Bridging gap between means and dreams
Tuesday, 27 November 2007
THE five-day housing fair organized by the REHAB, an association of the real estate companies, concluded Sunday in Dhaka, setting a change in business approach of the real estate builders, who are going through a difficult time because of a marked fall in the sale of apartments this year. The fair drew a large number of visitors, mostly belonging to the middle class, who do very often find it difficult to bridge the gap between the means and the dream of having their own homes. There is a mixed feeling among the REHAB members who had their stalls at the fair, about the outcome of this year's fair. Some are found to be satisfied with the bookings they received during the fair and some others are not. But the REHAB members apparently have realized the fact that it is high time to concentrate more on the construction of low cost apartments than on luxury flats in the posh areas of the city.
Some visionary real estate developers have already raised a number of apartment projects taking into consideration the affordability of the middle class people who make between Tk 20,000 and Tk. 40,000 a month. Others would soon be joining the race to build low-cost flats in various parts of the city for the middle income people. Actually, there is little option before the real estate builders, who had been involved until recently more in the construction of high-cost residential flats in posh areas, including Gulshan, Bananani, Baridhara, Defence Officers Housing Society and Dhanmondi, to meet the housing needs of the affluent class of people. But the sale of such flats and apartments has gone down remarkably following the interim administration's crackdown on the corruption suspects and black money holders.
There is no denying that in view of the actions against some unscrupulous real estate builders and corrupt officials in the Rajdhani Unnayan Kartipakhha by the present administration, things have changed for the better in the housing sector and the people now have more confidence in the sector than before. Stories are galore how some real estate companies, particularly those who offered residential plots in areas adjacent to the capital, have defrauded their unsuspecting clients. It is time for the authentic and reliable real estate builders to draw a line between them and others who have a tainted past for the greater interest of the housing sector. Notwithstanding the usual ups and downs in demand for flats, apartments and housing plots, the prospect for real estate business in Bangladesh is immense because of the unending migration of the rural population to cities and towns.
Though the real estate builders are now more eager to cater to the needs of the middle class people, most fixed income people find the prices of flats and apartments in Dhaka city are beyond their reach. However, it is difficult to blame the builders for that since the prices of land and construction materials have recorded an unusual rise in recent years. Moreover, it has become rather difficult to get suitable land in Dhaka to construct high-rise residential buildings. Besides, the utility services that have been extended well beyond all limits would not be able to meet the future demand. So, it would be prudent for the real estate developers to start constructing low-cost high rise apartment buildings having all the modern facilities in suburban areas of the city. People would not mind living in a bit of distant place if it ensures an open and pollution free environment. Commuting between the city and sub-urban areas would not be a problem because of the relatively improved transportation system these days.
Some visionary real estate developers have already raised a number of apartment projects taking into consideration the affordability of the middle class people who make between Tk 20,000 and Tk. 40,000 a month. Others would soon be joining the race to build low-cost flats in various parts of the city for the middle income people. Actually, there is little option before the real estate builders, who had been involved until recently more in the construction of high-cost residential flats in posh areas, including Gulshan, Bananani, Baridhara, Defence Officers Housing Society and Dhanmondi, to meet the housing needs of the affluent class of people. But the sale of such flats and apartments has gone down remarkably following the interim administration's crackdown on the corruption suspects and black money holders.
There is no denying that in view of the actions against some unscrupulous real estate builders and corrupt officials in the Rajdhani Unnayan Kartipakhha by the present administration, things have changed for the better in the housing sector and the people now have more confidence in the sector than before. Stories are galore how some real estate companies, particularly those who offered residential plots in areas adjacent to the capital, have defrauded their unsuspecting clients. It is time for the authentic and reliable real estate builders to draw a line between them and others who have a tainted past for the greater interest of the housing sector. Notwithstanding the usual ups and downs in demand for flats, apartments and housing plots, the prospect for real estate business in Bangladesh is immense because of the unending migration of the rural population to cities and towns.
Though the real estate builders are now more eager to cater to the needs of the middle class people, most fixed income people find the prices of flats and apartments in Dhaka city are beyond their reach. However, it is difficult to blame the builders for that since the prices of land and construction materials have recorded an unusual rise in recent years. Moreover, it has become rather difficult to get suitable land in Dhaka to construct high-rise residential buildings. Besides, the utility services that have been extended well beyond all limits would not be able to meet the future demand. So, it would be prudent for the real estate developers to start constructing low-cost high rise apartment buildings having all the modern facilities in suburban areas of the city. People would not mind living in a bit of distant place if it ensures an open and pollution free environment. Commuting between the city and sub-urban areas would not be a problem because of the relatively improved transportation system these days.