HC asks DNCC to settle stake with Borak Real Estate

Dhaka : The High Court on June 12 directed Dhaka North City Corporation (DNCC) to take possession of their stake in the building on 44 Kemal Ataturk Avenue from Borak Real Estate Ltd within the next two months.

It directed the authorities concerned to settle this issue as per agreement between DNCC and Borak Real Estate Ltd within the stipulated time. 

HC bench of justices Md Nazrul Islam Talukder and Khizir Hayat Lizu passed the order after hearing a writ petition in this regard.

The court also issued a rule seeking explanation as to why the inaction and failure of those involved in collecting these assets worth several hundred crores of taka should not be declared illegal.

Concerned parties have also been asked to submit a compliance report before the court within the next three months, after settling this issue.

The Borak Real Estate authorities said the 28-storey building on 44 Kemal Ataturk Avenue is a joint project of Dhaka North City Corporation (DNCC) and Borak Real Estate Ltd, and the property has been built following every regulation.

After the vetting and approval process carried out by BUET and the then Dhaka City Corporation, Borak secured clearance for the construction of 30 storeys from every relevant government agency, including the Ministry of Local Government, Rural Develop-ment and Co-operatives.

Borak Real Estate mentioned they had contacted the city corporation in writing on multiple occasions, urging them to take over their share in the building on 44 Kemal Ataturk Avenue since 2015, but the city corporation is yet to do so.

The company said it wrote separately to the Local Government Division secretary on April 30, 2023, the LGRD minister on March 31, 2021, and Prime Minister's Office on July 16, 2018, seeking to resolve the matter, but to no avail.

Shares of this establishment were allotted, and construction moved forward as per regulations.