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Real Estate
phenomena in Bangladesh
Dhaka City, born during the
Moghul Empire and grown with the British rule, is expanding
rapidly. From the beginning of the 20th Century its growth
and latter development is marked with sheer lack of proper
and far-reaching planning. The impact is now being felt at
the end of the century. Dhaka City is undergoing terrific
growth phase throughout the last two decades. While there
are so many real estate developers in the market, there are
also very few of them who have maintained the quality,
safety and customer preference. It is customary in the
country that the first day quality and impression is lost
after a while when people start getting a bit of
familiarity. This happens due mainly to lack of
professionalism. Sometimes the consumers here are in a fix
to choose a particular brand out of many.
A good number of real estate companies are working under one
umbrella association named 'Real Estate and Housing
Association of Bangladesh' (REHAB). Almost 83 Companies are
at present affiliated with this association, while more than
200 companies are working independently. BTI took a leading
role in the formation of the industry association and is one
of the founder members of the REHAB.
Objectives:
a) To offer finest apartments in excellent locations to the
clients;
b) To provide sound construction with aesthetic design to
the clients;
c) To install best possible fittings and fixtures;
d) To satisfy clients by expert-oriented service;
e) To help solving the residential problem of Dhaka city;
f) To perform social responsibility for a happy future.
Market:
Real estate business especially apartment projects has
started in late 1970s in Dhaka City. But from early '80s the
business started to grow and flourish. At present, more than
250 companies are active in business but 95% business is
still dominated by of top 10 Companies. Present market is
growing at the rate 15%.
Reasons for development of the industry:
The main reasons why real estate business developed in Dhaka
city are as follows:
a) Scarcity of open space in the important areas of the city
b) Hazards of purchasing land
c) Hazards of construction of building
d) Rapid increase in population of Dhaka
e) Decrease in the rate of bank interest
f) Price of land and apartments is increasing day by day
g) Rent of the apartments is comparatively higher than the
rent of privately constructed flats
h) Open Market Economy. Remittance of foreign currency is
very easy
i) Security
j) Service facilities such as garbage disposal, central
satellite TV connection, apartments services saves time,
roof top facilities, lift and so on
Market segmentation:
The market of real estate business sector is highly
segmented. This segmentation is mainly based on the
location, price of the land, and size of the apartments. The
segmented areas are:
a) Segmentation - I :Baridhara, Gulshan, Banani, DOHS,
Uttara
b) Segmentation - II :Dhanmondi
c) Segmentation - III :Segunbagicha, Shantinagar, Kakrail,
Malibagh, Kalabagan
d) Segmentation - IV :Mirpur
e) Segmentation - V :Old Town of Dhaka City
f) Segmentation - VI :(For office building) Motijheel,
Dilkusha, Fakirapool DIT Extension Road, RK Mission Road,
Shahidbagh, Kawran Bazar, Pantha Path etc.
Places in Dhaka city where residential and commercial
projects has been congregated:
Dhanmondi; Gulshan; Banani; Eskaton; Siddeshawari;
Panthapath; Baridhara; Elephant Road; Mirpur Housing Estate,
Mirpur; Dilkusha C/A; Kakrail Rd.; Malibagh; Lalmatia;
Indira Road; Pallabi, Mirpur; Old Airport Road; Farmgate;
Inner Circular Road; Mohakhali; Ashulia, Savar; Kalikair,
Gazipur.
The development projects for apartments and residential
purposes range from Duplex Home, Triplex Home, Penthouse,
Luxury Home, Furnished Apartment, Unfurnished Apartment, to
Condominium and Vacation-Resort Property. Commercial
projects includes Industrial Shed, Agro Farm House,
Warehouse / Godown, Commercial Space, Industrial space,
Office Building, Office Suite, Furnished Office, Commercial
Showroom, Exquisite Office, Industrial Park, Factory, Lofts,
Shopping Center, etc.
General terms and
conditions of allotment:
1. Application for allotment of apartments should be made on
the prescribed application form duly signed by the applicant
along with the earnest money. The company has the right to
accept or reject any application without assigning any
reason thereto.
2. On acceptance of an application, the company will issue
allotment letter to the applicant on which the applicant/allottee
shall start making payment as per the schedule of the
project. Allotment of apartments is made on first come first
serve basis.
3. Payments of earnest money, installments, car park costs,
additional works and other charges shall be made by bank
draft or pay order directly in the name of the respective
company against which the receipts will be issued.
Bangladeshis residing abroad may remit payments in foreign
exchange by TT or DD in the name of the company.
4. Payments of installments and all other charges are to be
made on due dates according to the schedule. The company may
issue reminders to the allottee, but notwithstanding the
issue of reminders, the allottee must adhere to the schedule
to ensure timely completion of construction.
5. The company may arrange HBFC/Bank loan (if available) for
allottees according to the existing rules and regulations of
the authority concerned.
6. Delay in payments beyond the schedule date will make the
allottee liable to pay delay charge (amount varies from
company to company) for every 30 days on the amount of the
payment delayed. If the payment is delayed beyond 60 days
the company shall have the right to cancel the allotment. In
such an event, the amount paid by the allottee will be
refunded after deducting the earnest money and after
allotment of the canceled apartment.
7. Connection fees/charges, security deposits and other
incidental expenses relating to gas, water, sewerage and
electric connections are included in the price of
apartments. The company will make those payments directly to
the authorities concerned on the allottee's account.
8. Limited changes in the specifications, design and/or
layout of the apartments and other facilities may be made by
the company in larger overall interest or due to unavoidable
reasons.
9. The company may cancel an allotment for non-payment of
installments in disregard of reminders and after final
intimation to the allottee by registered post at the address
given in the application form. 10. The allottee shall be
required to execute an agreement with the respective company
for safeguarding the interests.
11. The possession of the apartment shall be duly handed
over to the allottee on completion and full payment of
installments and other charges and dues. Till then the
possession will rest with the company. If the project is
completed before the stipulated time, the allottee shall
have to make full payment before taking possession.
12. The allottees will become equally divisible undivided
and undemarketed shareholders of total acres of the
scheduled land of the project in respective apartment. After
all the dues and installments are paid by the purchaser
according to the requirements and schedule for payment and
after the completion of the construction, the vendors shall
execute a registered sale deed in favor of the purchaser
transferring share of land of the project in the demised
apartment.
13. After taking over of apartment of the project, the
allottee (s) must consult the company prior to undertaking
any structural or layout changes within the apartment
complex. Failure to do so will be at the sole risk of the
allottee.
14. Company shall not be liable if the completion period of
the construction of the projects is affected by unavoidable
circumstances beyond the control of the company, like
natural calamities, political disturbances, strikes and
changes in the fiscal policy of the state etc.
15. For the purpose of effective management and maintenance
of the building the purchaser of the apartment shall form
and constitute a mutual benefit cooperative society under
the Co-operative Society's Act 1940. The society shall be
entrusted with the management and maintenance of the
building. The rules, regulations and by laws of the
co-operative society relating to management and maintenance
of the building shall be binding upon all the
purchasers/owners of the apartments.
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