The annual housing fair of the Real Estate and Housing Association of Bangladesh (REHAB) is not being held this year due to the Covid-19 pandemic. Instead, it now plans to hold the next year's fair in March next.
"We had a plan to organise the 'REHAB Fair 2020' at the end of this year, but it is not possible due to the ongoing Covid-19 situation," said an industry insider.
"Now we intend to hold the 'REHAB Fair 2021' in the capital in March next year, aiming to promote the country's real estate sector," he added.
The REHAB, an organisation of over 100 developers, has recently sought permission from the commerce ministry to hold the next annual fair.
It has proposed organising the fair from March 16 to 21, 2021 at the Bangabandhu International Conference Centre (BICC), which is expected to create a matchmaking platform among the customers, housing-related financial organisations and the real estate companies.
According to the organisers, around 200 companies, including developers, building materials firms and financial institutions, will participate in the fair.
The REHAB is playing an important role in meeting the growing demand for housing in the city, said a source.
The upcoming fair will offer housing solutions to people as per their requirements, he added.
The fair will make a significant contribution to the country's housing industry, according to the REHAB.
The association has been organising the housing fair in the capital since 2001.
"We have received a letter from the REHAB regarding the 'REHAB Fair 2021'. We are now working on the issue," said a desk official of the commerce ministry.
The country's real estate sector has taken a hit due to the coronavirus pandemic, as sales of apartments and plots in the capital city and elsewhere in the country have declined in recent times. Flat sales have dropped by 40 per cent, on an average, over the last few months, the sector insiders said.
The leading realtors said squeezing in bank financing and the people having less money are the main reasons behind the present fall in sales of residential properties in the city.
They also said clients who earlier signed contracts to buy flats are also making delays in paying installments, leading to a slump in the real estate sector.
The sales of building materials, including mild-steel rod, cement and brick, has also been hit by the declining trend in flat sales.