The real estate industry is evolving faster in Chattogram than ever with diversifying customer needs and advances in technology and design concepts. We believe the Bangladesh economy is now poised to take off. We are moving towards becoming the trillion-dollar economy in ten years down the line. And the real estate industry is playing an increasingly important role in the economic development of our country.
Every market's success depends on financial stability, infrastructure development and economic strength. Chattogram is complementing the Bangladesh economy in a significant scale, and now the deep seaport, airport, inter-connectivity and elevated expressway are going to amplify it.
Economic zones in Mirsharai and Anwara have already evolved to become the prime investment destination. And it will change the overall socio-economic scenario of the Chattogram region very soon.
With the development works being carried out to facilitate trade and commerce, Chattogram will turn into an international business hub in the near future.
To keep pace with the ongoing development, the realtors will have to take preparations for ensuring infrastructural facilities for housing and commercial activities with considerations for the future demand.
In line with the infrastructural development, the real estate sector will witness a demand of around two to three crore square-feet space in the next 10 to 12 years in Chattogram. The opportunities will bring a business of around Tk20,000 crore for the sector in Chattogram within the timeframe.
The real estate sector in the country sees a yearly turnover of around Tk30,000 crore to which Chattogram contributes some 20 percent.
Following the connectivity, Chattogram is going to have, in the near future, the demand of a total of 40 lakh square feet of commercial spaces only in the city's Agrabad and GEC areas in the next 10 years. We will have to grow vertically to meet the future demand.
The traditional infrastructures for housing will also turn into a satellite township. Only 20 percent of the total capacity of Chattogram's real estate was developed so far. The rest of the capacity will be developed in the next 10 to 15 years.
The real estate sector of Chattogram will also undergo the development along with the development of the city, and we are getting prepared to be a partner in the development journey and, in fact, to lead it from the front.
The seaport of Chattogram handles 85 percent of the country's total export and import. The per capita income of Chattogram is around $6,000 which is way higher than the national per capita income of $1910!
The poverty rate in Chattogram, compared to other parts of the country, is just four percent and the unemployment rate is also very low (4.7 percent). And most importantly, Chattogram is contributing an inspiring stake of 21 percent to the national Gross Domestic Product!
In the next 10 years, Chattogram will see the population of more than 10 million and the city will expand to the south and the north. Furthermore, the much awaited construction of the multi-lane road tunnel under the Karnaphuli is going on in full swing. And the proposal to build road connectivity from Chattogram to Kunming, the south-west of China, via Cox's Bazar and Myanmar will create an economic corridor to strengthen infrastructure in the region.
With the development activities and connectivity, Chattogram will secure its position among the top five commercial centers of the world within the next 15 years.
People will compare Chattogram with Doha, Hong Kong, Singapore and Dubai within the period if the current pace of development remains uninterrupted.
We have been proceeding with the aim to develop the real estate industry to increase its capacity to cope with the demand after 10 years. We are now laying emphasis on developing skilled manpower and design of products to fulfill the demand of customers.
Real estate does not mean only development of flats and handing them over to the customers. We are now working considering the future demand, and the industry will play a pivotal role to develop the Next Chattogram!
Tha author is CEO of Ranks FC Properties Ltd