Trust, quality key to reviving real estate sector

Tasnuba Akhter Rifa :

Political stability is essential for a country’s economic development, says M. Fakhrul Islam, Managing Director of Intech Properties Limited and Chairman of the M Fakhrul Islam Foundation. In an exclusive interview with The New Nation, the prominent entrepreneur highlighted the vulnerability of business growth in the face of political uncertainty.
M. Fakhrul Islam, a leading figure in Bangladesh’s real estate sector, shared his views on economic development, the challenges faced by the real estate industry, and the role of business in promoting social progress. He emphasised that the appointment of Nobel Laureate Dr. Yunus as the Chief Advisor of the interim government marks a significant milestone for Bangladesh. According to Fakhrul Islam, this appointment has elevated the country’s global standing and fostered optimism regarding future economic growth.
However, he stressed the necessity for the government to improve law and order to ensure a secure business environment. Such security is crucial for fostering investment and driving economic progress. While expressing support for the government, he acknowledged the significant challenges ahead in achieving sustained economic development.
Discussing the current state of the real estate sector, Fakhrul Islam pointed out that companies maintaining high-quality standards and delivering projects on time have managed to sustain themselves despite economic downturns. However, he noted that the sector has experienced a decline in sales, primarily due to a loss of trust in developers. Fraudulent companies that collect money from buyers but fail to deliver promised flats have tarnished the industry’s reputation.
To restore consumer confidence, he urged the government and the Real Estate and Housing Association of Bangladesh (REHAB) to implement stricter regulations. He believes that developers who uphold high construction standards and fulfil their commitments will play a pivotal role in reviving demand within the sector.
Fakhrul Islam also highlighted major challenges confronting the industry, including high registration fees, lengthy approval processes for building plans by RAJUK, and delays in obtaining utility connections such as gas and electricity. “These issues often prevent the timely delivery of flats and apartments to customers,” he said. “We still need to visit at least ten different offices for various paperwork. Relevant government departments must address these issues to facilitate smoother operations.” He called on REHAB leaders to take a more proactive stance in advocating for solutions.
On the topic of business ethics, Fakhrul Islam underscored the importance of a robust marketing strategy. He attributed the success of Intech Properties Ltd. to its transparent marketing approach and commitment to customer satisfaction. According to him, a real estate company’s long-term success hinges on maintaining a strong reputation, ensuring high-quality construction, and delivering projects on time.
Addressing concerns about earthquake safety, Fakhrul Islam acknowledged that “Bangladesh is the second-most earthquake-prone country in the world.” He assured that Intech Properties Ltd. strictly follows the National Building Code to ensure the structural safety of its buildings. The company’s constructions are designed to withstand earthquakes of up to 8.0 on the Richter scale, reducing the risk to residents through compliance with safety regulations and quality construction practices.
Beyond his business endeavours, Fakhrul Islam is deeply involved in social work. Through organisations such as the M.A. Hashem Foundation, Khidmah Trust, and Sonagazi Multipurpose Cooperative Society, he actively supports the underprivileged. His philanthropic initiatives include providing financial aid, distributing free educational materials to students, and engaging in social and cultural projects.
In recognition of his dedication and contributions, Fakhrul Islam has received numerous awards from various organisations. He remains steadfast in his mission to foster economic and social development by creating opportunities and promoting a business-friendly environment in Bangladesh.
M. Fakhrul Islam’s insights emphasise the importance of a stable and transparent business climate for encouraging investment and growth. By addressing industry challenges and advocating ethical business practices, he continues to shape the future of Bangladesh’s real estate sector and broader economic landscape.