The Real Estate and Housing Association of Bangladesh (REHAB) urged Bangladesh Bank on Tuesday to create a Tk 3000 crore special fund to help sustain the country’s housing sector amid global economic uncertainty triggered by the ongoing war in the Middle East.

A delegation of REHAB leaders raised the proposal during a meeting with the newly appointed Bangladesh Bank Governor Md. Mostaqur Rahman.

The delegation included REHAB President Md. Wahiduzzaman, Senior Vice President Liakat Ali Bhuiyan and Vice President-1 M A Awal.

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During the meeting, REHAB leaders briefed the governor on the current challenges facing the housing sector and highlighted the need for policy and financial support from the central bank.

They noted that the housing industry is a key pillar of the national economy, with more than 250 related industries directly and indirectly linked to it.

However, recent global instability and war-related uncertainties have driven up construction material prices, created financing constraints and added market uncertainty, severely affecting the real estate sector, they said.

The association also stressed the need to introduce long-term, low-interest housing loans for middle and lower-middle-income groups and to simplify housing loan approval procedures at banks.

The REHAB delegation handed over a formal letter outlining the proposals to the central bank governor.

The Governor listened to the concerns raised by the REHAB leaders and assured them that the central bank would consider the issues in light of the prevailing economic realities.

REHAB leaders expressed hope that establishing the proposed fund would help revitalise the housing sector, boost investment and make home ownership more accessible for ordinary citizens.