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Examining REAL ESTATE INDUSTRY In Bangladesh

This research paper targets the marketing system of the true estate business in Bangladesh and also evaluates the marketplace progress; as this rapidly growing business has become popular in Bangladesh over the last fifteen years. Because of this this paper will firstly evaluate the real estate industry culture in Bangladesh. Second of all the marketing system will be critically appraised and lastly recommendation will get on how to boost this business.

Chapter 1: Introduction

Today the real real estate business is one of the speediest growing businesses in Bangladesh and it performs an important role in the Bangladeshi overall economy. This research newspaper targets the marketing system of the real estate business in Bangladesh. Currently Bangladesh is a developing and also over populated country. Dhaka is the capital of Bangladesh. This city is vital for everything because everything is dependant on this city. Because of this this city is densely filled. From 1985 the concept of living in a set has been started out and also the real estate industry has become more popular. The slogan employed by the business is 'our creation your fantasy'. This is a dream of someone's home. This theme was chosen because many people know very little about Bangladesh and Bangladeshi business and because of my own interest and personal experience.

This paper will firstly evaluate the real estate industry culture in Bangladesh. Second the marketing system will be critically appraised. Finally advice will be given on how to improve this business.

Chapter 2:Literature Review

Bangladesh is a producing country, as is common in many such countries, everything is centralized so every business located in Dhaka city. Now a days Dhaka is a overpopulated city. That is the main reason for the development of real estate industry, because people needs more house for living. "A lot more than 260 companies are working or conducting business in Dhaka(According to REHAB 2004)Real Estate & Housing Association of Bangladesh". So that it is facts that real estate business is rapidly growing business in Bangladesh.

This research paper focuses on marketing system of real estate business in Bangladesh. Today marketing is one of quite part for all types of business. It really is true that if in the business marketing system is strong than the business of this is doing well. So within this research newspaper will be evaluate some true marketing system of real estate industry in Bangladesh. Because "marketing begins with human being needs and wants. People need food, air, drinking water, clothing, and shelter to make it through. Beyond this, folks have a strong desire for entertainment, education, and other services. They have strong preference for particular versions and brands of basic goods services". Kotler, P. (1998).

Chapter 3:Methodlogy

In this research my specific and investigating area is real estate industry in Bangladesh. This research is totally literature structured; in addition it'll measure the marketing system of real estate business in Bangladesh. To create this research valid and reliable, I am attempting to show the real marketing system in Bangladesh.

It was difficult to find specific books in this field. This research would have been better if there have been the perfect time to do empirical research. It would have been appropriate to utilize questioners and interviews with the people who are working in the real property business. This research could are also more presentable if the questioners and interviews engaged a large sample of real estate industry in Bangladesh. However there is not too much time or resources to get this done.

This research newspaper hopes showing what types of marketing system the real estate companies are employing in their business and what's their strategy for their products and their services for their goal customers. Because "Marketing is an orderly and insightful process for considering and planning markets. The procedure starts with general market trends place and understand its dynamics. This marketing process will involve segmenting with the market and choosing those target customer that the company can gratify in a superior way. "(Kotler. 1998)

Therefore in this research paper I evaluate the real estate business culture, critically appraise the true real estate marketing system and recommend how to improve the growth rate of this business in Bangladesh.

Chapter 4: Finding and Analysis

Dhaka is the administrative centre of Bangladesh and one of the most overpopulated city on earth. This city is home of more than 12. 8 million people believed by 2008 according to the Dhaka City Company. This population is growing by an estimated 4. 2% per 12 months that is one of the highest rates in the Asian city. On the other hand according to Far Eastern Economic Review this city Dhaka can be a home of 25 million people by the year of 2025(Wikipedia). So day by day people are increasing and cover demand also increasing. Which means this is the key opportunity for real estate business. Because as a growing country is quite difficult for government to provide such a big important needs like cover. Because of this private real estate companies come forwards to meet up with the needs of the increasing housing demand.

Land development and engineering of rentals is the concern of a real house business. This business major construct area is residential and commercial properties to market them and make profit. Now this business is speedily growing and one of the very most popular business in Bangladesh. Regarding to REHAB(PROPERTY and Housing Relationship of Bangladesh, 2004) in Dhaka there are 250 companies achieving this business. That is show that just what a rapidly increasing business. On the other hand this business also plays an important role in Bangladeshi monetary.

