The Dhaka North City Corporation (DNCC) and Borak Real Estate Ltd have signed a deal, taking possession of their respective stakes in DNCC Unique Complex [Hotel Sheraton] through mutual understanding, as per a High Court order, says a press release.
There is now no bar on Hotel Sheraton to go into full commercial operational. DNCC Mayor Md Atiqul Islam and Borak Real Estate Managing Director Mohd Noor Ali signed this deal on behalf of their respective organisations at the DNCC office on Monday [November 13].
According to the deal, the DNCC has taken possession of their stake in the property. Meanwhile, Borak Real Estate has also taken possession of their stake, removing blockade and allowing Hotel Sheraton to operate in full swing.
According to the court order, the DNCC and the Borak Real Estate Ltd resolved their ownership stakes in Banani DCC-Unique Complex up to 20 stories or 201 feet high through the agreement.
On October 9, in presence of both parties, the court ordered a resolution of this matter. The order further mentions that the Civil Aviation Authority of Bangladesh approved up to 201 feet of the building's height.
In this regard, the High Court issued status quo on the building on 21st to 28th floors of the building. It then directed both parties to sign a deal sharing the building's stake, in accordance with the orders previously issued on June 12 and August 29 this year.
The share allocation deal was signed as per court order. A high Court bench of justices Md Nazrul Islam and Khizir Hayat gave the order after a long hearing on October 9.
Borak Real Estate was represented at the court by senior lawyer and former justice ABM Altaf Hossain. He was accompanied by lawyers Md Abu Taleb, Sheikh Moshfeq Kabir, Abul Kashem and Enamul Haque Tuhin.
DNCC was represented by lawyer Imtiaz Moinul Islam Nilim, while lawyer Imam Hassan represented the Rajshahi Unnayan Kartripakkha (RAJUK). Deputy Attorney General Md Saifuddin Khaled represented the state.
It should be noted that there is no legal bar on the 28-storey height of this building, as there was no height limit for multi-storied buildings in the Banani area until 2009 due to Tejgaon Airport shutting down all flight operations.
The 28-storey Hotel Sheraton building was built before this timeframe, and completed in 2014.
So, this height limit should not be applicable to building under any circumstances. Steps will be taken to allocate stakes of the building's floors beyond 201 feet up to 28 stories, after the matter is resolved in the court.
Following construction of the multistoried building, Borak Real Estate submitted a proposal to DNCC on stake allocation of the property. Later, the DNCC Engineering Department tabled this proposal at a city corporation meeting.
As per the corporation meeting, Borak Real Estate proposal, and decisions taken at the DNCC second council's 18th and 19th meetings held on November 27, 2022 and January 7, 2023, the DNCC will get 40 per cent of the building's extended 15th to 28th floors, instead of 30 per cent.
Moreover, as per the design, the DNCC will get 30 per cent of the building up to 14th floors, while Borak Real Estate will get 70 per cent. From 15th to 28th floors, the DNCC will get 40 per cent, and Borak Real Estate will get 60 per cent.
