Faster travel spurs countryside housing boom

Abu Bakkar Siddique, a local ready-made garments wholesaler, purchased a plot in Faridpur's Bhanga upazila in 2019. He has already started building a house there. 

Once completed in December this year, he plans to move into the new house from a rented apartment in the capital with his wife and three-year-old son. The 1,100 square feet apartment, where the businessman now lives, costs him Tk25,000 per month plus utility bills. 

Abu Bakkar Siddique told The Business Standard that his new countryside home will not only relieve him from monthly house rent but also provide enough space for his child, putting an end to the terrible living conditions in the congested and polluted capital.

And all these will be possible because of the Padma Bridge and the smooth Dhaka-Mawa-Bhanga Expressway, which slashes travel time between Faridpur and Dhaka to just one and a half hours from the previous six to eight hours, said the businessman.

Comfortable countryside living and faster travel facilities have spurred at least 200 housing projects by the Dhaka-Mawa-Bhanga Expressway which connects the capital with the southwestern region through the Padma Bridge.

These housing projects are offering flats, ready houses, duplex villas and plots in newly developed residential areas along the highway.

According to the Real Estate and Housing Association of Bangladesh (REHAB), around 200 builders have already invested nearly Tk2 lakh crore in these projects.

Besides, rapid industrialisation centring on the bridge and transport corridor in Munshiganj, Shariatpur, Madaripur and Faridpur also fueled local housing demand, as many people, apart from housing enterprises, are building houses in these areas.

Amin Mohammad City has taken up the largest housing project, spanning 803 acres of land in the Sirajdikhan area by the Dhaka-Mawa-Bhanga Expressway. 

Divided into seven sectors, the housing project offers plots of 2.5 katha, 3 katha, 5 katha, 10 katha and 20 katha. Per katha (1 katha is equal to 0.0165 acre) of land in this project costs Tk15-30 lakh depending on the location.

Another residential project of the Amin Mohammad Group, The Valley Bangladesh, has been developed nearby on around 47 acres of land.

An official of Amin Mohammad Group, wishing not to be named, told TBS that the projects will have plenty of greenery, open space, and other civic facilities, including playgrounds, parks, shopping malls and mosques.

"We are getting enough clients. They are fond of the location due to countryside living facilities and that it is in close proximity to the capital," said the official.

Rustom Ali, a motor parts trader in the Nawabpur area, and his four friends jointly bought 10 katha of land at Sirajdikhan upazila of Munshiganj four years ago.

The businessman, who now lives in Dhaka's Rampura, said, "It takes around one and a half hours to reach his workplace at Nawabpur from his home. It will take almost the same time to travel from Sirajdikhan to Nawabpur via the expressway and Jatrabari Hanif flyover. Besides, there is no need to worry about traffic congestion on the expressway."

Housing investment to tick up further 

Alamgir Shamsul Alamin Kajal, president of the Rehab, told TBS that many home-builders took up projects along the expressway even before the Padma Bridge work had begun.

"We understood that the bridge and the expressways would increase civic amenities in those areas, and four districts divided by the mighty Padma River will come closer to the capital," he said.

Shamsul Alamin said about 200 members of Rehab have already invested more than Tk2 lakh crore and the investment will increase further.

"The demand for luxury housing will increase in these areas in the coming years, and big housing firms will invest accordingly," the Rehab president added.

Probashi Palli Group is implementing a housing project on about 200 bighas of land in Louhajang upazila.

New Dhaka City is developing a residential project in the Sirajdikhan area, spanning 150 bighas of land. 

On the Mawa end of the Padma Bridge, there are other projects such as Redeem City, Sarkar City, Assure Lake City, Matribhumi City, Sumona Delta Town, Modern Green City, Apan Nibash, Akash Group Residential, South Dhaka Housing, New Dhaka City, Euro Model Town and South Green Town.

Kazi Nahid Rasul, the deputy commissioner of Munshiganj, told TBS that most of the housing projects are in the Munshiganj district. So, the authorities are watchful so that no plot or flat buyer gets defrauded in any way shape or form.

Most buyers are expatriates and businessmen

Suman Miah, chairman of Ichapur Union Parishad of Sirajdikhan upazila, told TBS that most of the people who are buying plots and apartments in his area are businessmen and Bangladeshi expatriates living overseas. Many government and private employees are also buying properties there.

Shariatpur's Naria upazila Parishad Chairman AKM Ismail Haque said, "Many people are moving here from the capital, thanks to the easy transportation system. Housing tops the new businesses developed around the expressway."

Economist Ahsan H Mansur told TBS, "The residential projects centring the Padma Bridge will play an important role in changing the economic landscape of those areas because there will be hundreds of thousands of new jobs."

He also mentioned that investment in housing seems to be doing the best among businesses that are being developed around the Padma Bridge.

Land price rises manifold

Asaduzzaman Jiban, a local resident of Sreenagar upazila, said, "Joy fills my heart when I see the huge road that the government has built. It is because of this expressway many people came from Dhaka to buy land here."

"I have five decimals of land on the roadside. The price per decimal hovered around Tk1.5 lakh five years ago. But this year, I am selling that land for Tk10-15 lakh per decimal," he said.

After the inauguration of Padma Bridge, the price of land in this area has increased four-five times depending on the position and type. Locals are very happy with this. They never thought that they would get such a high price for land, Jiban added.

Sirajdikhan Upazila Assistant Commissioner (Land) Umme Habiba Farzana said, "The price of land in this area started to rise when the construction of the expressway began. Currently, the price is sky-high. Being next to Dhaka, so many people are choosing these areas for housing construction. Besides, businessmen are also keen to build various industries here."