However almost all of the Bangladeshi real house companies marketing system almost same. These marketing system based on four things:

Thinking about apartments or cover.

Level of income.

Standard of living.

Style of living.

Most of the Bangladeshi real estate company applying this sorts of things for finding as a potential customer.

On the other hands customer also classify by the true real estate companies. Because enclosure is not really a significant problem for rich people but it is big problem for middle and low income people. So companies are specially targeted middle class and low income customers. Because a house is their ultimate desire for this varieties of customers. For that reason most of the true estate company spending lots of money for promoting their products because of their goal customers.

Such as :

Advertisement

Newspaper, Television, Neon Signal Billboard

Personal selling

This is one of the major things to maintain good relation with the clients. Alternatively a number of employees will work for the business in indoors and outdoor for sales this products.

Sales promotion

Sales campaign is another considerations for real estate company. Sometime the company offers discount, Gift ideas, service price off and many other things for providing their products.

Publicity

Buy on instalments

Size focus on 750sft to 1800 sft. (square Feet)

This is the marketing system of real estate industry in Bangladesh.

Chapter5:Conclusion

Bangladeshi real estate industry is one of the very most profitable and popular business. If real house companies have liabilities about their customers than authorities have also some liabilities about this business. So federal needs take necessary steps or assignments to safeguard this business. "Every year the Bangladeshi authorities earns roughly more than 1500 main taka as a income. On the other hand more than 25laks people will work with this industry" REHAB(PROPERTY and Housing Connection of Bangladesh) in 2008. Which means this is show that the growth rate of the true real estate business in Bangladesh.

However the marketing system is an activity which can be improve day by day with proper general market trends and strong marketing planning. So real house companies needs to discover the potential buyers and strong romantic relationship using their customers. It can be extremely effective to offering their product for his or her aim for customers.

Chapter 6:Recommendations

However now real estate business is extremely popular in Bangladesh but the majority of the companies do not have proper market research and marketing plan. Because the majority of companies do not have longer period marketing plan. So most of the Bangladeshi real estate company needs proper marketing research which focus on planning well before the implementation, examination, management review, and good coordination between customers. Furthermore almost all of the Bangladeshi real real estate companies needs strong customer care. Because this business totally customer established.

"All online marketing strategy is made on STP-Segmenting, Targeting, and Setting. A firm discovers different needs and teams available on the market, focuses on those needs and teams that this can meet in a superior way, and then positions its offering so the target market recognizes the business's distinctive offering and image". (P. Kotler, K. L. Keller, 2006)

So this online marketing strategy can increase the real estate industry in Bangladesh.

Chapter 7:Reflections of learning

In this research newspaper I am learning lots of things such as how to write a research paper in a right order. Because this is my first research paper. When I began my research I was facing plenty of problems but day by day I learn lots of reasons for having a research paper and how to write it. May be in my research paper I have lots of errors and mistakes. But I know that it's about learning process because this learning process helps me tons in my own future studies. In addition I needs to thanks International Analysis Canter and specially my course professor because they are deign this important course for the students who would like to analyze in the postgraduates level.

