THE TRANSITION TOWARDS AFFORDABLE and LUXURIOUS HOUSING in DHAKA'S SUBURBS
THE TRANSITION TOWARDS AFFORDABLE and LUXURIOUS HOUSING in DHAKA'S SUBURBS
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The Dhaka Metropolitan Development Plan (DMDP) encompasses an expansive area of 1,528 square kilometers and estimates the population of Greater Dhaka to be 18 million. Within this region, the core area spanning 300 square kilometers accommodates 15 million residents. Over the years, the city has expanded beyond its designated boundaries, incorporating unplanned territories that lack essential municipal services such as water supply, sewage systems, drainage, domestic gas lines, and power supply. Additionally, inadequate public transportation and poor infrastructure have made these regions more distant from the metropolis compared to formal towns in other parts of the country. Consequently, neighboring districts, including Dhaka itself, have experienced urbanization pressure and evolved into complex hybrid morphologies featuring a blend of rural, urban, and industrial elements in fringe regions.
Growing Housing Demand in Dhaka:
The COVID-19 pandemic has underscored the significance of owning a house in Dhaka City. However, apartment prices in Dhaka have been rising due to the escalating costs of construction materials. Furthermore, there is a pressing need for more readily available apartments. As reported by Bproperty (2021), the current housing demand-supply ratio in Dhaka stands at approximately 9:1. Moreover, land prices in Dhaka have witnessed a dramatic surge over the past decade, significantly impacting the escalating prices of apartments. The situation is particularly dire in the core of Dhaka city. Consequently, many individuals are now seeking affordable housing options and are increasingly interested in investing in apartments located in the suburbs, where prices are comparatively lower than in central areas of Dhaka.
Transportation Infrastructure and Changing Preferences:
Another significant factor driving this transition is the radical transformation of Dhaka's transportation sector through ongoing megaprojects. By the end of December 2022, Dhaka City will have one operational metro rail line, with five more metro rails, three Bus Rapid Transit (BRT) lines, and three Outer Ring Roads under development. These projects will bring about a substantial transformation in Dhaka's transportation system, making travel to the city's outskirts more convenient than before. Consequently, people's preferences for residing in the city center will shift towards the periphery, as they seek peaceful and leisurely environments.
Rising Demand for Luxurious Apartments:
Despite the increasing prices, there is also a growing demand for luxurious apartments. Newly emerging suburban areas on Dhaka's periphery, such as Uttara and Purbachal, have become major attractions for buyers seeking upscale homes (The Business Standard, 2021). These suburban housing projects offer abundant urban amenities and open spaces, making them appealing to potential investors.
Infrastructure Development Challenges:
However, these suburban areas still need to catch up in terms of essential facilities such as schools, colleges, hospitals, and playgrounds. If the government can provide these facilities in the outskirts, it would further incentivize real estate developers to invest in these areas, ultimately addressing the current housing shortage.
The ongoing transition in Dhaka's housing market highlights the shift towards affordable and luxurious housing options in the city's suburbs. Factors such as rising apartment prices, increasing demand, transportation infrastructure developments, and the allure of suburban amenities have all contributed to this trend. While there are still infrastructure challenges that need to be addressed, the potential for growth and development in these areas is immense. With proper attention and investment, the suburbs of Dhaka have the opportunity to become thriving residential hubs, meeting the diverse housing needs of the city's expanding population.
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