Skyline in transition Cumilla’s changing real estate tides

Cumilla, the historic city on the banks of the Gomati river, with roots stretching back to the ancient Tripura kingdom, has long been an important regional hub. The ruins of Mainamati, just west of the city, bear witness to Cumilla's prominence as an administrative and cultural centre from the 6th to 13th centuries CE.

Since its elevation to city corporation status in 2011, Cumilla has seen steady urban expansion, fueled by improved connectivity through the N120 (Dhaka–Chattogram Highway) and the N114 bypass, ensuring smooth access to the country's major commercial centres. Additionally, the presence of Cumilla Export Processing Zone (CEPZ), continues to attract new businesses and employment opportunities, further fuelling demand for urban housing.

Jhawtola—a prime destination for flat buyers in Cumilla.

The rise of mid- and high-rise living

The city's real estate landscape, once dominated by low-rise homes and scattered commercial buildings, has gradually shifted toward a more urban profile. This transformation is most evident in the increasingly vertical skyline.

Pradip Nandi, Chairman of Nandi Real Estate & Developers Ltd. and Sarna Kutir Developers Ltd., noted, "Real estate development in Cumilla started from 2000, while we entered the market in 2008." Another industry insider from the local developer, Gold Silver Homes Ltd., shared that the city has witnessed a noticeable surge in high-rise projects since 2010.

While development gained momentum in the decade following Cumilla's upgrade to city corporation status in 2011, the market suffered severe setbacks during the COVID-19 pandemic and more recently amid political uncertainty following the ousting of the previous government.

Locality near Dharmasagar Dighi.

However, signs of recovery have emerged. "Since December 2024, the demand has been rising again," said Rtn. Md. Zahirul Kabir, Director of Gold Silver Homes Ltd. Projects are restarting, buyers are regaining confidence, and the skyline is beginning to rise once more.

Local developers such as MRC Builders, Gold Silver Homes, Nandi Real Estate & Sarna Kutir Developers have played a pivotal role in reshaping Cumilla's cityscape. These companies have introduced multi-storey residential buildings, typically ranging from seven to twelve floors, steadily replacing the city's once-uniform low-rise skyline.

"Apart from local developers, some Dhaka-based companies like SEL (Structural Engineers Ltd.) and bti have taken on projects here in Cumilla," said Nandi from Sarna Kutir Developers Ltd. "However, bti couldn't continue after two projects. The standards they maintain and the associated development costs didn't align with what Cumilla's market can currently bear in terms of per square foot pricing."

Glimpse of Dharmasagar Dighi.

Mapping the hotspots

Demand for flats remains strong, especially in areas such as Jhawtola, Bagichagaon, Badurtola, Talpukurpar, and localities near Nanua Dighi and Ranir Dighi. These neighbourhoods, known for better civic amenities, educational institutes, and connectivity, attract a diverse customer base, from government and private jobholders to professionals like doctors and business owners. "Nanua Lake's scenic surroundings and recreational scope have recently made it a top choice for premium buyers," said the Chairman of Nandi Real Estate Ltd.

Apartment buyers in Cumilla largely include professionals from different sectors as well as expatriates investing in homes for their families and future return. "Cumilla has a strong educational environment with a higher concentration of schools and colleges compared to many other cities," added Nandi. "That's why people who work here, as well as many expatriates who are a bit well-off, prefer to have their families and children live and study here."

A growing portion of Cumilla's real estate demand also comes from nearby districts such as Chauddagram, Laksam, Noakhali, and Feni, as people from these regions seek better educational and living facilities in Cumilla. "Flat buyers are not just locals, there's a strong influx from surrounding areas," mentioned Shipan Das Secretary at MRC Builders Ltd.

Nanua Dighi’s scenic charm have made the area a rising hotspot for premium buyers.

The cost of vertical living

Apartment prices in Cumilla have steadily appreciated over the last decade, reshaping the housing market and reflecting the city's growing urban appeal. Once affordable and modest, flat rates have climbed sharply due to increased land values and rising construction costs, with current rates ranging anywhere between BDT 4,500 to BDT 12,000 per square foot depending on location, building quality, design features and amenities.

