Tasnuba Akhter Rifa :
Since 2023, the housing sector in Bangladesh has been in decline due to the introduction of the new Detailed Area Plan (DAP) by Rajdhani Unnayan Katripaksha (RAJUK). As a result, entrepreneurs within the industry have significantly reduced the process of seeking plan approvals from RAJUK. Consequently, the anticipated number of projects has not materialised. In response to concerns raised by housing sector entrepreneurs, the interim government has agreed to revise the DAP, with the hope that these changes will be implemented soon to rejuvenate the sector.
In an exclusive interview with The New Nation, Dr Md. Shadi-Uz-Zaman, Managing Director of Notundhora Group, addressed the challenges facing the housing sector.
He stated, “The new DAP has plunged the country’s housing sector into crisis. As housing is one of people’s fundamental needs, this stagnation is highly concerning. The sale of plots, flats, and houses has significantly declined, while new investments have almost ceased. Many companies, unable to cover operational costs, are selling properties at no profit, and some are even struggling to pay employees’ salaries. The sector is grappling with various obstacles. Despite these difficulties, the housing sector contributes nearly 8 per cent to Bangladesh’s GDP.”
As one of the most successful entrepreneurs in the housing industry, Dr Md. Shadi-Uz-Zaman highlighted that the Notundhora housing project-“A New World for the New Generation”-is being developed alongside the 300-foot Dhaka-Mawa Expressway near the Padma Bridge. Situated just 18 kilometres from Dhaka’s commercial hub, Motijheel, this environmentally friendly housing project boasts direct connectivity with four government roads. Under the expert leadership of Dr Md. Shadi-Uz-Zaman, the founder of the Professional Real Estate Training Institute and the first recipient of the Professional Doctoral Certificate in Real Estate Management in the country, Notundhora is emerging as a meticulously planned and sustainable residential community.
The entrepreneur elaborated, “Spanning three unions in Sirajdikhan and Srinagar upazilas of Munshiganj district, this project has received location clearance from the Department of Environment, as well as approval for an Environmental Impact Assessment (EIA) and final environmental clearance. Notundhora Assets Limited, known for its transparency, has also obtained approval from the Dhaka Transport Coordination Authority (DTCA). In compliance with the Real Estate Law of 2004, the Notundhora project has secured an indemnity certificate from the district administration, ensuring 100 per cent transparency.”
Dr Shadi-Uz-Zaman further stated that Notundhora is officially recognised by the Dhaka and Munshiganj district administrations and has received honorary plaques from both upazila administrations. The company has obtained full approval for land purchase and mutation under the Land Management Manual.
Furthermore, Notundhora is a registered company under the National Housing Authority and holds ISO 9001:2015 certification. Each plot within the project is classified as a ‘premium plot’, a concept introduced and named by Dr Md. Shadi-Uz-Zaman also serves as Co-Chairman of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Standing Committee on Land Developers. The project offers premium plots of five and three timber land, providing multiple advantages. Currently, the company is in the final stages of preparing approximately 500 plots. To restore customer confidence in the housing sector, Notundhora facilitates plot registration upon payment of 80 per cent of the total price, with the remaining 20 per cent payable in instalments.
Dr Shadi-Uz-Zaman also pointed out that the rising costs of construction materials have made flats unaffordable for many people, intensifying concerns about housing costs. These price hikes have further escalated due to the soaring costs of construction materials.
Notundhora has obtained location clearance and EIA approval from the Department of Environment, final environmental clearance, and certification from the Dhaka Transport Coordination Authority (DTCA). Additionally, it has twice been recognised by the relevant upazila revenue committee for its significant contributions to government land development taxes.
Moreover, Notundhora is the only company approved under the Land Management Manual for land acquisition and mutation by the district administration. Notundhora Assets Limited is also a proud member of the Bangladesh Land Developers Association (BLDA) and the Dhaka Chamber of Commerce and Industry (DCCI).
Dr Shadi-Uz-Zaman concluded, “With full environmental approval and a commitment to absolute transparency, Notundhora has swiftly gained customer trust, setting a new benchmark in the housing sector.”
