Thursday, May 23, 2024

Bijoy Sarani-Tejgaon link road drives land prices

Kawsar Khan

A view of the newly constructed 60-foot wide road stretching from Bijoy Sarani to Tejgaon. Photo: Syed Zakir Hossain
A view of the newly constructed 60-foot wide road stretching from Bijoy Sarani to Tejgaon. Photo: Syed Zakir Hossain

The newly constructed 60-foot wide road stretching from Bijoy Sarani to Tejgaon has increased the prices of land adjacent to the area.
The acceleration in prices began with landowners and businessmen eyeing the property and hoping to develop the area further. The 2400-foot long link road connects the Old Airport Road at Bijoy Sarani with Tajuddin Ahmed Sarani at the Nabisco intersection in Tejgaon. It is also expected to help ease gridlock.
Landowners in the area said they received offers from land developers and businessmen to build high-rise structures for commercial purposes.
Mohammad Nizamuddin, who owns three kathas of land and a tin-roofed building adjacent to the road at Tejkunipara, said the price of a katha of land in the area shot up to Tk 40 lakh from about Tk 10 lakh or Tk 15 lakh, prior to the construction of the road.
But the people, whose lands were acquired by the government for the road, received Tk 8 lakh for a katha in addition to 50 percent compensation on the total cost of the land, locals said.
“The people, whose land was acquired, lost out on profiting from the price hike,” said Nizamuddin. He informed that he refused to sell his piece of land.
“I refused to dispose of my property in hopes of higher gains in future,” he said.
Nizamuddin and his siblings lost over two kathas of land from the four-katha plot that they owned in the area. A building on the plot was also half-demolished to make way for the construction. However, the price of the remaining property has shot up manifold.
“I am now planning to build a multi-storey building on the land that will be rented out to businesses for offices and showrooms,” said Nizamuddin’s brother Sayeed Ahmed.
Some landowners said they had no idea about the present price of land in the locality, as many did not sell their land since the time that construction began.
“I have been searching to purchase a piece of land here but it is rare that anybody sells land here,” said Abdul Hye, a resident of the area, whose four-storey house was demolished by the government to make way for road works.
But he is adamant about living in the locality for emotional attachments as it his birthplace.
“Landowners believe that prices will keep going up and that is why they are meticulously holding on to their property, in anticipation of higher future gains,” Hye said.
Hye informed that a landowner recently agreed to sell two kathas of land next to the road but he demanded Tk 58 lakh for the segment.
Mohsin Miah, joint treasurer of the Real Estate and Housing Association of Bangladesh (REHAB), said the link road contributed to the price hike of land in Tejkunipara area. The link road will make the area much easier to access and commute to.
Land prices will soar further with the completion of the work in progress. The real estate companies will be the first to fuel the hike.
Realtors are now mapping out their next moves. “If everything goes according to plan, developers will soon start looking for good deals in the area,” said Miah, managing director of RAMS Developments Limited.
Locals said the demand for houses and flats in the area climbed with the link road. Former residents, whose houses were demolished by the government, refused to leave the area as many have children studying at nearby schools, said Hye.
A total of sixty-eight structures were demolished to make way for the road.
Locals fear that the road may cause water logging in the area as it is high in altitude, compared to the average height of the area.


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