector in Bangladesh is booming and to cope with the demand, government-approved banks and financial institutions are offering different types of home loans in Bangladesh under easy conditions. That is to say, you now have many options when it comes to home loans. And it is necessary for you to understand each of them so that you can…

Trends March 22, 2022

The process of legally dividing property among inheritors

Reading Time: 3 minutes Before we begin our discussion on how to legally divide property among inheritors, we need to clarify some concepts. First of which is the Partition deed. A partition deed is prepared to legally divide the inherited property among the inheritors according to their rightful share after determining the total worth of the inherited property. However, in our country the practice of dividing the property among the inheritors orally is very common. And that is all fine and dandy until someone wants to sell or transfer their portion of the property. So to avoid this unnecessary hassle, you need to prepare a partition deed. With that being said, here is everything you need to know about the legal process, registration fees, and other duties of the Partition deed. Regarding the inherited family property, all the heirs can divide their share among themselves if they wish. Also, if one person wants to…

Tips March 19, 2022

Important Legal Steps Before Buying An Apartment

Reading Time: 4 minutes Who doesn’t have a dream of building a house of their own? But in a costly city like Dhaka, it is not possible for everyone to buy land and build a house for high land value. That is why most people opt to buy flats as it is a more affordable option. But as simple as it may seem, purchasing a flat is not that straightforward. Before buying a flat, you must know the location of the flat, its type as well as the legal steps required to close the deal. If you do not have a sound knowledge of the legal steps before buying an apartment, dishonest sellers can dupe you and take advantage of your ignorance. That is why in today’s article we will discuss everything you need to know about the legal steps before buying an apartment. Document Verification The first step is to check these essential…

Trends March 15, 2022

What is Foreign Power of Attorney?

Reading Time: 4 minutes The term “Power of Attorney” is not something that you will come across every day or at least in handling your normal life which is heavily dictated by a strict routine of a family guy. Unless of course, you are someone who is handling ten different things at the same time and has assets that need to be maintained on a regular basis. Even then you may not need to call your lawyer and instruct them to prepare a Power of Attorney so that you can deal with things without having to be there in person. However, if you are an NRB who owns multiple properties, have bank accounts, or have other legal dwellings in Bangladesh, you may want to know about what a “foreign power of attorney” is, how it works, and why you need to be aware of its process as such. Because without prior knowledge, you may…