Assignment on Resume and Investment Banking news
Subject name: Introduction to business
Lecturer of B.B.A program
Faculty of Business Administration
Submitted by: Mostafiza Jahan Eami
ID:F21021111044 Batch:-22nd(A) Submission date:13th April 2013
1.1 History of Real Estate in Bangladesh:
The urbanization of Bangladesh is quite similar to that in Latin America; formerly called “over-urbanization” in 1950s, this is a situation where a rapid rate of urbanization does not lead to corresponding growth in industry and economy but results in a shift of people from low-productivity rural agricultural employment to low-productivity urban employment or underemployment. The major cities of Bangladesh exhibits the clearest symptoms of overurbanization, where an imbalance between rapid population growth and insufficient employment opportunities led to an increase in poverty and the mushrooming of slum and squatter settlements (Valladares, 2002).
In Bangladesh, the problem of urbanization is further aggravated by limited land supply in urban areas, lower land utilization and the lack of proper planning and land use policy. Due to globalization, the urbanization process is also increased. The ever-increasing urban population is creating an increasing demand for shelter. Article 25 of the United Nations’ Universal Declaration on Human Rights (1948-1998) has clearly stated that: “Everyone has the right to a standard of living adequate of the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services, and the right of security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond his control. (UNO, 1948) Bangladesh has one of the lowest land-person ratios in the world. The situation is further aggravated every year through an irrevocable reduction of per capita share of land for housing, as a result of continuing population growth. Acknowledging the importance of housing, which is one of the five basis needs incorporated in the constitution of Bangladesh, the government is compelled constitutionally to play a vital role in securing housing rights. The constitution of the People’s Republic of Bangladesh states in Articles 15(a) that: “It shall be a fundamental responsibility of the State to attain, through planned economic growth, a constant increase of productive forces and a steady improvement in the material and cultural standard of living of the people, with a view to securing to its citizens--the provision of the basic necessities of life, including food, clothing, shelter, education and medical care”
From the above statement it is quite clear that providing shelter to all the people is one of the fundamental responsibilities of sate. But being a government of a poor developing country, it is almost impossible for the government to ensure housing for all. As the public sector failed to provide this, people have taken their own initiative to ensure their fundamental need for shelter. Government alone cannot provide housing to all and realizing this, they decided to share the task of providing safe decent places to live with Real Estate Developers, to make people a productive resource. As a significant development in the housing question has been the adoption of the National Housing Policy (NHP) in 1993 (amended in 1997). The basis principle of the 1993 NHP is that the government would play the role of an...