Construction and real estate development context in Bangladesh

We can all agree that land and real estate development is essential for a community’s success. It produces more jobs, unite community members, and maintain or increase home values.  Whether the development is residential or commercial, construction carries economic stability.  Finding a balance between growth and maintaining the character of your community is key to the planning of development, as well as, considering the pros and cons.

As a construction and real estate company, we have been set our goal to support our community and the members to reach out more to learn about the importance of land development and understand the value of it. We believe in setting a standard bar for the success in joining the economic prosperity of Bangladesh. We have taken several initiatives to get involved with our clients and concerned people of this particular platform. Acknowledging the fact that we are to stand together with each other to build a stronger community.

With our remarkable kick-start of our new initiative called “P2P Insider”, we offer our experienced and expert resources to preach about their knowledge on social media platform which started a new journey in creating a new milestone.

Our one of the finest architects Mahadi Iftekhar, Director, P2P, has started the initial discussion on construction and real estate development context in Bangladesh, particularly in Chattogram and how it has been changing throughout the years.

From nearly 20 years of his experience as an architect, he mentioned the pros and cons of construction and real estate development context in Bangladesh.

He first thoroughly discussed about the context in our country gaps when it comes to develop in the construction. He said that a number of areas are attractive to the clients of construction or developers which are suitable for a better living style. These areas are very specific and constant. For this reason, developers are approaching the clients to build constructions on that area as they prefer so. Which results in development or real estate projects placing in only these specific areas. In fact, clients are so biased towards those areas that they reject to live the nearby areas of those specific areas. These kinds of mind set should be changed soon in both the sides. Developers should also start thinking about new ways to get into other less populated areas and develop constructions on those. They should offer more attractive methods to approach their clients about development and real estate projects on available less populated areas. Since, most of the time it has been the same case of building projects being at area, the project cost increases. The real estate and construction projects should be distributed in different areas so that the balance remains.

Unlike Dhaka, Chattogram being a smaller city than Dhaka, could not flourish in construction and real estate development. There are reasons like not being able to create proper planning in construction. For building a real estate project, most developer companies tend to handover their project in 4-5 years. The basic reason behind this could be the planning going in a slow pace from the beginning. Taking design approvals to delivery then becomes a long awaited process hence the handover becomes sluggish.

Architect Mahadi Iftekhar then talked about the problematic areas in bank investment on real estate and mentioned that some of the bank investment policies should be changed to create ease in developing the real estate area.

After that, he elaborately discussed about the effect of real estate development on the total GDP growth of Bangladesh. He mentioned that there was a time when real estate development was on the first position of increasing the GDP growth in Bangladesh. Throughout the years it has been shifting places with other sectors for several reasons. We need to faster the pace of real estate development and construction context to reach to the top level of economic development.

He also added that real estate scenario has also changed in many cases while it comes availability in owning a property. Before, the property was only counted valuable when older people owned but this theory has been changing over the years. Now there are no limitations for owning a property and turning that into a real estate project.

In the end, Architect Iftekhar expressed that he has high hopes that P2P will be able to provide handful of information to the people who are planning to build properties or construction project or land owners through marking the loopholes in real estate and inventing new solutions by fruitful discussions in P2P Insider. By exploring the observations, innovative ideas and creative thoughts, we can pick the best of the ideas and share on the most impactful platform. This will make a change and create new milestone in the arena of construction and real estate on this present time.

Construction and real estate development world will be more open and easy going for the concerned people with this particular initiative of P2P. Architect Mahadi Iftekhar will be adding more concerned consultants to explore and have impactful discussions in the program and let people know the successful process of owning properties and turning it in to a super successful project.