A place of residence is no longer an address; it has more to do with the emotions of the dwellers.
People like to live a fresh, happy life in the home of their dreams. And it now seems possible for many to afford a home, as Building Technology and Ideas has come up with a new solution.
"We are offering affordable luxury to those who wish to live a quiet and harmonious life, yet with all modern comfort," said Faizur Rahman Khan, managing director of BTI, in a recent interview with The Daily Star.
An ongoing project 'Chhayabithi' on nearly fifty kathas of land is a good choice for small families who are willing to live in an expansive and secured community with all the contemporary facilities, Khan said.
The project has been designed keeping in mind the purchasing power of the middle-income groups, who are now already paying a good sum as house rent, he added.
“Gone are the days when people buy an apartment once in a lifetime; the new generation buys their own apartment, lives in it and might sell it in future to buy another,” Khan said.
BTI, as a market leader, is a trendsetter and this project has addressed all the current needs of people, he added.
Civil engineering innovation in structural systems, authenticated by Bangladesh University of Engineering and Technology, reflects in the economic cost component for this project, Khan said.
Describing how BTI has changed the real estate scene in Bangladesh, he said the company has been a pioneer in novelty and advancements in the last three decades.
At the beginning, it was difficult making partnerships with land owners; the cost of capital was high as the developer first needed to buy the land and then build apartments, he added.
In 1990s, BTI came up with the concept of joint venture with landowners, he said. "This was an extremely successful initiative as hundreds of apartments were sold in the first decade."
The second decade was about product diversification. BTI brought commercialised combo shopping complexes.
“If you do not step into new territory, you would not know what is coming,” Khan said. The shopping complex development experience was gradually derived from issues like open space inside markets, adequate ventilation and traffic control outside the malls, he added.
BTI learnt from real life examples, studying many shopping malls before developing one in Bangladesh, he said. The best time for the sector was from 1990 to 2000.
The year 2000 onwards was all about inflated market escalation, which challenged sustainability, said Khan. But there is nothing to worry about as steady growth is still there, he added.
The companies with full commitment and ethical practices will sustain in the long run, said Khan.
Product quality assurance was the key to BTI's success from the beginning and the first ISO certification as a real estate company reflects that standard, he said.
The company's current ISO 9001-2008 certification is not only a certification but also a management tool for self-governance, he added. Khan advised people not to buy an apartment that gives fake promises of a certain richter scale reading for earthquake proof durability.
An earthquake can never be measured with one parameter as different factors like the epicentre, time period correlation and intensity play roles, he said.
He also advised buyers to check whether the building maintains all the codes of the Bangladesh National Building Code's earthquake chapter.
To reduce the effects of overpopulation in Dhaka, Khan believes decentralisation could be an option, and BTI has made successful projects in Chittagong and Comilla as part of its plan.
Moreover, Dhaka is expanding now and BTI is initiating projects in places where all future facilities will evolve, said Khan, explaining how Chhayabithi inhabitants will enjoy the benefits when metro rail starts in Bangladesh.
“I believe everyone having minimum affordability will have his or her own apartment one day and that is why we are here with the Standard Collection,” said the chief of BTI, which has handed over more than 5,000 apartments to its clients.
The interviewer is strategic project planner of Business Development at The Daily Star and can be reached at firstname.lastname@example.org.