"When we entered the market back in 2008 we sold at prices ranging from BDT 3000 to 3,200 per square foot," said Pradip Nandi. "But now, the escalating costs of raw materials like steel, cement, and bricks are compounding the pressure on developers and pushing up the final pricing." However, he emphasised how local developers have improved over time, building a more confident client base. "Many buyers are now willing to pay BDT 2 to 5 lakh, even 10 lakh extra for quality work and timely handover," he added.

Ranir Dighi.

Other developers echo this rise in cost. Das from MRC Builders Ltd. noted that in Jhawtola and Bagichagaon, prices have risen to BDT 7,000 to 8,000 per square foot, with MRC specifically offering units at BDT 6,500 to 7,000 in Jhawtola, and BDT 5,500 in West Bagichagaon. "Just 4–5 years ago, flats were being sold at BDT 3,700 to 4,000 per square foot," he said.

The standard flat size in the city now typically ranges between 1,400 to 2,300 square feet, although more compact and ultra-luxury options are also available in niche markets. Nandi from Sarna Kutir Developers Ltd. shared, "We've sold flats ranging from 800 to 2,750 square feet. At the higher end, we offer apartments with European-standard fittings, corner plots on the northside of lakes, with superior air circulation for our more posh clientele at prices that can go up to BDT 12,000 per square foot."

However, there are also residential areas with more accessible price ranges. According to Kabir from Gold Silver Homes, "Popular areas for residential flats like Talpukurpar, Jhawtola, and Badurtola now command BDT 8,000 per square foot, while locations like Adalat area, Gangchar, the surroundings of Tomsom Bridge and the Women's College fall in the lower price range of around BDT 6,000 per square foot."

Neighbourhood surrounding Ranir Dighi.

While prices have increased, so too has the quality and range of available flats, from functional family apartments to luxury units with premium amenities. Even with this price surge, apartment living remains more affordable for many than purchasing land and building independently, especially given the steep rise in land costs.

As Das noted, "Land prices in the city have become extremely inflated. Just one gonda (864 sq ft) can cost up to BDT 2 crore in the city. Buying a flat for BDT 60 to 70 lakh is a far more feasible option for most middle-income families."

While the current pace of new bookings has slowed slightly due to economic and political uncertainties, most developers believe that once the situation stabilises, the upward trend in demand will continue.

Nawab Faizunnesa Government Girls’ High School—named after South Asia’s first female Nawab—is one of Cumilla’s oldest and most prestigious institutions for girls’ education. The Talpukurpar area is visible just behind the school.

What's holding back Cumilla's real esate?

Despite the real estate boom, the sector faces several challenges. The pandemic created a glut of unsold flats, particularly in the mid-range and premium segments. Rising construction costs, scarcity of prime land, and bureaucratic delays also add to the hurdles.

Local developers repeatedly flagged the city corporation's sluggish approval process as a major bottleneck to growth. "In Dhaka, a project can receive RAJUK approval in six months. In Cumilla, it can take three to three and a half years, even after complying with all the laws and BNBC standards," said Kabir of Gold Silver Homes.

Plan approval meetings that were meant to occur monthly sometimes do not happen for six months, or even a year. "During the previous administration, it once took three years for a single meeting," he added.

Cumilla Town Hall overlooking the iconic Dharmasagar Dighi.

Das of MRC Builders Ltd., echoed similar concerns. "Until 2016, plan restrictions were less strict. Now, even for a nine-storey building, land size requirements have increased, approvals are delayed, and the process lacks transparency." While some restrictions are rational, for instance, fire safety concerns on narrow roads, many others, he said, are unnecessarily hindering development.

Cumilla's real estate market stands at an important crossroads. With a population ready to embrace apartment living, rising infrastructure investment, and growing developer interest, the city is poised for significant urban transformation.

However, managing this growth will require a delicate balance between affordability and profitability, planning and expansion, regulation and innovation. If the city can successfully align these forces, it may very well emerge as a model for mid-tier urban centres navigating the future of housing in Bangladesh.