• Wednesday, Nov 30, 2022
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Under the microscope: Being in demand

  • Published at 07:19 pm November 18th, 2019

The commercial properties in Khilgaon are scooped up as soon as they become available

Dhaka is in a constant state of flux as it changes day to day, year to year – always evolving and taking on a different outlook every now and then. As long as the perpetual real estate machine of buying and selling, renting and letting steams forward, it will continue to push the evolution of the megacity we know and love. And if you think that this machine is not as vast as we make it out to be, you would be surprised. 

Thousands of properties – flats, office spaces, shops – become available in the market every month, and thousands of properties get sold or rented out. The demand for homes in Dhaka rarely dwindles, regardless of the area. There is always a demand for properties – just more for some areas than others.

Areas such as Gulshan, Banani, Dhanmondi and Shantinagar have always been quite popular places for residence. They have facilities or aspects that not many other areas in Dhaka can match. So it is understandable that property prices and rent would also tend to be a bit higher in those areas. But this year, 2019, has been all about finding great deals in terms of real estate, and the market is seeing some up-and-coming “in demand” locations come in light along with a few recurring names. Competitive housing prices and rent, coupled with great cost-to-benefit ratios, have quietly turned these areas into “hotspots” in Dhaka.

One of the most unexpected gainers so far this year has been Badda in Dhaka North. The vast area borders some of the most prominent locations of the city, including Gulshan, Hatirjheel, Mohakhali, Baridhara, and Bashundhara R/A. Property turnover neared 3,000 in Badda so far this year – a staggering number when compared to some more high-profile zones. A portion of Badda falls under the rapidly-developing Dhaka East and is currently seeing a lot of new infrastructure being introduced. The upcoming Mass Rapid Transit 1, which will connect Badda to Hazrat Shahjalal International Airport and Kamalapur, has piqued a lot of interest in the property market of Badda.

At the moment, the average square-foot price of apartments in Badda is only about Tk6,048 and the average is about Tk18 per square-foot – both of which are well below the average cost of housing in prominent areas in Dhaka. Badda already has commendable connectivity and now holds the potential to become one of the best.

The south of Badda, past Rampura – Khilgaon – has been booming for a few years now. Its thriving restaurant scene has given Khilgaon a new makeover. The previous existing perception was that it is a low-lying area with underdeveloped facilities, but it has now turned completely around and provides a remarkable growth to the property market of the area. 

The commercial properties in Khilgaon are scooped up as soon as they become available – not to mention that new commercial properties are continuously being built throughout the area even now. Taking a stroll in Khilgaon and not seeing any ongoing construction work is almost impossible nowadays. The residential buildings of the area are also keeping a nice pace with the lively commercial scene of Khilgaon, and new high-rise buildings are changing the old urban makeup of the area. 

Another area that has been getting a lot of attention this year is Tejagon. The industrial zone has seen about 3.84% of total property turnover this year. In comparison, Gulshan and Motijheel have seen only 2.42% and 1.27%, respectively. When it comes to residence, Tejgaon has traditionally been the least expensive to live in among these three commercial zones. However, there has never been such a surge in property turnover before. The Moghbazar flyover has been a godsend for the Tejgaon area. And the renovations of infrastructure that took place in the previous few years, beginning with the clearing projects undertaken by the late Dhaka North mayor Annisul Huq, has elevated Tejgaon’s residential appeal.

As far the established “in demand” areas go, Bashundhara R/A, Mirpur and Uttara continue to be some of the most popular zones in Dhaka. Mirpur and Uttara, in particular, continue to see some of the largest property transactions, constituting about 15.14% and 13.45% of total property turnover in 2019 so far.

Discovering these areas to be the most sought-after locations, as per Bproperty’s own data, is not surprising, seeing what they have to offer. But what is surprising is the sheer volume of transactions, with Uttara seeing nearly 7,000 and Mirpur seeing over 7,500. These two areas, in particular, have been the shining jewels of Dhaka’s real estate sector for a while now. Their connectivity, low-cost housing, facilities, infrastructural development and unlimited potential continue to attract residents to these locations. Listing down all the reasons might be difficult because of how long it would be, but until Purbachal New Model Town is fully ready for urbanization, these areas are poised to be on top.

Urbanization is an ongoing process that is vital to the growth of a city. New properties will always be built and sold or rented out – so will old ones. The supply of homes in Dhaka is nowhere near the amount required. But this and several other aspects are giving way for different areas to come into the limelight and see higher property demands.

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