Affordable house for all
2 minutes read
Raj Hoq, CEO of Rangs Properties
Real estate business in Bangladesh is still tied up to the tier of the elites and this needs to change, says Raj Hoq, currently the CEO of Rangs Properties. Athletic in posture and a sharp-looking man, he explained his future plans for the company.
A passionate team leader, much of his talks were on how he describes success and the secrets of his leadership, him being in the pivotal position of a top company in Bangladesh. And he was fluidly giving away all that he had in the bag – and they were excellent set of recommendations too. He says if you are a good listener, committed to your work, have good communication skills, ability to understand people and compassionate with others, you will be a winner. But what really got us was as to his vision for the future – the future of the real estate business in Bangladesh he wishes to pioneer.
“The real customer segment is the middle-class, the largest segment of the population in Dhaka city,” Raj Hoq says. “Everyone nowadays, on an average, pay a rent of Tk 20,000 to 30,000 per month to the landlord. Imagine yourself paying around Tk 20,000 a month and end up owning an apartment in about 10 years! In that way you are not spending anything on rent, only paying monthly installment. And finally, you will have an apartment of your own.”
His calculations were crystal clear. In 30 years, for an average middle-class household that pays Tk 30,000 for rent per month, ends up paying about Tk 1 crore. “Does the landlord say that you can have a share of my house? No he doesn’t and he won’t ever. But, if you can pay the same amount for 30 years and become an owner of a property worth Tk 1.8 crore, isn’t that wonderful,” says visibly beaming Hoq.
But for that to happen, banks have to step in and bring down the interest rates of housing loans. It might even have to go up to the government level to set up special regulations for the real estate segment. But Raj Hoq thinks it is very much possible in the near future. He even thinks that the banks are showing some real development in this sector and such hopes are not so far-fetched. “Some latest developments are showing real promise. The interest rates in housing have come down remarkably. It is now the lowest you’ve ever seen. We can expect it will come down further in the future. If that happens, there will be some real development in the sector. And then, I believe we can offer everyone an affordable house,” Raj Hoq says.