Flats worth over Tk 1cr are a big draw

Apartments worth at least Tk 1 crore with an area of up to 1,250 square feet were the biggest draw at this year's REHAB Fair, which is an annual housing exhibition currently being held at the Bangabandhu International Conference Centre in Dhaka's Agargaon.

In addition, buyers at the five-day event that began last Wednesday urged participating developers to hand over the purchased properties within five to six months after booking is placed.

In the past, potential homeowners would be most interested in flats priced between Tk 70 lakh and Tk 80 lakh, according to a number of realtors.

Muhammad Sayfur Rahman, the marketing and sales manager of Amin Mohammad Foundation, said people were looking for apartments that are in the final stage of construction.

However, much of the properties on display at the fair are usually new projects that have only entered the initial phase of development after acquiring the necessary land.

"This trend was not seen in previous fairs," he added.

Rahman went on to say buyers were particularly attracted to apartments priced between Tk 1.3 crore and Tk 2.5 crore even though the company has flats going for as less as Tk 90 lakh up to Tk 5 crore.

There are a total of 181 stalls at the fair, where 16 building material companies and 13 financial institutions are participating alongside members of the Real Estate Housing Association of Bangladesh (REHAB).

Gazi Feroze, a resident of Shyamoli, said he planned to buy a flat within Tk 80 lakh to Tk 90 lakh at the fair as various discounts are offered at this time.

"But now I see that I can buy a better quality flat if I add another Tk 10 lakh to the budget. So, I will talk to a few more companies before booking," he added.

AM Mynul Hassan, sales manager of Anwar Landmark, said the demand is especially high for projects in Malibagh, Moghbazar, Shahbag, Paribagh, Shantibag, Dhanmondi and Mirpur. This is because these areas have good transportation and communication systems as well as number of schools, colleges, universities and hospitals.

Hassan then said flats worth Tk 1 crore to Tk 1.5 crore are the biggest sellers in these areas.

"In all the new projects being undertaken, prices are fixed in coordination with the new price of raw materials," ‍said SM Suruzzaman Rudra, assistant general manager for sales at Rupayan Housing Estate.

INTEREST INCREASING IN CONDOMINIUMS

The officials of a few real estate companies at the fair said that condominium-like projects that have modern civic facilities, such as a gymnasium, swimming pool and more, are seeing a good response from customers.

So, many housing companies have started developing such projects in Mirpur, Mohammadpur, Rampura, Malibagh, Gulshan, Bashundhara and other residential areas of the capital.

Condominiums range between 1,500, 2,200 and 2,800 square feet in size and usually cost Tk 1.5 core to Tk 2.5 crore.

"At present, a ‍section of customers wants to have all the facilities in one building. That's why we have to take projects suitable for a better life," said an official of Amin Mohammad Foundation.

METRORAIL RAISED DEMAND

With the Dhaka Metro Rail set to facilitate travel between Uttara, Mirpur, Farmgate and Motijheel once open, apartment prices in locations near the mass transport project and its stops have increased.

On the other hand, the rising cost of construction materials has led to a feeling of uneasiness among developments, said an official of Priyanggon Real Estate.

Echoing the same, Kamal Mahmud, vice-president of REHAB, recently said the housing sector is under threat due to the unanticipated spike in raw material prices and potential changes in the Detailed Area Plan (DAP).

"The amendments requested in the DAP will hopefully be taken into consideration by the government and Rajdhani Unnayan Kartripakkha," he added.