Sheltech's housing fair begins today

From right, Kutubuddin Ahmed, chairman of Sheltech, and Toufiq M Seraj, managing director, attend a press briefing to announce a promotional event -- Sheltech Autumn Fair -- at the company's corporate office at Panthapath in Dhaka yesterday. Photo: Sheltech

Sheltech is discounting apartment prices by up to 17 percent at a 15-day promotional housing fair starting at the real estate company's Dhaka office today.
The prices, after taking into account the discount, would range from Tk 60.78 lakh to Tk 9.57 crore, said Toufiq M Seraj, the company's managing director, yesterday. “There would be no further reductions on-the-spot.”
“The housing sector is now passing a sluggish trend. So, we have made 'a price correction' to rope in more apartment buyers,” Seraj said.
The company plans to sell around 400 apartments ranging from 805-2,225 square feet (sq ft) during the exposition styled Autumn Fair 2013, which starts today at the company's office in Dhaka.
“Each industry has a cycle. The real estate sector is now on a downward cycle, so customers can expect to buy apartments at reduced rates,” said Kutubuddin Ahmed, chairman of Sheltech.
"We have designed our products targeting the middle- and upper middle-income bracket,” he said.
Apartments at Baridhara will cost Tk 30,500 per sq ft, Uttara Tk 8,200 per sq ft and Mirpur Tk 7,200, according to the price chart.
It means each flat with a size of 2,055 sq ft at Baridhara will cost around Tk 6.26 crore, TK 72.98 lakh for a flat size of 890 sq ft at Uttara and around Tk 60.78 lakh for an apartment size of 1,105 sq ft at Gandaria.
Sheltech also plans to sell a number of plots ranging from 3.41-32 katha in Ashulia and Singair at Tk 2.53 to Tk 32 lakh per katha.
It means each plot with the size of 3.41-6.20 Katha at Baro Rangamatia of Ashulia will cost Tk 38.36 to Tk 75.95 lakh.
The real-estate sector now contributes up to 12-14 percent to the country's GDP, employing around one lakh skilled people and 35 lakh in the linkage industries, according to Seraj.
Around 4,000 apartments have so far been handed over to customers since the company's inception in 1988, he added. The fair will remain open from 9 am to 7pm every day and is free of any entry fee.