Political instability, slow economy cripple Bogura housing sector | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Sunday
June 15, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SUNDAY, JUNE 15, 2025
Political instability, slow economy cripple Bogura housing sector

Bangladesh

Khorshed Alam
29 September, 2024, 07:30 am
Last modified: 29 September, 2024, 07:39 am

Related News

  • Disrupting national anthem event at Shahbagh: 10 injured in confrontation during Udichi’s protest in Bogura
  • Lightning strike kills 2 siblings in Bogura
  • Luxury housing market reels as political buyers vanish post-regime change
  • Bogura set to become country's newest city corporation
  • Bogura district admin demolishes illegal TMSS structure, recovers river land

Political instability, slow economy cripple Bogura housing sector

Other sectors dependent on real estate also facing losses

Khorshed Alam
29 September, 2024, 07:30 am
Last modified: 29 September, 2024, 07:39 am
Photo :Bproperty
Photo :Bproperty

   Bogura, a town known for its thriving real estate market, is now grappling with a severe downturn as the ongoing political instability and economic turmoil have significantly dampened people's interest in investing in new properties. 

 "Three years ago, we had to fight through the pandemic to keep our business afloat. However, the current situation has taken a different turn. Due to the ongoing political situation, the real estate business has collapsed," Md Sairul Islam, president of the Bogura Real Estate Association, told TBS recently.

 He added, "Many other sectors, such as tiles, rod, cement, electrical equipment, etc that depend on our business, are also facing losses. They are heavily reliant on the real estate sector. As a result, a significant part of the economy has become somewhat stagnant. This situation must improve."

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Junaed Mishara, a young entrepreneur and engineer, who has been involved in the design and construction of various residential and commercial buildings over the last five years, told TBS that the district's real estate sector has been going through a very difficult time for the past five months. 

"Even paying wages to employees has become challenging," said Mishara, who runs a company named Mahir Engineering.

The Bogura Real Estate Association president said considering its significance in the real estate market, the district holds the fourth position in the country. "Following Dhaka, the commercial city of Chattogram occupies the next position. Sylhet city, known for its strong business foundations, ranks third."

Within 25 years of starting institutional operations, Bogura's real estate sector had outpaced other towns in the country, experiencing upward momentum, said Sairul Islam. "However, a significant setback occurred during the Covid-19 pandemic. After navigating through various political challenges and managing to recover, the sector has stumbled once again due to the current political instability," he said.

How real estate business grew in Bogura

According to information collected from the Bogura Real Estate Association, the real estate business in the region began in 1999 under the leadership of local businessman Moyez Mia. He initiated the journey by constructing a building named Ready Light in the Government Azizul Haque College area of the town. Afterward, a few others also ventured into this business. 

Due to its geographical location, Bogura serves as the "central hub" of the Rajshahi and Rangpur regions. It is a key area for agriculture, the manufacturing of industrial machinery, food production, and the processing and export of goods. As a result, there is a high demand for housing in the area, they said, adding that growing demand has led to the expansion of the real estate business in Bogura.

Bogura Real Estate Association leaders said at least 60 businessmen are involved in the real estate sector in the district. "The organisation currently has 43 members. Collectively, these businessmen have invested at least Tk1,500 crore in the real estate sector of Bogura. Around 1,000 workers are employed in this sector," said an association leader. 

The impact of the political and economic instability has also affected the lives of these workers, he said.

"In terms of area, Bogura is larger than Narayanganj City Corporation. This municipality, spanning 69.56 square kilometres, is home to over five lakh people. The presence of various educational institutions, a medical college, and the historical significance of the archaeological site Mahasthangarh, which is over 2,500 years old, have enhanced Bogura's importance," said the association leader.

As a result, demand for living in the town is higher than in neighbouring districts, he said, adding that many high-rise buildings are rapidly being constructed in a six-kilometre stretch from the Banani area of Shajahanpur upazila to Matidali under Bogura sadar.

Anwarul Karim Dulal, owner of Tropical Building Technologies Limited, said, "Business has been tough for the past few years. Initially, the pandemic dealt it a major blow, and now it's the political situation. People are afraid to spend money." 

He added. "For the last five months, our business has almost come to a halt. To put it bluntly, we barely have enough money to buy food. We are going through a very difficult time, and it's hard to share this with anyone."

