Concord Real Estate & Development Ltd offers a 450-square-foot apartment at a price as low as Tk 4.5 lakh at the township named 'Lake City Concord' located at Namapara, Khilkhet.

The Tk 4.5 lakh-apartments are the cheapest in Bangladesh. A 1,500-square-foot flat, which is the largest in the project, is priced at Tk 15 lakh.

Concord Real Estate, one of the few companies that started real estate development in late 1970s, yesterday handed over 330 flats of the township, which will have 18 buildings, 16-storey each, upon its completion by 2008.

Because of being affordable for middle class people, the company has already been able to sell 2,000 out of 3,400 apartments in the township, 1.5 km east of Khilkhet bus stoppage and beside Rajuk's Purbachal housing project.

At a function at the project site, State Minister for Expatriate Welfare and Overseas Employment Md Quamrul Islam and Chairman of Concord Group SM Kamaluddin inaugurated the first phase of the township.

Addressing the function, the state minister, also an MP from khilkhet locality, said as burgeoning population shrinks per capita land to only 16 decimals, the land-strapped country must explore vertical expansion for housing solution.

"Private sector must lead in real estate business for providing housing solution for common people," he said. Referring to certain statistics, Islam said the private sector companies have so far handed over 80,000 apartments.

Amid growing demand, the annual turnover of real estate industry hits Tk 7,500 crore. The industry also contributes Tk 750 crore to the government exchequer in terms of taxes, he said.

Talking on possible link between filling of low-lying areas on outskirts of the capital and water-logging in Dhaka, he said the government through a master plan should identify and demarcate the low-lying areas so that investment of real estate companies is not put at risk.

"Unless the government demarcates low-lying areas, developers cannot take up projects on the fringes of the city, which is needed to provide living places for teeming urban population," he said.

At the function, Concord Group chairman said the company has used, for the first time in Bangladesh, 'aqua-bio compact system' in the project to manage human and other wastes.

Reinforced concrete block masonry has been used in the building, a technology used in US, Canada and other developed countries, to withstand earthquake, he said.

"Installment for a flat is as low as Tk 10,000 as we have targeted middle-class segment of the society," he said.

On completion, the 25-acre satellite town will have school, community centre, playground, mosque, shopping complex, open space and also entertainment park for children.