real estate business in sylhet (final)

1. 1. Real Estate Business in Sylhet Introduction eal estate is “Property consisting of land and
the buildings on it, along with its natural resources such as crops, minerals, or water,
immovable property of this nature, also an interest vested in this, more generally an item of
real property; buildings or housing in general. The business of real estate is the profession of
buying, selling, or renting land, buildings or housing.” The organizations which are involved
in buying, selling or renting land, building or housing are the real estate developer company.
 Background of the Study: Bangladesh is an over populated country and day by day
population is increasing rapidly which created the housing problem. Land prices skyrocketed.
Due to high price, insufficiency of land, high cost of land registration, and high price of
building materials, people are now not interested to buy a land for building their own house.
That’s why they turn to real estate companies who are providing flats or apartments. In
response, real estate business has enjoyed a boom over the years. In all over the
Bangladesh, there are now companies growing up like mushrooms. Most of the companies
are situated in Dhaka, Chittagong and Sylhet but also spreading throughout other divisional
and district towns like Comilla, Cox’s Bazar, Bogra, Rajshahi, Khulna, Mymensingh, Gazipur
etc. Most of the real estate businesses are conducted by private sectors. In Sylhet real
estate business expand vastly in twenty-first century. In this century a large number of real
estate companies formed in Sylhet. Some of these companies are Next Plan Development
Limited (NPDL), Batayan Shahjalal Developers Ltd., Merline Builders (PVT.)Ltd., Royal
Homes Limited, North Surma Syndicate (Pvt.) Ltd. R
2. 2. | 2Real Estate Business in Sylhet  Objectives of the study: The broad objective of this
study is to develop an understanding of the overall picture of apartment/flat market of Sylhet
City with particular emphasis to customer’s behavior, preference and expectation side. The
specific objective is to know customers’ behavior pattern and to identify and gain insights
about the preference of the apartment buyers or customers while choosing and buying the
apartments or the real estate companies.  Types of Real estate business: Various types of
real estate business are practiced in the world. 1. Land Development 2. Retail Shopping
Centers developing and selling 3. Office Buildings selling and renting 4. Apartments/Multi-
Family Housing 5. Land/Apartments/Building renting 6. Multi-dimensional real estate
business In Bangladesh including Sylhet generally most of the real estate businesses are
categorized into three major sectors. So, most of the real estate companies in Sylhet are
formed based on these categories. A categorized model of real estate businesses in Sylhet
is given in next page.
3. 3. | 3Real Estate Business in Sylhet Real estate busines Land development Plot selling Land
renting Apartment/ Housing Residentialhome and apartment Office building Shopping mall
Shop & Storage house Hotel Residential & business house renting Multi-dimensional Both
apartment & land Office building & shopping mall Land and Properties renting and all types
of real estate business
4. 4. | 4Real Estate Business in Sylhet Real Estate Companies in Sylhet Some of the well
known real estate companies in Sylhet are ….  Next Plan Development Limited (NPDL) 
Batayan Shahjalal Developers Ltd.  Merline Builders (PVT.)Ltd.  Royal Homes Limited 
North Surma Syndicate (Pvt.) Ltd. Now we are shortly describing the profile of these
companies. Next Plan Development Limited (NPDL) NPDL is the renowned architectural and
engineering design studio in Sylhet. It starts its work with architecture and engineering
design in 2005. Now it also works as Real Estate Developer Company. Type: Architecture
and Engineering designer. Location: Head Office: First Floor, Kaniz Plazza, Zindabazar,
Sylhet. Contact: 0821-813933, 01819580456, 01715356380 Web Address: www.npdbd.com
Services: Architectural Design, Structural Design, Electrical Design, Plumbing & Sanitary
Design, Graphic Design, Real Estate Development, Building Contact, Supervision, Fire
fighting system design, 3D modeling, Animation, Cost Estimation, Survey, Land Planning &
 plotting, Soil Test, Renovation work. Projects: Architecture and Engineering Designed
Projects: Some of NPDL’s architectural and engineering designed projects are Apon Blue
Tower, Bijou Palace, Anower Vista, Sadiq Villa, Sufia Complex etc. Real Estate Business
Projects: NPD Rose, NPD Sunflower.
