With the growth of the economy and the expansion of the middle class, Bangladesh’s per capita income is steadily increasing. As a result, the real estate sector continues to grow along with other sectors of the economy. There are two types of players in Bangladesh’s real estate sector: land developers and building developers. With the growth of this sector, various property buy, sell, or realtor businesses have developed as well. For quite some time, the real estate sector has been stagnant. Recently, the market has started to recover and Ratul Properties is helping customers find suitable flats or properties in this sector.
Starting with only five companies in the 1970s, the real estate sector in Bangladesh grew very slowly at first. Later, towards the end of the 70s, the sector started to grow as several developer companies started operations in this sector. In the 1980s, the number of companies operating in the sector reached 42, and the number continues to rise. In 1991, the then government established the “Real Estate and Housing Association of Bangladesh” or REHAB to regulate all activities of these companies. Currently, there are a total of 1073 real estate companies registered in Bangladesh, out of which 879 companies are listed under REHAB. Meanwhile, the market value of Bangladesh’s real estate sector is around BDT 60 thousand crores, which is mainly dominated by 10 to 15 companies.
The World Bank estimates that Bangladesh’s current urbanization rate is about 3 percent, with about 38 percent of the country’s population living in Dhaka and Chittagong city. Due to this, Dhaka and Chittagong are experiencing a significant increase in demand for plots, land and flats. As Bangladesh’s population grows and its urbanization rate increases, existing infrastructure cannot accommodate this large population. Aside from the demand for 6 to 8 lakh units of housing in the country’s main cities, there is also a need for 60 thousand apartments in Dhaka alone, which is expected to increase to 11,40,000 by 2030.
In order to provide safe and healthy housing solutions, real estate companies have created dedicated residential zones such as Bashundhara, Rupayan City, Jahurul Islam City, and Purbachal. However, since all of these zones are located in Dhaka, the real estate sector has remained largely centered on the city as well. Moreover, the prices of flats or plots in these residential areas are beyond the purchasing power of middle-class families. In view of this, the rate of taking home loans from the country’s banks is constantly increasing. Even in FY 2019-20, the demand for home loans in Bangladesh was about 1 lakh 49 thousand 600 crores which increased to 1 lakh 54 thousand 400 crores in the financial year 2020-21.
In the past, people usually relied on private networks or third parties such as realtor companies for buying and selling any type of property. However, there are several limitations in both cases. Apart from that, finding a suitable flat can be quite challenging. Besides, in the absence of a proper market evaluation, many people fall victim to various frauds and even lose their entire life savings. It is also difficult to find the right buyer when selling a flat or to locate a suitable flat in a convenient location to purchase. Therefore, in addition to the primary market for apartments and commercial space, the secondary market is gradually becoming more popular in Bangladesh. Additionally, around 2 to 3 lakh secondary property transactions occur in Dhaka each year as a result of increasing affordability, mortgage facilities, and quick transfer of ownership. Generally, people rely on realtor companies to purchase and sell land, apartments, and houses and they charge a commission for these services.
In this respect, the property management company “Ratul Properties Limited” provides very different services. Ratul Properties Limited, which started operations in 2006, serves as a one-stop solution for all types of real estate-related issues in Bangladesh. It specializes in the purchase and sale of real estate, including newly constructed and older apartments, commercial space, and land, as well as the exchange of property.
Furthermore, the company provides interior design consultancy services for duplex apartments, homes, and offices, as well as arranging properties in accordance with the requirements of the customer. However, Ratul Properties does not charge any kind of commission in this case. To avail of these services, customers can select a convenient location, price range, and property type from Ratul Properties’ dedicated website. This website provides all the necessary information such as space, and the number of rooms, starting with the price of flats and plots in different parts of Dhaka. As a result, customers can easily select their desired land, plot, or flat. Moreover, Ratul Properties facilitates home loan applications with banks on behalf of its clients for their convenience.
Once the customer provides all the information as per his requirement on the Ratul Properties website, the company’s own dedicated expert team contacts the customer and initiates their next steps. Besides, after the customer buys the flat, the company also offers interior and exterior solutions by communicating with expert interior designers as per customer needs. Through its skilled manpower, the company provides services such as legal assistance for flats, plots, and commercial spaces, renovation of flats and houses, and change of ownership.
Ratul Properties is the first company on the secondary market to provide solutions to all types of property-related problems without any commission. Additionally, the company offers exchange services to its customers. Whenever a customer wishes to change accommodation from one area to another, the organization makes the necessary arrangements by maintaining a balance in the exchange offer. Ratul Properties Limited and the customer will jointly complete the exchange offer if the price of the flat is either higher or lower than the exchange offer.
Currently, Ratul Properties is buying and selling apartments, and commercial space in Gulshan, Bashundhara, Banani, Dhanmondi, Uttara, Mirpur, Banglamotor and Paltan in Dhaka. Additionally, the company plans to expand its activities in other divisional cities of the country.