The New Nation - Internet Edition

Staff Reporter

The long-cherished dreams of middle-income group of people to buy a piece of land or apartment in the capital are yet to be fulfilled as they have found that the prices still remain beyond their affordability.

Visiting the Real Estate and Housing Association of Bangladesh fair at Dhaka Sheraton Hotel over the last five days, most of the visitors found that land or apartment prices were much beyond their reach. Real estate developers attribute the skyrocketing prices of apartments to abnormal rise in prices of land, construction materials, as well as the government's high registration charges.

Visitors said prices are so high that most people cannot think of buying a residential plot or apartment in spite of the availability of loan facilities with the housing financing institutions. However, developers said price of apartments is going up day by day as the land area in the capital is squeezing. Some 75 companies are offering hundreds of apartments ranging from Tk 2,000 to Tk 9,000 per square foot with a price tag from Tk 32 lakh to Tk 1.8 crore for an apartment.

Most of the visitors experienced that they need at least Tk 32 lakh to buy a livable apartment in Dhaka.

Sukriti Mukherjee, Senior Manager (Business Promotion) of Sheltech, a leading real estate developer, said they have apartments available at Dhanmondi, Uttara, Mohammadpur and Pallabi. "Per square foot at Pallabi costs Tk 2,200 while per sft at Mohammadpur costs Tk 3,400 and per sft at Dhanmondi costs Tk 5,100," he said. Subsequently, a customer will have to pay around Tk 33 lakhs for each of the 1325 sft size apartments at Pallabi. The amount includes the cost of car parking space (Tk 2 lakh), stamp duties, registration, mutation, VAT, cost of utility connections and other registration, documentation and transfer charges, according to the brochures provided by the Sheltech official.

Besides, Sheltech offers plots at Sheltech Grand City at Ashulia, some one and a half kilometers from Jirabo Bazar at Tk 5-7 lakh per katha.

Md Nesar Uddin, Senior Executive, Marketing of Advanced Development Technologies, said they were overwhelmed witnessing the unprecedented responses from visitors. Mohiuddin, another senior executive of the company said price of apartments at Motijheel and Kakrail areas is comparatively lower. Per sft at Motijheel is Tk 3,000 while at Kakrail is Tk 3,200. "Dhaka city will not remain as same in future as it is now. So, we suggest buyers to buy apartments at Motijheel, Kakrail and old parts of the city."

Salauddin Manik, Senior Executive, Sales of Assurance Developments said they offer quality apartments at prime locations in the city at affordable prices.

Saleh Md Shariful Alam, Assistant Manager, Planning and Development of ENA Properties, said their company offers high quality apartments at different locations in the city at comparatively lower prices.

Mohammad Alamgir Hossain, Junior Executive of Xenovalley said they offer high quality houses at their Pink City.