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Eastern Housing plans to launch new projects

Talukder Farhad
15 Jan 2022 00:00:00 | Update: 15 Jan 2022 09:15:49
Eastern Housing plans to launch new projects
Jahurul Islam City is a mega project of Eastern Housing Ltd at Aftabnagar in Dhaka – Courtesy Photo

Eastern Housing Ltd (EHL), the country’s oldest and largest real estate company, has planned to extend Jahurul Islam City (Aftabnagar) 2nd phase and develop 3rd phase of the city.

The third phase of the project is expected to get primary clearance from the RAJUK soon, said its Managing Director Dhiraj Malakar in the company’s latest annual report. The third phase area is approximately 136 bigha land.

As reported last year about the 2nd phase of Jahurul Islam City, the land in the said area is being purchased and after purchasing 70 per cent of the land, the project will be submitted to the concerned authority for approval, he said.

In FY21, the company bought the undeveloped land costing Tk 113.61 crore, according to the annual report.

Jahurul Islam City (Aftabnagar) is located on the eastern side of Dhaka and the northern side of the Banasree residential area in Rampura, which was also developed by EHL.

All the urban facilities like shopping malls, swimming pools, children’s playgrounds, mosques, open space for the elders etc. will be set up in the new project.

Ongoing & upcoming projects

The company has three ongoing land development projects--Jahurul Islam City and GoranChatbari (Pallabi Phase-II) in Dhaka metro area and Dehra Land Project, Savar.

Besides, five apartment projects in different locations of Dhaka are ongoing and three upcoming apartment projects will be implemented in Dhanmondi, Aftabnagar, and Uttara.

“We believe two of our projects namely Eastern Nabarun at Mirpur and Eastern Ridge at Chalaban will fulfill the customer’s demand,” said EHL Chairman Manzurul Islam.

The two projects are expected to generate around Tk 300 crore in revenue for the realtor, according to the report.

In the pandemic hit last year, the company’s apartment sales dropped 25 per cent but its land sales increased 26 per cent.

“We are working hard to maintain our business growth by taking an appropriate decision and are very cautious in taking new apartment projects,” said the EHL chairman.

The present urbanization rate is annually growing about 5-6 per cent. It is expected that about 40 per cent of the total population will be living in urban areas by the next couple of years, said the report.

Late real estate business tycoon Jahurul Islam Eastern Housing founded the company in 1964. The company was listed in 1994.