Housing projects sprouting near Dhaka-Mawa highway
Banker Hasan Iman Sumon recently bought land in the Bhanga upazila of Faridpur and has already started building a house there. When construction is complete in September this year, he will move there from a rented flat in the capital with his wife and three-year-old son.
The 1,000 square foot apartment, where the banker now lives since his office is in Motijheel, costs him Tk 20,000 per month plus utility costs. Sumon says her new country home will offer many things: a waiver of the monthly house rent, enough space for her child and an end to the terrible living conditions in the congested capital.
And all this will be possible, according to the banker, thanks to the Padma Bridge and the smooth Dhaka-Mawa-Bhanga highway, which reduces the travel time between Faridpur and Dhaka to just one and a half hours from the previous six to eight hours.
The same factors – comfortable country living and faster travel to the capital – have spurred at least 200 housing projects through the Dhaka-Mawa-Bhanga highway linking the capital to the southwestern region via the Padma Bridge .
The projects offer apartments, ready-made houses, duplex villas and plots in new residential areas.
According to the Real Estate & Housing Association of Bangladesh (Rehab), about 200 real estate agents have already invested nearly Tk2 lakh crore in these projects.
Further, the rapid industrialization centered on the bridge and transport corridor in Munshiganj, Shariatpur, Madaripur and Faridpur is also fueling the local housing demand as many people apart from housing companies are building houses in these areas .
Amin Mohammad City has taken over the largest housing project, spanning 803 acres of land in the Sirajdikhan area of the Dhaka-Mawa-Bhanga highway. Divided into seven sectors, the housing project offers plots of 2.5 katha, 3 katha, 5 katha, 10 katha and 20 katha. Per katha (1 katha equals 0.0165 acre) of land in this project costs Tk 15-30 lakh depending on the location of the plot.
Another residential project of the Amin Mohammad Group, “The Valley Bangladesh”, has been developed nearby on approximately 47 acres of land.
A group official Amin Mohammad said the projects will include lots of trees, open spaces and other civic facilities including playgrounds, parks, shopping malls and mosques.
“We have enough customers. They prefer the location because of the country life and the capital district,” the manager said.
For the same reason, Ali Ahmed, an auto parts trader from Nawabpur area, and his four friends jointly purchased 10 katha of land from Sirajdikhan upazila of Munshiganj four years ago.
The businessman, who now lives in Rampura in Dhaka, said it takes about an hour and a half to reach Nawabpur from his home. Via the highway and Jatrabari Hanif flyover, it will take almost the same time to travel from Sirajdikhan to Nawabpur. In addition, there is no fear of traffic jams on the highway.
Investment in housing is expected to increase further
Alamgir Shamsul Alamin Kajal, chairman of the Real Estate and Housing Association of Bangladesh (Rehab), told The Business Standard that many realtors undertook projects even before construction of the Padma Bridge began.
“We understood that the bridge and highways would increase civic amenities in these areas, and four districts divided by the mighty Padma would move closer to the capital,” he commented.
He said about 200 Rehab members have already invested more than Tk2 lakh crore and the investment will increase further.
“The demand for luxury housing will increase in these areas in the coming years, and major real estate agents will invest accordingly.”
Besides Amin Mohammad Group and Amin Mohammad City, Probashi Palli Group is implementing a housing project in Louhajang Upazila on about 200 bighas of land.
New Dhaka City is developing a residential project in Sirajdikhan area, covering 150 bighas of land. At the Mawa end of Padma Bridge, other projects include Redeem City, Sarkar City, Assure Lake City, Matribhumi City, Sumona Delta Town, Modern Green City, Apan Nibash, Akash Group Residential, South Dhaka Housing, New Dhaka City, Euro Model City and Southern Green City.
Kazi Nahid Rasul, Deputy Commissioner of Munshiganj, told TBS that most of the housing projects are in Munshiganj district.
She said the authorities ensure that no buyer of land or apartment is deceived.
Most buyers are expats, businessmen
Suman Miah, Chairman of Ichapur Union Parishad of Sirajdikhan Upazila, told TBS that most of the people buying land and apartments in his areas are business people and Bangladeshi expatriates living abroad.
He said many government and private sector employees also buy properties there.
Chairman of Naria Upazila Parishad of Shariatpur, AKM Ismail Haque said, “Many people come from the capital to settle here due to the ease of transportation.
He said housing led the new businesses being developed around the highway.
Economist Ahsan H Mansur said the residential projects centered on the Padma Bridge will play a significant role in changing the economic landscape of these regions as there will be hundreds of thousands of new jobs.
He said housing investment seems to be the best among the businesses developing around the Padma Bridge.