In the 1st part, we talked about how the professional careers in the real estate sector are getting squeezed. We discussed how salespeople are quitting their jobs resulting in a vacuum for real professionals. And how the architects and engineers are migrating towards other countries due to lack of demand in Bangladesh.

The point above was the explanation from one side of the coin, and there is another side too. When a management trainee joins a real estate company, he is not trained well by their leader or the company. Result-focused salespeople are well recognized, and very few of these salespeople got the chance to perform according to the expectation. In the end, a company ends up fetching overhead costs and fallen into even deeper challenges. The turnover of salespeople in the industry is much higher than in any other industry in Bangladesh. Poor governance of the progression making the job less attractive and making it harder for the companies to get real professionals. In the future, we will see changes in the selling methods and processes.

In Bangladesh, there are two major cities in which real estate trading is expanding rapidly, Dhaka and Chittagong. When we pay attention to these cities, it is noticeable that a few buildings are going under construction for ages. These projects are especially area-based and being under development by area-based developer companies. These companies have lesser capacities in construction, finance, and a shortage of proficient sales force. On the contrary, the customers grieve the most. The delayed handover process makes both parties vulnerable economically in the society. Considering the development span, practice, manpower, labor management, and other aspects, the landowner considers his land to get developed by a professional developer company. But sometimes, few developer companies delay the handover and thus both the landowner and the clients are financially incurring damage.

Once upon a time Old Dhaka, Wari, Gopibag, Lalbag, and Gulistan were treated as a famous hub for residential and commercial buildings. These areas were icons for poshness and the other parts of the city were underdeveloped. In mid of the 90s, the poshness shifted to Eskaton, and Gulshan. Due to land scarcity in Eskaton, Gulshan received the highest attention from both investors and developer companies. Till 2020 Gulshan was deemed to be the highest investing choice and attracted investors. Ancient has always been replaced by the juvenile, and the oldest has been always replaced by the newest. Gulshan and Banani will be replaced too and this is just a matter of time. New development blends with technology and design along with communal facilities, lush greens, and water bodies. In western countries, rich people always live outside of the metropolitan area. But in Dhaka, due to heavy traffic and time loss in the process of reaching a destination, it has become standard to live in the heart of the metropolitan area. Metro Rail, a super-wide seamless highway flyover is going to be delivered within 2022 and 2023. The industry will witness a change from early 2022, the marvel of this lifestyle will be changed, and people will be looking for a serener and leisurely place. [to be continued….]

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