Purbachal project sends land prices of surrounding areas skyrocketing

Land prices near Rajuk’s Purbachal New Town Project (PNTP) have doubled in the last three years, with each Katha selling for between Tk 3 lakh and Tk 55 lakh depending on the plot’s location and developers’s reputations.

Nearly 100 small and large private companies are developing the surrounding sites of PNTP, which extends to Narayanganj, Gazipur and Narsingdi. 

Some of the prominent companies include Purbachal American City, Bashundhara Baridhara project, Probashi Palli Abashon project, Purbachal Marine City, Purbachal Prime City, Purbachal Asian town, Purbachal Italian City Ltd, Green Purbachal Developer Ltd, AG Property Developments Ltd, Bio Properties Limited, and Homeland Purbachal City Development Ltd. 

They are developing the sites to establish residential and commercial spaces, resorts, parks, and institutional plots, including schools, colleges, Madrasa, universities, and mosques, hospitals, clinics, and clubs.

Capital’s development authority Rajuk has been implementing the PNTP since 1995 at Rupganj of Narayanganj and Kaliganj of Gazipur on more than 6,000 acres (an acre is approximately three bighas). Last year, PNTP Project Director Ujjwal Mallick said it was expected to be completed by 2025.

Land developers say the PNTP will be a modern city on the outskirts of Dhaka and it is attracting people with promises of safety, security and luxury. The Dhaka International Trade Fair is taking place at Bangabandhu Bangladesh-China Friendship Exhibition Centre in the area. 

Besides, 41 skyscrapers, including 96-storey Iconic Legacy Tower, the 71-storey Independence Tower, and the 52-storey Language Tower, will turn Purbachal into a commercial city.

Homeland Purbachal City Development Ltd’s Managing Director Md Saiful Islam said that he took the project in 2017 on 150 bighas (one bigha = 20 Katha) in Narayanganj, just four kilometres from the Purbachal site.

“Our project has the government’s approval. We’ve completed 60 per cent work and currently sell each Katha for Tk 5-7 lakh. The price was Tk 2-3 lakh three years ago,” he told The
Business Post. 

Mahbuba Sultana said she purchased a plot from Prime Asset Group project at Tk 3.5 lakh per Katha three years ago. “The price has almost doubled since then. I bought the plot considering my future generations. I don’t know when I can build a house here since the land is not ready yet,”
she said.

Sopnerbari Properties Ltd’s Managing Director Najmul Islam said a rise in demand pushed up land prices in Purbachal area.

“Developer companies are rushing here to purchase land, sending the prices skyrocketing,” he said, adding that the prices depend on a company’s brand value and project development.

“Numerous people visit the area on weekends,” he added.    

Mir Gulam Morshed Emran, manager (marketing and sales) of Purbachal American City of US Bangla Group, said their company has set up a project on 900 acres near the Rajuk project. 

“Our asking price is Tk 33-50 lakh per Katha. The demand is high for various reasons such as two universities – Green University and Presidency University – setting up their permanent campuses in our project,” he added. “We’ve already sold 60 per cent plots.”

Emran said the prices of their plots increased around fivefold in the last five years and would go up further. 

Deputy Manager (Marketing and sales) of Probashi Palli Group Bidhan Krisna Gope said their company was establishing a project on 2,500 bighas. “Each Katha costs Tk 4.75-15 lakh. The prices of our plots increase every year,” Bidhan said.

Vice-President of Real Estate and Housing Association of Bangladesh Kamal Mahmud said that not all developer companies working in the Purbachal area are members of REHAB or Bangladesh Land Developers Association. 

“We will take responsibility only for our members,” he said.