Nutshell of the Challenges and prospects of vertical expansion in Bangladesh
Bangladesh has a huge market of construction and the land development business. Our construction practice focuses upon complex construction, engineering, and architectural disputes that have every characteristic necessary to make a legal proceeding complicated, expensive and frustrating—thousands of documents, numerous fact witnesses, technical issues that are hard to simplify and explain, multiple parties and an array of lay and expert witnesses grappling with it all. In order to make a business relating to development of Vertical Expansion in Bangladesh there are certain factors which need subject to securitization. For example – before investing your valued capital in Vertical Expansion Project you need a land which is subject to verification of the real owner of the land in order to protect the interest of the investor. Our Chamber for the first time in Bangladesh introduces a mechanism in Bangladesh through which the identity of the land owner will reveal from the dig of mystery. The mechanism includes a practice to provide our client with the genuineness of any landed property’s documents. From the British colonial period, it has been observed that the land distribution system is a complicated process which has a direct attachment to transferability. A land has been transferred several times. Someone bought a landed property, and then sold it out to another and then he sold it to another and then he gifted the property to another, and then his inheritors got the property and this process is continuing and it will. In such a long journey of transferability the documents relating to a landed property often seems or found to be forged at the interest of a vested quarter. Though several attempts have been taken to up date the record of the landed property but failed to meet the expectation. In fact, there has been a few changes in the proceeding. But in literal sense no improvement has been explored in the distribution system, precisely, in recording system of the landed property. Therefore, in most of the case it has been witnessed that some vested quarter has tried to forged documents, in one or other way, of the land in question. The companies like Developer one, which take the land to develop the land suffers injury when it transpires that the land that they have kept for development or that have been joined with investment, has in fact no legitimate connection to the person who claims it as his own property. Therefore, the companies suffer irreparable loss and injury. Such ill intention is oftenly practiced.
Our chamber has introduced a “Search Team” to probe whether the documents referred to the Banks or Companies regarding a landed property is genuine or fake. Be the first to say that we are not the absolute authority to declare documents genuine or fake. But we do suggest our client to the effect that the documents referred to suffers some unusual infirmity which cast doubt in our mind as to the genuineness of the documents and ultimately ownership of the property. The paramount task for the Search Team is to crept in to the Sub-Registry Office, office of the Assistant Commissioner of Land, and Tahshil Office.
Second concern regarding investing in Vertical Expansion Project is to comply with the rules and regulations set up by the concerned authority of Bangladesh that means rules and regulations prescribed by Rajdhani Unnyan Kortipokkho(RAJUK). In order to investing in Bangladesh on Vertical Expansion Project one need to follow the following Acts, Rules ,and Regulations passed by the competent authority:
- The Building Construction Act, 1952
- Dhaka Metropolitan Building Rules -2008
- Real Estate Development & Management Act,2010
- The Town Improvement Act,1953
- Detail Area Plan for Dhaka Metropolitan Development Plan(DAP)
Third Concern – regarding prospect of Vertical Expansion-
In the recent time Bangladesh turn herself a path through which the business of Asia more particularly South Asia become flourished. Importance of Chittagong and Mongla port are getting high and high for the purpose of transacting goods. Neighboring counties are showing their interest to use these two ports and set up business in Bangladesh. Such activities and economic growth of this country hugely create a demand of vertical expansion as the land is limited and demand of space is more. Vertical Expansion will minimize the demand of space for doing business. So there is nothing worry regarding the investment in vertical expansion and return of profit from it.
Forth Concern-Financing by the financial institution into the Vertical Expansion-
Growing demand creates the interest of the lenders to invest into the high-rise building as a result the economy of the country flourish….Area will be explored more in presentation time…………
For: The Lawyers & Jurists
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