SUSTAINABLE REAL ESTATE

Bangladesh's real estate industry is a significant contributor to the national economy, with estimates suggesting a 7.93% contribution to GDP in fiscal year 2022-23. This sector, intertwined with numerous linked industries, thrives amidst a burgeoning population exceeding 170 million and rapid urbanization, particularly in Dhaka. However, this growth presents challenges such as housing shortages, environmental degradation, and congested living conditions. To address these concerns, Bangladesh requires a strategic approach that fosters the development of sustainable and affordable housing solutions.

Sustainable Practices, Affordable Living

Sustainable housing prioritizes minimizing environmental and health impacts while maximizing social and economic benefits. Affordable housing ensures accessibility and suitability for low and middle-income earners, maintaining a decent quality of life. In Bangladesh's context, achieving a convergence of these concepts is crucial for long-term success.

Key Considerations for Convergence

• Land-Use Planning and Optimization: Land, a precious resource, demands efficient and equitable utilization, especially in metropolitan areas. Effective policies should promote:

• Mixed-Use Development: Integrating residential, commercial, and recreational spaces fosters vibrant and self-contained communities. Compact Development: High-density, well-planned areas minimize urban sprawl and optimize infrastructure usage.

• Transit-Oriented Development: Easy access to public transport reduces reliance on private vehicles, leading to a more sustainable transportation network.

• Green Infrastructure: Protecting and restoring natural habitats promotes biodiversity and regulates temperatures, mitigating the urban heat island effect.

The recent Detailed Area Plan (DAP 2022-35) is a commendable initiative towards these goals. However, navigating challenges like floor area ratio adjustments is essential for successful implementation.

Building Design and Material Selection

Green architecture principles should guide design and material selection:

• Passive Cooling/Heating: Utilizing natural ventilation and shading strategies to achieve thermal comfort and reduce energy consumption.

• Renewable Energy Integration: Incorporating solar panels, wind turbines, or other renewable energy sources to lessen dependence on fossil fuels.

• Water Efficiency: Implementing rainwater harvesting and greywater recycling systems to conserve this vital resource.

• Waste Management: Integrating composting and recycling facilities to minimize waste generation and promote circularity.

Striking a balance between these principles, local context, cultural preferences, and affordability is crucial. While rising construction material costs pose a challenge, long-term sustainability can be achieved through:

• Locally Sourced Materials: Reducing transportation costs and minimizing environmental impact associated with material transport.

• Technological Advancements: Exploring innovative and cost-effective building solutions that promote sustainability.

Financial Instruments and Supportive Policies

These areas are critical enablers:

• Financial Incentives: Facilitating access to long-term, low-interest loans for construction and purchase, particularly for low and middle-income households.

• Policy Support: Encouraging green building practices through certifications, tax breaks, and other incentives.

• Public-Private Partnerships: Fostering collaboration between the public and private sectors for efficient and sustainable housing delivery.

• Community-Based Initiatives: Empowering local communities to actively participate in housing development projects, fostering a sense of ownership.

A Sustainable Future for All

Sustainable and affordable housing is more than just a necessity; it's an opportunity. It can:

• Advance Sustainable Development Goals: Contribute to a healthier planet and a more equitable society, aligning with Bangladesh's commitment to the UN's Sustainable Development Goals.

• Support National Vision: Align with Bangladesh's aspiration to become an upper-middle-income country by 2031.

• Enhance Real Estate Competitiveness: Attract environmentally conscious investors and developers, fostering a more sustainable real estate sector.

• Elevate Bangladesh's Global Image: Promote the nation's commitment to sustainability and responsible development.

A Collective Responsibility

Achieving this vision requires a collective effort from all stakeholders: government, private sector developers, civil society organizations, academia, and most importantly, the people of Bangladesh. By working together, we can create a future where sustainable and affordable living is a reality for all citizens.