Sahara India has announced it would develop a new city near Dhaka called Notun Dhaka and has signed agreement with the Bangladesh government to invest in housing sector of neighbouring nation.
A Sahara Group firm signed a Memorandum of Understanding (MoU) with the Ministry of Housing and Public Works of Bangladesh to invest in the development of housing industry in that country, the company said in a statement.
With this MoU, the Sahara Group has forayed into the housing and infrastructure sector of Bangladesh. Going ahead, the group also has plans to invest in power and healthcare.
The MoU was signed by Sahara India chairman and managing worker Subrata Roy Sahara and Rajdhani Unnayan Kartripakkha (RAJUK) chairman Nurul Huda at Dhaka in the presence of Abdul Mannan Khan, the state minister for Housing and Public Works.
Sahara Group’s Bangladesh unit Sahara Matribhumi Unnayan Corporation would develop a new city near Dhaka Notun Dhaka (New Dhaka) and build affordable housing for low income groups with housing finance support for majority applicants.
“I am extremely proud to extend our business interests in Bangladesh. The Government of Bangladesh and its people have provided us a wonderful support and this in effect will help us to contribute towards the development of Bangladesh,” Roy said in a statement.
Sahara would also conceptualise, design and plan various integrated satellite townships under the Ministry of Housing and Public Works of Bangladesh.
Roy had met Bangladesh Prime Minister Sheikh Hasina to discuss about the intended projects and further opportunities in Bangladesh, the statement said.
Sahara plans are to build integrated and satellite townships, which will be heavily intensive on infrastructure unlike regional real estate projects.
Roy urged the Bangladesh government to ease conditions about availability of housing finance and to remove the difference in tax rates between listed and unlisted companies in Bangladesh.
He also demanded that a classification of a section be created midway between housing and infrastructure so that the taxation policy is relooked at Bangladesh.