Businessmen have stated that real estate developers in Bogura have been contributing to the country's GDP. Over the past few years, after gaining experience in Bogura, around 150 to 200 employees have gone on to work in various European countries. 

Highlighting the massive investments in the real estate sector, Dulal further said, "We are currently going through a period of uncertainty. We have taken out loans from banks and invested in the business, but we are struggling to make regular loan payments. To be honest, we are now on the verge of bankruptcy."

Rajedur Rahman Raju, managing director of Rupkotha Homes, said he has been successfully running a business in the real estate sector in Bogura for several years. "But for the past three to four months, there have been no sales. We suddenly found ourselves in this situation due to various kinds of instability," he said.

Raju went on to say, "At this time, no one is willing to invest money. The condition of the country's banks is also not very good, with many unable to secure loans. However, we remain hopeful that the country's economy will recover, and the situation will return to normal."

Obaidul Haque Sabbir, executive of the Corporate and Sales Sector for X Ceramic Group in Rangpur division, said the crisis in the real estate sector has had a significant impact on the ceramic business as well. 

He mentioned that due to the unstable political and economic situation over the past few months, the group's tile business has declined by at least 50%. "It's not just us; the situation is the same for everyone in the country," he added.      

Top News

Real Estate / Bogura

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • People watch from a bridge as flames from an Israeli attack rise from Sharan Oil depot, following Israeli strikes on Iran, in Tehran, Iran, June 15, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
    Iran says it will stop 'self-defence response' if Israel halts attacks
  • Fire of Israeli attack on Sharan Oil depot is seen following the Israeli strikes on Iran, in Tehran, Iran, June 15, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
    Israel and Iran strike at each other as Trump says conflict can be easily ended
  • The moment before Abu Sayeed was shot during a clash between police and protesters in front of Begum Rokeya University in Rangpur on Tuesday, 16 July 2024. Screengrab from video
    ICT extends deadline for Abu Sayed murder probe by one month

MOST VIEWED

  • Tour operator Borsha Islam. Photo: Collected
    ‘Tour Expert’ admin Borsha Islam arrested over Bandarban tourist deaths
  • Fighter jet. Photo: AFP
    3 F-35 fighter jets downed, two Israeli pilots in custody, claims Iranian media
  • Infographic: TBS
    Chattogram Port proposes 70%-100% tariff hike
  • Vehicles were seen stuck on the Dhaka-Tangail-Jamuna Bridge highway due to a traffic jam stretching 15 kilometres on 14 June 2025. Photo: TBS
    15km traffic jam on Dhaka-Tangail-Jamuna Bridge highway as post-Eid rush continues
  • Ahsan H Mansur. TBS sketch
    BB governor meets global litigation funders to mobilise $100m for tracing stolen assets
  • Burnt out cars and damaged buildings are all that’s left of this street in Ramat Gan Credit: AP
    Iran threatens to strike US, UK, and French bases if they help defend Israel

Related News

  • Disrupting national anthem event at Shahbagh: 10 injured in confrontation during Udichi’s protest in Bogura
  • Lightning strike kills 2 siblings in Bogura
  • Luxury housing market reels as political buyers vanish post-regime change
  • Bogura set to become country's newest city corporation
  • Bogura district admin demolishes illegal TMSS structure, recovers river land

Features

Photos: Collected

Kurtis that make a great office wear

1d | Mode
Among pet birds in the country, lovebirds are the most common, and they are also the most numerous in the haat. Photo: Junayet Rashel

Where feathers meet fortune: How a small pigeon stall became Dhaka’s premiere bird market

3d | Panorama
Illustration: Duniya Jahan/ TBS

Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon

4d | Features
File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

6d | Features

More Videos from TBS

Iran-Israel conflict heats up at G7 summit

Iran-Israel conflict heats up at G7 summit

37m | TBS World
Is Regime Change in Iran Israel's Goal?

Is Regime Change in Iran Israel's Goal?

1h | TBS World
Ishraque seeks chief adviser's intervention for oath as Dhaka South mayor

Ishraque seeks chief adviser's intervention for oath as Dhaka South mayor

2h | TBS Today
Israel asked US to join military campaign against Iran, but US rejects request

Israel asked US to join military campaign against Iran, but US rejects request

3h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net