Appendices

Committed to PEOPLE'S RIGHT TO KNOW

Vol. 5 Num 50 Fri. July 16, 2004

Business

Rehab housing fair in NY next month

Star Business Report

In a bid to market the country's cover and real estate industry by wooing Bangladeshis surviving in the US, the true Estate and Real estate Relationship of Bangladesh (Rehab) is going to organise a five-day housing fair next month in New York. The event titled "Rehab-Biponon Housing Fair 2004" will get started on August 19 at Quality Hotel Hampstead in New York city. Rehab is organising the fair in colaboration with Biponon, a US-based marketing company. Talking about the goals of the good, Rehab's Senior Professional Member Ziaul Ahsan said the fair would encourage expatriates to make their homes in Bangladesh as well as attract overseas investors to the united states. Through this fair, the expatriates are certain to get the chance to know all about the cover business in Bangladesh, he said. "We think if indeed they know about our real property sector, they will move to spend money on the sector. "Ahsan said the exhibition would contribute to gaining more remittance from the united states and making more foreign investment in the country's real real estate sector. A total of 29 Rehab member companies will take part in the reasonable. They are simply Building Technology and Ideas Ltd, Hamid Real Estate Structure Ltd, Sheltech (Private) Ltd, Eastern Enclosure Ltd, East Western world Property Development Private Ltd, Latif Real Estate Ltd, Bosoti Consortium Ltd, Suvastu Development Ltd, Hasan and Associates Ltd, Amin Mohammad Group, Rangs Properties Ltd, Tropical Homes Ltd, Building for Future Ltd, Ena Properties Ltd, Concord PROPERTY and Building Products Ltd, Brac Concord Lands Ltd, Bangladesh Development Company Ltd, Borak PROPERTY (Private) Ltd, Living Stone Ltd, Equity Property Development Private Ltd, Japan Garden City Ltd, Al-Hasan Designers Ltd, NM Enclosure Ltd, Sumona Private Ltd, Rupayon Cover Real estate Ltd, Mega Contractors Ltd, Confidence Develop-ments Ltd, Building Development and Design Ltd and Crescent Holdings Ltd. According to Rehab, its 145 participants shipped 70, 000 to 80, 000 apartment items with their customers in previous 20 years. Besides, they are delivering 4, 000 to 6, 000 plots per year. The Rehab figures show the twelve-monthly turnover of the real estate sector portions to Tk 7, 500 crore and the government makes Tk 700 crore in income per annum from the sector. About 15 lakh skilled and unskilled labourers will work in this sector.

Example:

Published On: 2007-11-25

Business

REHAB reasonable ends with determination to lessen cost urban housing

Sumon Salah Uddin

A salesperson (right) busy briefing a visitor at a stall at the annual REHAB housing fair that concluded yesterday in Dhaka. Photo: STAR

Real real estate companies yesterday pledged to develop lower cost urban housing solutions in order to meet the growing requirements for affordable homes in the capital. "This is actually the right time to move our focus to lower cost apartments rather than luxury flats, " said Mohammad Zakir Hossain, mature sales exec of Rangs Properties. Regarding to Hossain, coders are actually planning most of their new jobs targeting middle income people who make between Tk 20, 000 and Tk 40, 000 per month. Speaking with The Daily Superstar on the final day of the 5-day cover fair organised by the true Estate Housing Connection of Bangladesh, Hossain said his company currently has no apartment of less than 1450 square foot in proportions. However, the management is planning new assignments to meet the growing demands for smaller flats within the purchase price selection of Tk 15 lakh to Tk 20 lakh. Several factors, including soaring structure costs and the government's drive against black money, have added to a pointed fall season in the sale of apartments, that happen to be down around 50 percent up to now this year, regarding to REHAB. Hossain said proper urban insurance policy and the right people infrastructure are necessary to build less expensive casing, especially in the suburbs. "The land price in the central regions of big places is so high that it's often hard to keep carefully the apartment price low. If the federal government builds proper infrastructure like highways and a good general public transport system, developers will start to build less expensive housing tasks in the suburban areas, " he said. Eastern Property Ltd, a creator of plots for urban enclosure, said it didn't have any longer land plots to market. "All the plots inside our land projects are sold out. We are actually introducing two new mid-sized apartment assignments in the capital's Kamalapur and Panthapath areas, " said Mohammad Farhaduzzaman, associate manager of the business. Aminul Islam Tareq, mature marketing exec of Rupayan Casing Real estate Ltd, said the business had received an enormous response from prospective customers at the show. "The response was more than expected, thanks to our newer assignments in Uttara and Mirpur, " he said, adding that Rupayan just lately began building smaller flats to get customers from mid-income earners who cannot find the money for to pay more than Tk 30 lakh. Despite the slump in the real estate sector, there is little evidence of a lack of enthusiasm among the list of crowds at the jam-packed rational. While the concentration was on the low cost alternatives a few luxury coders could be found, one particular being Building Technology & Ideas (bti) Ltd, who said their primary focus would still be on luxury living. "We just received authorization for 10-storied assignments in Gulshan and Banani areas under the Building Structure Rules 2007. Our concentration still remains on exclusive level of privacy, environmental friendliness and more space, " said an executive of the company.

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