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The DIT-Pragati Sarani belt

  • Published at 12:13 am February 4th, 2020
bproperty issue 16

From humble start to a powerhouse in the restaurant scene of Dhaka, Khilgaon has become a prominent player in the city’s real estate landscape

The eight-and-a-half-kilometre stretch of roadway that goes all the way to Kuril Highway from Malibagh is certainly a marvellous wonder — not only because it is the longest uninterrupted roadway in Dhaka, but also because of the millions of people living adjacent to those roads. All sort of hopes and dreams are formed in those homes each and every day. One such hope many have is to be the owner of their very own place. To them, the areas adjacent to this DIT-Sarani stretch of road are the perfect places to settle down.

The reason for that is simple — they can be the perfect place every home owner wants. After all, the variety and diversity of the areas beside the road is truly astounding.

Vast Badda

The enormity of Badda is something that most do not realize when they travel via Pragati Sarani. The outlying areas of Badda we witness every day when travelling via this road is only a preview — the main part is much larger. Nurerchala, Tekpara, Solmaid, Shahjadpur, Anandanagar — these places bridge Dhaka’s eastern section to rest of the city and are quickly becoming hotbeds of real estate owners. The prices of flats are increasing in these areas every year.

Between the end of 2017 and end of 2019, the average square feet price of flats has increased by about 8.5% in Badda according to Bproperty’s database. Currently, Shahjadpur is the most valuable location in terms of price per square feet going for Tk8.55 on average. Already the area is considered a great locality for people who have offices in Gulshan or even Uttara due to its proximity to those areas, but the entire Badda area is poised to become even more sought after as two new metro rail systems connect the it to all corners of the city.

Remarkable Rampura

In the last decade or so, Rampura has carved out a place in everyone’s heart. For most of its modern lifetime, the area has been known for two things — the home of Bangladesh Television and the Mohanagar Project. But, the inauguration of the Hatirjheel project few years back has opened a new window of opportunity for real estate of the area. The location is now one of the best-connected areas in the city with seamless access to Dhaka’s north, south and even east.

Rampura sits on a junction from “where no place is truly too far.” This has kindled a new flame among prospecting home buyers who would rather live in a place from where they can get to their desired location in a short amount of time — wherever that may be. And for that purpose, West Rampura is considered the first-choice due to it being located next to Hatirjheel. As such, property prices are a bit higher in West Rampura than East Rampura — Tk5,939 and Tk4,644, respectively.

Booming Khilgaon

From humble start to a powerhouse in the restaurant scene of Dhaka, Khilgaon has become a prominent player in the city’s real estate landscape. While the majority of real estate focus has been for commercial space, the residential scene has also gone — and continues to be going — through a transformation of its own. Those who are familiar with the area can attest to the more “simpler” life of Khilgaon back in day. The majority of the buildings were only a few stories high, with a few entirely privately owned properties. But today is a different scene altogether.

Khilgaon, and its Taltola area, is on the up and up — both figuratively and literally. High-rise modern apartment buildings are being constructed on every road. Great schools, connectivity and a booming restaurant scene have also increased the average property price quite a bit as well. Only the inner areas such as Sipahibagh, Goran or Meradia can now be considered “affordable,” since the average square feet price around Taltola has gone up to a whopping Tk7,442! While the number is still not as high as Dhanmondi or Gulshan, it is still higher than the popular Mirpur area.

Populous Malibagh

While the area known as Malibagh may not be as vast or varied as some of its compatriots around the DIT-Paragati Sarani belt, it is certainly the most popular location for residence. The area is famed for a lot of things — schools, food, rail line, but the thing most people first think of when it comes to Malibagh is legacy and history. However, this is not a historically significant location per se; rather, it is the history of the individuals that conveys so much value. Malibagh is and always has been a hub for people from all walks of life.

There are countless memories weaved into each strand of the area. This, along with the broad array of facilities, makes Malibagh such a dear and sought-after location. But in terms of price, some parts of Malibagh have been more expensive than others. Gulbagh and Malibagh Bazar Road have often been more affordable than other parts of the area. According to Bproperty, the current average square feet price of homes in these two areas are around Tk5,531 and TK5,769, respectively.

If someone wants to own a home in the more popular Chowdhury Para part of Malibagh, then they would need to spend about 19% more than they would have to at Gulbagh. The prices in different parts of Malibagh can be quite varied. The difference between the highest and the lowest average square feet price is about 44%!

All the areas adjacent to the DIT-Paragati Sarani roadway are seeing great development — both infrastructural and financial. At a time when the country’s real estate market is rising rapidly, many are viewing to stake a claim for themselves in these areas. The creation of the road in the 90s has been a godsend for the residents of the city, and future developments are inspiring home buyers to take a leap of faith.