Allotment and how the instalments work

What the flat actually is

All 6,636 flats in Block ‘A’ are built to one design: 1,654 sft gross, of which 1,276 sft is net floor area and 378 sft is common space — a split RAJUK states in its own allotment notice. Each has three bedrooms, a living-cum-dining room, four bathrooms, four verandas and a kitchen.

So the 378 sft you are paying for is your share of the stairs, lift lobby and corridors, not floor you can stand furniture on. A per-square-foot comparison that ignores that split is comparing two different things.

The money goes in two halves

The price is not paid at once. Under the structure RAJUK published, payment splits either side of possession, and the two halves are on different terms.

• Before possession: 50% of the total value, excluding security money, in four instalments within the stated period, with no interest.
• After possession: the remaining 50% over up to eight years of instalments, with a 9% instalment fee.

The difference is not small. Finish the first half on time and it costs nothing beyond the price itself. Stretch the second half to its full eight years and the 9% fee grows into a substantial sum — which is why allottees who can afford to usually clear the second half early.

The price in the revised prospectus (November 2024)

RAJUK’s prospectus, revised in November 2024, sets a provisional price of Tk 4,800 per square foot. For a 1,654 sft flat that is Tk 79,39,200 — and it excludes car parking and utility connections, which are charged separately, once:

• The flat: Tk 79,39,200 (US$ 1,01,265.31 or € 90,772.10 for Bangladeshis living abroad).
• One car parking space: Tk 3,00,000.
• Utility connections: Tk 2,00,000.
• The Tk 5,00,000 for parking and utilities is due before you take possession.

Together that is about Tk 84.39 lakh. An earlier notice put the flat at Tk 83 lakh including parking and utilities — so the figure has moved, and can move again. The prospectus itself says that if material costs, the exchange rate, taxes/VAT or the scope of work change during construction, the price is adjusted and allottees are bound to pay the revised figure.

What binds you is your own allotment letter — not this page, and not any other unofficial source.

What happens if a payment is late

• The pre-possession half (50% of the total, excluding security money) is due in four instalments within one year, interest-free.
• Miss the first instalment and it can still be paid within the following year with a 9% late fee; if it is not, the allotment is cancelled.
• The post-possession half runs over up to eight years of annual instalments with a 9% instalment fee.
• Miss one of those and, with RAJUK’s permission, it can be paid within the next six months with a further 9% late fee; after that the allotment is cancelled.
• On cancellation, 5% of the money paid is deducted and the rest refunded without interest within three months (to the heirs, on their application, where the allottee has died).

It works the other way too: under the prospectus, allottees who pay the first half in one go or ahead of schedule get priority for a flat ID and handover, and several instalments can be paid together straight after allotment.

Bank loans

RAJUK has signed a memorandum of understanding with Standard Chartered Bank. According to the prospectus, allottees can borrow up to 70% of the flat’s total price, at any stage of the instalments, repayable monthly over up to 25 years, from any branch of that bank.

The interest rate and other terms are the bank’s, not in the prospectus — ask the bank directly. Bear in mind that a flat cannot be mortgaged without RAJUK’s prior written approval; the loan no-objection application now goes through RAJUK’s online portal (epms.rajuk.gov.bd).

Keep the paperwork

Keep every instalment’s bank receipt, the original and a scan. Possession, registration, mutation and any later transfer each ask for proof of payment. Over a decade of instalments, one lost receipt is several days of chasing it again.