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Down to Earth

Real Estate Development prospect in and around the city

By A S M Nurunnabi
Nowadays the Dhaka city is witnessing a blitz of publicity mainly through print media about availability of real estate properties in the private sector In and around the city. The main thrust of such publicity, so far as the city is concerned, relates to residential apartments. shopping malls, commercial and office complexes: whereas in the city suburbs, it centres on residential housing plots. The high publicity campaign Is undertaken by quite a good number of real estate companies covering both the aspects.
Such companies are offering various kinds of incentives to attract business-allowing concessional terms in initial payments for booking, payment of price In suitable instalments, assistance in obtaining back loans. This trend in respect of the high-rise buildings In the important areas of the city mainly attracts the affluent and high-income groups.
It. however, poses some serious problems. The existing city congestions is created not only by the rising volume of its population. but also by the burgeoning pressure caused by the increasing number of vehicles of all descriptions.
As a result, there are emerging threats to the normal functioning of the service sector in such fields as gas. water and electricity which are already overloaded. This obviously calls for adoption of measures, on a priority basis, for augmenting the capacity of infrastructural facilities to meet the challenge of growing pressure
on them in the coming years.
The basic question relating to high-rise buildings within city periphery seems to be whether the present trend in this respect really provides any meaningful relief by way of meeting the housing needs of a significant section of the city population, besides the affluent classes and high-income groups In society. Some knowledgeable quarters feel that the present emphasis on high rise buildings in city areas may be shifted to comparatively low-cost lands available outside the city to ease increasing pressure of a rising city population.
The simultaneous phenomenon of the growing interest being shown by real estate business companies to attract prospective customers to Invest in housing plots in the city suburbs such as Savar, Joydevpur. Ashulia, Nabinagar. etc may work to bring about, in some way. the indicated shift from the cosmopolitan emphasis on high-rise buildings within city areas, but obviously such a shift will take time to unfold its full potential.
Meanwhile, it seems inevitable that the pressure of rising population on the t ity itself will continue apace, putting the livability of the city at risk.
Rajuk has drawn up a plan to build new townships and satellite towns to disperse the city population and ease pressure on civic services. The plan includes construction of absolutely new townships called Purbachal. and Jheelineel and satellite towns like Uttara
Phase III and East Baridhara.
Of these projects. Purbachal project is reported to have made some progress. But the progress so far made is said to be slow for a number of reasons. This has led many to doubt whether the time table fixed for completion of the project can be adhered to unless the pace of progress is speeded up.
The other projects of Rajuk are waiting to be taken up for implementation. The expansion of the Dhaka city on the northern and north-eastern sides appears to be taking place more rapidly on account of absence of any natural obstruction. The pace of development in those areas is more noticeable in recent times. But the Buriganga river seems to act as a deterrent to any appreciable expansion of the city south-
The progress of development of the real estates comprised in the housing plots under their private owners In the suburban areas of the city is. it is felt, bound to be slow for obvious reasons, particularly on account of inadequate transport and communication facilities. But with regard to govt -sponsored projects, high hopes are pinned on their expeditious implementation. As prospects in that direction seems to be bleak, the city’s mammoth population problem may remain unsolved in the near future: rather the problem may get more acute and horrendous with the passage of time, turning all our hopes Into mere pipe-dreams.