Dhaka has been developing at an unprecedented rate in the last two decades. Many new developmental projects and reforms were undertaken to foster the growth and development of Dhaka. And as the city expands eastward, more and more people are vying to buy real estate in East Dhaka. There has been a lot of development in East Dhaka in recent times. As a result, the price of apartments and real estate is rising quickly in the eastern part of the city.
But the question remains; why? Why are people so eager to acquire properties in that part of Dhaka? Today, we’ll be answering that question and unraveling the mysteries of what makes buying real estate in East Dhaka so promising.
Availability of Land
Dhaka is well on its way to becoming the 6th largest megacity in the world by the year 2030. According to the Dhaka Structure plan by RAJUK, the population of the city grew by 7.5% from 2005-2016. More land is needed to develop accommodation for this rising number of people. Northward expansion of Dhaka has been the traditional go-to route for the government. However, that path is now exhausted, along with the westward expansion. East Dhaka, on the other hand, is teeming with available land that development can transform into the high-quality urban real estate we need. Urban Dhaka is a byproduct of organic growth and as the eastern part of the city has the most availability of land; more people are buying real estate in East Dhaka and making a home.
Major Residential Projects
The government is putting great effort to veer away from organic growth and focusing on planned growth and development in East Dhaka. Uttara, which is a product of planned intervention, is a tremendous example of the effectiveness of such development projects. The government is trying to replicate that success in the form of Purbachal New Town. Creation of such residential areas will be instrumental in the development of Dhaka. Furthermore, the army is working to transform the area into high-quality urban space.
However, the public development sector is still far behind the private sector. The availability of land has started a scramble among the developers. To them, a profitable real estate investment opportunity awaits them in the east. 19 development projects by 18 major private investors are currently underway. Projects like Purbachal East Wood City accounted for about 70% of the construction sites and sand-filled areas of East Dhaka. Slowly, but surely, newer residential projects will start as more and more people begin to move eastward.
Construction of New Roads
As a part of the development of Dhaka, the government is creating numerous roads to increase connectedness with East Dhaka. One such construction is the Purbachal Link Road or better known to the people as the 300 feet road. This particular road alone has been a godsend for the residents near Purbachal, as well as presenting a profitable real estate investment opportunity. However, Purbachal is just one area among the vast region of East Dhaka. Badda, Satarkul, Demra and other areas on the eastern fringes have also witnessed the construction of newer roads that greatly increased accessibility.
These areas are currently rural, but urbanizing. Traffic congestion has always been an issue for Dhaka. That is why the government wants to create ring roads, connecting every area of Dhaka. The proposed new roads will encircle and connect every major area throughout the city. Furthermore, two major highways, that will link different regions of Bangladesh will intersect in East Dhaka, boosting the value of real estate in East Dhaka. There is constant infrastructural development in East Dhaka now.
Proximity to Important Zones
Any place that is in close proximity to valuable areas will immediately create a profitable real estate investment opportunity for people. Many aren’t aware of how close East Dhaka is to the city and important zones. The center of the crucial economic zone, Gulshan, is less than 1 kilometer from the edge of East Dhaka. This also holds true for many other areas throughout the city. Demra, located on the south-east side of Dhaka, is just 7 kilometers from Motijheel. To compare, Mirpur is 10 Kilometers from Motijheel. Many prestigious educational institutions are also either opening up branches on the eastern region or moving to places like Badda. The proximity, along with the development of infrastructure, has piqued the interest of real estate investors and people alike.
East Dhaka is nearly the size of Barcelona. Unfortunately, most of it remains underdeveloped. If left alone to grow organically, there’s a good chance that east Dhaka will evolve into a manufacturing district. The government, however, has much larger plans for these areas. The objective of developing East Dhaka is decentralization, urbanization and turning the region into a modern business district; a necessary step for the further development of Dhaka. It was the lack of high-quality land in the west that initially sparked the move toward the east. An increasing number of unions from the eastern region are being included in the existing city corporations to untangle the congestion of the city and ensure proper development. It presents the perfect opportunity to lay the foundations for the next financial and economic zones in Dhaka.
There are great things in store for the eastern part of the city. A lot of development projects are currently undergoing, with more on the horizon. East Dhaka has the potential to become a major area of the city and people are hoping to capitalize on this profitable real estate investment opportunity preemptively. And with all of this development in East Dhaka, you too should keep an eye on the area.
What’s your take on the future of real estate in East Dhaka? Make sure to let us know in the comments section below.