5. 5. | 5Real Estate Business in Sylhet Batayan Shahajalal Developers Ltd. Batayan Shahajalal
Developers Ltd. is a newly established developer company in Sylhet. It has started its work
from 2011. It conducts business based on apartment developing and selling. Type:
Residential Apartment Developer and Seller. Location: Sylhet Office: 27/2 payra Dorga
Moholla Jornarpar, Sylhet. Contact: 0821-722733, 01611 197010 Dhaka Office: House 69/2
(4th floor), Road # 7/A, Dhanmondi R/A, Dhaka. Contact: 02-9124673, 01715842758 London
Office: Relax property service, 7 Westport Street, London E1 ORA Contact: 0207 7909493
Web Address: www.shahjalaltower.com E-mail: info@shahjalaltower.com Project: Shahajalal
Tower. 27/2 payra Dorga Moholla Jornarpar, Sylhet. Merline Builders (Pvt.) Ltd. Merline
Builders (Pvt.) Ltd. is one of the renowned developer companies in Bangladesh. It conducts
its business in Sylhet sincerely. It started its work with more than 1100 projects. More than
100 projects are completed and 200 are under construction of them. Type: Business and
Residential Apartment Developer.
6. 6. | 6Real Estate Business in Sylhet Location: Head Office: Merlin Tower (11th floor),
Subidbazar, Sylhet, Bangladesh. Contact: 0821-712260, 01977660001~10 Wed Address:
www.merlinbuildersbd.com Projects: Merlin Tower, Tasmia Tower, Sharmin Jumana Tower,
Mayesha Tower, Naza Tower, Tahsin Tower, Ayesha Tower are the most top project of the
company. Royal Homes Limited Royal Homes Ltd. is a multi-purpose company with the
primary focus on property development. It is a joint venture company between local
Bangladeshi & NRBs (Non Residence Bangladeshi). But, it gives importance on land
development. Royal Homes has launched its first project "Royal City" which is ideally located
on Shahporan Bi-pass road, a beautiful land script area called Dakshin Surma. The project is
a premium location and is situated in one of the most important road network in Bangladesh.
Location: Head Office:Royal Homes Limited Shefa Bhaban, Mirboxtula, Sylhet 3100,
Bangladesh. Contact: +88-0821-726760, 2830281, +88-01713363666 Email:
info@royalhomesltd.com Wed Address: www.royalhomesltd.com Project: ‘Royal City’ is a
brand that has set a benchmark in the real estate industry through its quality, professional
management and commitment to the customer satisfaction. Royal Homes Ltd. takes pride on
its success and salutes the team works really hard.
7. 7. | 7Real Estate Business in Sylhet It possesses a position of excellent transport links. It just
minutes from heart of Sylhet city. The rail station is also minutes away. The project is
comprised of more than 3000 plots with all the residential facilities to be provided by the
Royal Homes Limited. These include: school, hospital, children's park, mosque, community
center, shopping mall, Lake Etc. It is the biggest (in terms of authorized capital) & well
planned (in terms of design) land project in Sylhet - the Eastern Capital of Bangladesh. North
Surma Syndicate (Pvt.) Ltd. North Surma Syndicate (Pvt.) Ltd. was established in 2005. It is
doing its activities trustfully. It focuses on location and modern architect design to build
apartment. NSSL makes both business and residential apartments. Type: Business and
Residential Apartment Developer. Location: Head Office: Surma Tower (6th floor) Surma
Point, V.I.P. Road, Sylhet. Contact: 0821-723373, 01715 598732 Project: Surma Tower.
8. 8. | 8Real Estate Business in Sylhet Analysis of Comparative Status Our listed five real
estate companies are better than any other companies in Sylhet. But, each of them has
some difference from other. Most of them are difference in their focus, business type,
policies and constructional design. Like as NPDL and Batayan Shahajalal Developers Ltd.
basically focus on architect and engineering design; Merline Builders (Pvt.) Ltd. and North
Surma Syndicate (Pvt.) Ltd. mainly focus on location but, they don’t ignore the architect
design, they also follow the modern architect design. Since Royal Homes Limited focuses on
land development, they always locate large area of land in a good location. In the business
types – NPDL is a service based developer company. It provides services in real estate
 development work. Batayan Shahajalal Developers Ltd. and Merline Builders (Pvt.) Ltd.
basically create and sell residential apartments. On the other hand North Surma Syndicate
(Pvt.) Ltd. develops both business and residential apartments. It sells and rent showroom,
office and flats. Royal Homes Limited works for multi-purpose real property development.
But, it mainly develops land and sells plots. People have a good faith on these real estate
companies. Merline Builders (Pvt.) Ltd. and Royal Homes Limited have the best status and
reputation in Sylhet as real estate developer. And NPDL is most top architect and
engineering designer company. Customers’ Behavior Pattern Most real estate study is based
on neoclasssical economic theory that assumes that people make rational decisions about
renting and buying real estate as part of their attempt to maximize utility. While recognizing
that real estate markets are imperfect, most real estate researchers do not examine the
influence that the diversity of real estate consumers has on the demand for real estate.
