According
to REHAB, the
number of apartment
units delivered
by its member
organizations
was about 5,500
and 6,500 in 2004
and 2005 respectively.
In 2006, however,
the number shot
up to 26,000.
Mohammed Fakrul
Islam, Managing
Director of Metro
Homes Ltd, explains
that prior to
2006, essentially,
demand for apartments
outstripped supply,
and Real Estate
companies wanted
to capitalize
on this opportunity
by increasing
supply to meet
the demand. The
opportunity also
attracted new
entrepreneurs
to this business.
But by 2006 the
tilt at the other
end had started,
leading to an
abundance of apartment
units in the market.
The good news
is, Islam says,
now with more
companies in the
race, the competition
has intensified
and customers
can search for
competitive price.
Even with a glut
of real estate
companies, the
price of apartment
units keeps rising.
Earlier, the increase
in price was mainly
due to the deficit
in the supply
of apartments,
observes Islam,
but now, with
limited lands
available for
development, real
estate companies
have bid up the
prices of the
lands, which is
a boon for landowners.
At the same time
prices of raw
materials have
increased. Today,
the price of iron
rod is double
that in 2003.
Islam however
is confident that
his company is
poised to remain
competitive in
such market condition.
"The success
of a large developer
company hinges
upon having specialized
labor and highly
qualified professionals,
and our company
has already developed
a strong team
of such highly
skilled, experienced
professionals
to work under
its competent
management."
Metro Homes has
four objectives:
to maintain the
highest possible
quality, to hand
over units within
the stipulated
time, to provide
best customer
satisfaction and
to make "Beautiful
Tomorrow."
Islam informs
ET that his company
takes construction
very seriously.
"We follow
the Bangladesh
National Building
Code strictly
and make structures
that can resist
earthquakes of
a magnitude up
to 7 on the Richter
scale. Based on
the quality of
the soil, we try
to do both piling
and footing. We
leave aside some
portion of the
land in the construction
area so that it
can absorb water.
We also use stone
chips to construct
columns and beams."
But while land
is limited in
Dhaka the number
of people living
in the city keeps
increasing. "So,
we don't have
an option other
than building
high-rise buildings.
I think the negative
impact on the
environment could
be avoided if
we go by the new
FAR Concept strictly,
which was recently
introduced by
RAJUK."
The customer,
Islam says, is
the heart of the
real estate business.
"That is
why we try to
reach almost every
prospective customer
in the market,
and we believe
in customer relationship
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