Masud Parvage, Brand Strategist,Ananta Real Estate Ltd.
Condominiums are not a new concept in Bangladesh. Over 160 condominium apartments have been built across Bangladesh, primarily in metropolitan areas with easy access to restaurants, groceries, and other amenities. 80 condominiums have been built in Dhaka alone, followed by 34 in Chattogram, 14 in Sylhet, and 46 in other locations. However, only a few real estate companies in Bangladesh are offering spacious living in a sustainable way.
Historically, the first development of condominiums has been traced to first-century Babylon, and since then have been revolutionized and have grown in sophistication.
In Bangladesh, the first condominium development is Japan Garden City in 2004 but Ananta Terraces is the first condominium project in Bangladesh with a very low AQI level, countless wellness features, and sustainable green features with LEED platinum certification in terms of sustainable condominium living.
Popularity of Condominium
Condos are being increasingly popular and desirable throughout the world for numerous reasons, such as a convenient location, a wealth of amenities, a sense of community, energy efficiency, proximity to desirable places, and a reserve fund and status certificate with greater safety and security.
Furthermore, the condominium’s ease of maintenance makes it a popular choice. Access to pools, play areas, fitness facilities, and other amenities that are too expensive to build in single-stand buildings, is the main fact to make condos a popular choice.
Nowadays, homebuyers are looking for everything to enrich their lifestyle, from social clubs and seminars to fine dining and spas, mental wellness, and art & culture programs in a low-density community. These requirements also refer to the popularity of luxury condominium complexes like Ananta Terraces.
Condominiums demand in Dhaka city
The World Population Review 2022 states that around 2.25 crore people live within the 300 square kilometers of Dhaka city and the population is growing rapidly. To accommodate this growing population, the city has to build the largest housing unit. These demands cannot be met by single-stand buildings.
Also, many Dhaka citizens prefer to escape this bustling city. People travel all around, in order to find a peaceful and tranquil place to relax because of the sense of suffocation they experience in their daily lives. It has led real estate developers to develop condominiums with a new buzz and also refers to high demand because it allows a peaceful and tranquil experience within a sustainable environment.
Condominiums with various wellness features like Ananta Terraces’ are highly sought after in Dhaka, especially in Gulshan, Banani, and Baridhara, because of the close proximity to embassies, commercial centers, international schools, colleges, malls, and cafes.
Condominium developments in Dhaka
Condominiums are being developed by several renowned Bangladeshi real estate developers, including Building Technology & Ideas Ltd., Ananta Real Estate Ltd., Navana Real Estate Ltd., Shanta Holdings Ltd., Sheltech (Pvt.) ltd., ABC Real Estates Ltd., Rakeen Development Company (BD) Ltd., etc.
A short overview of some condominium projects in Dhaka:
Ananta Real Estate Ltd is developing a world-class condominium complex named Ananta Terraces, located on Madani Avenue, 100 feet, which offers all the key factors for selecting a condominium complex. There is no such condominium project in a good commute location in Dhaka city as Ananta Terraces is just a few kilometers away from the most prestigious locations in Dhaka city, near of International Schools, colleges, embassies & commercial areas.
This project has earned the LEED Platinum certification with its best location in Dhaka and provides the highest number of attractive urban living amenities and features with very low population density.
The population density in Condominiums
The first Bangladeshi condominium project has high density as it consists of 1440 apartments with 20 buildings in just 30 bighas of land and 6 more buildings are being developed.
High density refers to a lot of neighbors with the lowest prices and, alternatively low density refers to fewer neighbors with higher prices. Even though low-density condos are more expensive, they offer less crowding & less sharing as well as more privacy. Additionally, it incorporates quiet surroundings, larger unit sizes, elegant lifestyles, tight-knit communities, fewer vehicles, more open spaces, and a much cleaner and healthier environment.
Dhaka has been ranked the sixth most populous city in the world by the World Population Review with a population density of 23,234 people per square kilometers. Currently, the metro area of Dhaka has 22,478,000 people, which is an increase of 3.39% compared to 2021 when it had 21,741,000, and an increase of 3.5% compared to 2020.
Condominium projects are playing a crucial role in overcoming this challenge, especially Ananta Terraces for the lowest density and others for the moderate density of residents compared to the stand-alone buildings in the city.
Condominium features
Nowadays, real estate companies tend to use a greater portion of their land to ensure sustainable living, while providing residents with a variety of attractive amenities and features that promote sustainability. Rather than single-stand building apartments, developers have to leave a large amount of land for such types of features and amenities. Consequently, condominium apartments are also priced accordingly.
Among all Bangladeshi real estate developers, Ananta Terraces leaves the highest number of spaces, approximately 65% of the total 45 bighas of land. Having the fewest towers and apartments, this condominium complex is considered a low-density condominium also.
Investment in Condominium
Investments in real estate are an advantageous and wise decision because ROI values appreciate periodically, especially in condominiums. Since condos require less maintenance, have a wide range of amenities, and offer maximum security of investment among the other real estate investment. Furthermore, condominium property rules can help you preserve the value of your investment property.
In addition to an investment standpoint, location plays a vital factor that determines the appreciation of condominium investment.
Although there are many condominiums in the country, Ananta Terraces provide the most sustainable living experience. But the good news is more real estate companies are coming to develop condominiums, which will make future developments more competitive for sustainable living.