Consumers are complex human beings driven by internal and external forces, some of which
are beyond their control and many of which they are relatively unaware.
9. 9. | 9Real Estate Business in Sylhet Internal forces are Consumer Choice, economic
condition, motiation, knowledge and learning, Attitudes, self-concept, personality and
lifestyle. The external forces are reference groups, culture, social class and family. Some of
these forces are briefly described below with the consideration of realestate buyer in Sylhet.
Consumer Choice Much of the study of consumer behavior focuses on consumer choice.
Consumer choice depends on utility theory in economics and attitude theory in social
psychology of consumers. Choice to buy real estate is directed buy the customer’s economic
stranght and utility processes of wealth, and their psychology. Economic Condition
Consumer behaviour is mostly varing on the economic condition of the consumers. A person
who has a sustainable and well economic condition, he usually like to buy luxurious
apartment. Economic condition is the most important and strong force to drive customer to
buy real estate property. Motivation The forces that derive a person to buy a good or service
is called motiation. Needs, economic conition, scarcity or availablity of natural resources,
attraction for something etc. are good motivators. Most of the people have an attraction to
have real property. Economic condition of people in Sylhet is well because of forign currency.
That factors forces the customers to buy apartment and land. Knowledge and learning In the
present age internet makes easyer to know about anything. Most of the real estate developer
companies have web page to provide information about their projects. So that customers can
easily learn about the real estate companies and their projects, even customers can see
their apartments’ design, picture and feature. That helps them to buy the apartment.
10. 10. | 10Real Estate Business in Sylhet Self-concept Self-concept is an organized set of
perception of the self, comprised of such elements as the perceptions of one’s
characteristics and abilities; the perception of oneself in relation to others; and objectives,
goals and ideals which are perceived as either positive or negative. Self-concept is now
generally viewed in several dimensions: ideal self, real self, self in context and extended self
(possessions and artifacts help define who one is). Real estate can be a viewed as part of
the extended self, an object that helps to form identity. By their very nature, single family
homes almost always perform many highly emotional, individualized, personal roles in the
lives of their occupants. Consumers will choose to purchase real estate that either fits with
their current self-image or is associated with the ideal image they want to achieve. This may
be reflected in both choice of housing style and neighborhood. Personality Personality
accounts for consistent patterns of behavior based on enduring psychological
characteristics. It is the pattern of traits and behaviors that makes one individual unique and
different from all others. Personality may be described using the psychoanalytic, socio-
psychological, or trait-factor theories. Thus, a consumer’s personality may affect his real
estate investment choices. A risk taker is more likely to consider purchasing a run-down
property in a marginal neighborhood, planning to improve the property and take advantage
of neighborhood improvements. A risk taker would also be more likely to choose an
adjustable rate mortgage than a risk avoider, no matter what the financial comparison shows.
 Lifestyle Lifestyle refers to the distinctive ways in which consumers live, how they spend their
time and money, and what they consider important as activities, interests
11. 11. | 11Real Estate Business in Sylhet and opinions. Lifestyles evolve over time, so
consumption patterns are changing over time. Most of the high and middle class people in
Sylhet now prefer modern architectural designed apartments. Sometime they reject their old
model house to achieve new model apartments. The real estate companies make the work
easy. Reference groups Reference groups are individuals or collections of people whom the
individual uses as a source or point of comparison for attitudes, beliefs, value or behavior.
Each real estate consumer is influenced by his or her unique set of reference groups. A
buyer of an apartment influences other to buy an apartment. Culture Culture consists of
society’s beliefs, values, ethics, customs, shared meanings, rules, rituals, norms, and
traditions. Culture provides people with a sense of identity and an understanding of
acceptable behavior. Cultural norms that affect real estate demand include beliefs about
whether each child should have a private bedroom, but a shared bath. Most of the people in
our society prefer apartments with lift service, moderated design and facilities and in a good
location. The value placed on individualism is reflected in the demand for customized homes.
Builders would be wise to watch changing cultural values, producing properties that are more
environmentally friendly and housing layouts that are more suitable for family activities and
interaction. Social class Social stratification represents the hierarchical division of members
of a society into relative levels of prestige, status and power. Social class refers to divisions
based on economic and demographic characteristics. Those in same stratum have roughly
similar consumption, lifestyle, and income, and socialize with each other. Nine variables
have emerged from the research as most important in