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Published : 12 Apr 2025, 05:36 AM
Dhaka North City Corporation (DNCC) has finally taken possession of its share in the Sheraton Hotel building in Banani after years of dispute.
This move brings an end to the prolonged conflict over share allocation in the joint DNCC-Borak Real Estate project.
On Wednesday, DNCC Chief Executive Officer (CEO) Abu Sayeed Md Kamruzzaman and Borak Real Estate Limited CEO Gazi Mohammad Shakhawat Hossain signed the handover agreement at Nagar Bhaban.
DNCC Administrator Mohammad Ejaz, who was also present at the signing, told bdnews24.com: "Others did not resolve this issue due to negligence; I have been able to do so.”
“My job is to secure the share that belongs to the state, where the rights of ordinary people are embedded. I will recover all of it,” he added.
The 28-storey tower, located on 60 kathas of city corporation land in upscale Banani, had been entangled in a years-long ownership dispute.
The original agreement was signed during the tenure of former undivided Dhaka City Corporation mayor Sadeque Hossain Khoka.
As per the deal, a “Banani Super Market-cum-Housing Complex” was to be built on city land beside Banani’s kitchen market and north of the central mosque.
The contract stipulated that DNCC would receive 30 percent of a 14-storey building while the remaining 70 percent would go to the developer.
The deal drew heavy criticism at the time, even being discussed in a parliamentary committee for its perceived imbalance.
After the city corporation was split, the Banani property fell under Dhaka North’s jurisdiction.
The DNCC later accused Borak of breaching the agreement by constructing a 28-storey building instead of the agreed 14 floors and keeping full control of it.
The building was supposed to be completed and handed over to DNCC by January 2010, but this never happened.
In an attempt to resolve the issue, the DNCC formed a committee in January 2022.
Borak then proposed giving DNCC 40 percent ownership of floors 15 to 28, a proposal that was approved in a DNCC board meeting.
Despite the agreement, the share transfer remained pending during the previous Awami League government.
The matter has now been settled under the Muhammad Yunus-led interim administration.
