A fools expectation from RAJUK

Let’s face it, you never turn down a buyer; not especially during the global economic down turn that we are in right now. People who are in private sector, like export oriented garment industry knows how hard they try to keep the LC valid and deliver the product; however if you are in a bureaucratic non transparent organization than you don’t have any motivation to do that; because you job is secure and your benefits is not tied with your performance or productivity.

For example, you all Bangladeshi expatriates probably heard and most of you participated in recent offerings of RAJUK for the UTTRA or PURBACHOL plots. Most of us don’t feel comfortable with the private sector offerings due to their failure to build trustworthy business dealings. Although government run companies does not do a better job; however we kind of feel that our money will be safe in their hands regardless they deliver the product or not.

With the overwhelming response from the people of Bangladeshi origin all over the world, especially middle east, America and Europe, in my estimate there could be as many as 300,000 (three hundred thousands) applicants applied with security deposits of thousands of dollar per applicants. Let me do a simple math:

Number of applicant 3,00,000
Prospectus fee collected = 300,000x1000 (30 Corer Taka) or 300,000xUSD$20 (6 million dollars)
Security deposit collected between
In USD $585 Million= (1500x0.5+2000x0.3+2500x0.1+3500x0.1)x300,000 or
In Bangladesh Taka 30750 Million Taka= (75Kx0.5+100Kx0.3+150Kx0.1+200Kx0.1)x300,000

For my estimation I used a simplified conservative formula, where I assume the following:
a. 50% applied for 3 khatha plots with USD$1500 or 75,000/= Taka (or a mix of these)
b. 30% applied for 5 khatha plots with USD$2000 or 1,00,000/=Taka (or a mix of these)
c. 10% applied for 7.5 khatha plots with USD$2500 or 1,50,000/= Taka (or a mix of these)
d. 10% applied for 10 khata plots with USD$3500 or 2,00,000/=Taka (or a mix of these)

Hence at a minimum RAJUK may collect 3075 Corer taka just from the applicants. If all were collected in USD than the amount could be 4007 Crore Taka. I am not suggesting that Rajuk got that amount of money; but to get some idea we could use the above assumptions and conclude that the amount of revenue collection from the applicants may be 3 to 4 thousands corer taka.

Keep in mind that this huge amount of money collected without even disclosing the price of per khatha of the land. See the enormous hunger of the Bangladeshi people for a piece of land that they could one day build a house. See how much they are willing to give up not even knowing the price of the product they will get.

Where are those sells technique that you learn in your MBA’s from Business Schools? You did not applied any of those; however a huge number of people willing to buy.

Alas RAJUK, I wish you could make more products to satisfy all those applicants! In this global economy nobody has that many customers ready with cash in their hand for a product!