"The government has almost finalised the guidelines that include a proposal for introducing one stop service for the developers," he said.

Another guideline for construction of high-rise buildings is also at the final stage and it may come to light within two months, said the housing minister while inaugurating the four-day Rehab Housing Fair 2003 at Dhaka Sheraton Hotel.

Real Estate and Housing Association of Bangladesh (Rehab) is organising the fair. Amin Mohammad Group, Concord Real Estate and Building Products Ltd, East West Property Development (Pvt) Ltd and Jamuna Builders Ltd are the co-sponsors.

According to the organisers, a total of 58 developers, 10 building material providers and three financial institutions are taking part in the fair which enables people to choose plots, flats, shops and commercial space according to their capacity.

Housing and Public Works Secretary Aminur Rahman, Rajdhani Unnayan Kartripakkha (Rajuk) Chairman Iqbaluddin Chowdhury, Rehab President Toufiq M Seraj and General Secretary Mahmudul Hassan also spoke at the inaugural function.

The housing minister brought allegations against a section of developers for constructing buildings without permission from the authority and publishing advertisements in newspapers which he termed an 'act of cheating' with the people.

He urged Rehab to identify these unscrupulous developers and take punitive measures against them.

Speaking at the function, the housing and public works secretary said interest rates on housing loans in Bangladesh is the highest in the world. He urged financial institutions to bring down the lending rate to seven to eight per cent.

Rehab President Toufiq M Seraj said recent price hike of construction materials raised the cost of construction by 6 to 10 per cent making apartments, shopping and commercial spaces beyond the reach of most buyers.

"Rod prices alone shot up by 40 per cent in one year," he said.

On the minister's allegation of 'cheating' by some developers, the Rehab president said they are going to frame a policy for the Rehab members and if allegations are found true, legal action would be taken against the offenders.

After the inaugural function the minister visited different stalls set up in the Winter Garden and tennis court area of Dhaka Sheraton Hotel. He talked to some exhibitors about their plots, flats and commercial space.

The fair will remain open to public from 9am to 8pm till Saturday. The entry fee has been fixed at Tk 10 per person and the entire amount of gate money will be distributed among the distressed people.