Flats turn dearer for middle class as cost escalates
Though hundreds of housing projects and flats are being exhibited at the REHAB Fair-2021, there is an insignificant percentage of properties for the middle-income groups.
According to company executives, there are at best 10 per cent flats that the middle-income earners can afford.
While talking to a number of executives at the stalls at the fair venue at the Bangabandhu International Conference Center in the city's Sher-e-Bangla Nagar, a flat priced below Tk 4,500 per square foot (sft) could not be found.
The escalating price of land and the rising prices of raw materials are making properties unaffordable for the middle-income groups day by day.
Mahamuda Ziben Anamika, an assistant manager at Sky View Foundation Ltd, says the real estate company is offering flats with sizes ranging between 700sfg and 3,000sft, targeting middle to high-income-earners.
It has 18 projects in various parts of the city at the moment. Of them, seven are ready and the rest are under construction.
The price ranges between Tk 5,000 and Tk 12,000 per sft. The company is offering Tk 200 discount per sft if the property is booked during the fair, according to Anamika.
Sheltech, one of the top real estate companies in Bangladesh, is exhibiting 20 projects. Of them, two are ready in Badda and Mirpur, with flat sizes of 1,250sft to 1,500sft.
The high-range flats come in sizes between 1,700sft and 2,000sft. "The middle and high-middle-class prefer this type of flat," said AKM Rafiul Islam, a senior assistant general manager of Sheltech.
"We construct quality and luxury flats, so the price is slightly higher compared to other developers."
Mamun Hassan, manager for sales at Rangs Properties Ltd, another top realtor, says most of the reputed real estate companies build flats targeting the higher-income groups.
According to him, of the flats built by the realtors, 80 per cent are semi-luxurious and 10 per cent luxurious.
Addressing the inaugural session of the fair yesterday, Commerce Minister Tipu Munshi asked realtors not to deceive people.
"People buy a flat with all their savings of life to find a little place to live with their families. When deceived, there is nothing left. So, developers need to play a responsible role in protecting the interests of buyers."
The Real Estate and Housing Association of Bangladesh (REHAB) has organised the five-day fair.
The commerce minister said the government was working sincerely to build big cities in a planned way. "Therefore, the cooperation of real estate companies is required."
Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry, said that the interest of people to own flats in good locations had increased in keeping with the rise of their income.
He suggested the government allocate a special zone for housing to encourage people from Dhaka to move there.
Alamgir Shamsul Alamin, president of the REHAB, said that with the economic progress, people were increasingly becoming interested in having a nice flat in a good place.
"We are working to fulfill the dreams of the people."
He also said the association had concerns about the proposed Detailed Area Plan (DAP) and requested the authorities to address their worries.
Md Shahid Ullah Khandaker, housing and public works secretary, said an acceptable DAP would be formulated taking into feedbacks of all stakeholders.
"The opinion of realtors, particularly the REHAB, will be given importance while taking decisions."
Prospective customers can visit the stalls at the fair venue every day from 10am to 9pm. The fee is Tk 50 for single entry and Tk 100 for multiple entries. A visitor can enter five times with the multiple entry ticket.
Rajdhani Unnayan Kartipakkha Chairman ABM Amin Ullah Nuri, REHAB Senior Vice-president Enthekhabul Hamid, First Vice-president Kamal Mahmud, and Vice-president for Finance Mohammad Sohel Rana also spoke at the opening session.
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