Realtors target middle-income group

Realtors target middle-income group
Real estate companies have come up with small and affordable apartments at this year's housing fair mainly to cater for the middle-income people.

Most of the realtors showcased flats of around 1,500 square feet which may cost people nearly Tk 80 lakh in populous zones to Tk 1.2 crore in posh areas.

The housing companies have changed their strategy and are now giving more focus on the growing middle-income group, according to the participating members of the Real Estate & Housing Association of Bangladesh (REHAB).

The four-day housing fair organised by the association at the Bangabandhu International Conference Center in Dhaka began on February 6.

Anwar Landmark Ltd is displaying eight projects located in different parts of the city for the middle and higher-income groups, Golam Moin Chowdhury, deputy manager for sales and marketing of the company, told The Daily Star.

The apartments showcased range from 1,450sqft to 1,540sqft. Each apartment is priced at Tk 6,000 per square feet in Mohammadpur area, while the price for a commercial property in Gulshan will be Tk 28,000 per square feet, he said.

Anyone can buy the apartments in monthly instalments: the buyers have to pay 30 percent of the apartment's price as down payment and take home loan for the rest 70 percent.

However, it will be tough for a lower middle-income individual to purchase an apartment on instalment as the minimum monthly instalment will be Tk 40,000 for a 1,400-sqft apartment, he said.

“Apartments have become costlier due to a hike in the prices of construction materials such as rod, cement and brick.”

Sottojit Kumar Roy, senior executive of Runner Properties Ltd, said they are offering apartments at Tk 8,000 to Tk 8,500 per square feet located at different areas of the city. “The higher middle class and upper class are our main target group.”

A 1,300-1,500 square feet apartment of Runner Properties equipped with three bed rooms, a dining room and living space with three bathrooms will cost around Tk 75 lakh, he said. “Customers nowadays want quality property and timely delivery.”

Atiqullah Bhuiyan Maruf, a businessman, came to the fair to buy a flat at Tk 60-70 lakh. “But I failed to find a suitable one,” he said. 

Most of the people like to purchase flats in Mirpur, Shyamoli, Mohammadpur and Zigatola areas, as prices are comparatively lower, said Kawsar Hossain Sumon, senior assistant manager at Navana Real Estate Ltd.

People come to visit the fair as they get all kinds of information in a single platform, said Mohammad Ashraful Alam, manager for sales at Rupayan Housing Estate Ltd.

Normally the customers do not purchase apartment without seeing it in person, he said. “My company constructs luxury apartment for the upper class only. Businessmen and senior government officials are our major customers.”

At the fair, Rawdatul Jannat, a private graveyard, is offering 3.5 feet by 7 feet grave at Tk 3.5 lakh. It has a graveyard in Purbachal area capable of accommodating 80,000 graves.
Tags :
Share This News On: