Financial appraisal for high-rise apartment project in Dhaka city

Abstract

According to the Constitution of Bangladesh, the provision fQf b~sic nccc"ities of life including food, clothing, slleltcr, edu~ation and medical care have been recognized as fundamentai responsibility of the State (Article 15). But due to rapid inerea,e in population and gro\\1h of urbani~ation Dhaka elty is expanding at an unexpected rate with acute housing problem, According REHAB only i5% of its inhabitants pos,css Ownh(}u"eamong the one crore. 18% of its total population lives in the colony due to service. 13% of its population is living miserably in ,Iums. 34% of"its population lives in rented houses and rest ofthe 20% are floating popuiation. Popuiation of Dhaka city inerea,es hy i,60,000,00 each year but only 10,000 can be provided shelter by government and non-go,ellllllellt initiatives. Estimates for annual requiremcnts lor housing in urhan areas vary from 3 lakh to 5.5 lakh \lllits, Rajdhani Unnayan Kartrip~kkha (RAJUK) being an autonomous body of the Govel11ment01 Bangiadesh is re'pon,ible for plRnncd urbanization "rDhaka. RAJUK developed the area, like Gulshan. Uttara, Banani, Flaridhara etc. in a planned manner and allocated piots to thc people. Then individuai plot-owner developed his plot. llAJUK has abo undertaken and successfully compieted Apartment Construction Project like NAM Vilia project, At present l{A.lUK is implementing Purbaehal New Town Project. the largest residential project of thc south-east Asia. ln this project RAJUK will preserve some piaces for high-ri,e apmtment blocks for construction of apartments to scttlc the shelter eri,i, of the city. In Purbachai New Town Project RAJUK pre,erved six higlHise apartment biock of 252,26 aue area where alm",t 65,000 no. of apartment of different si"es would be accommodated. Reeenti) a foreign cotnpany has submittcd a proposal to consln)ct a apartments for the low and middle income people at the preserved areas of RAJUK oj" its ditTerent ongoing projects. In this study considering the present housing demand no. of apartment units has been determined on the basis of availRble iand requirement and project co,l i, estimated following the standard procedure. Down pU)ll1entand monthly instaliment were kept within the salary range of a govelllment official so that the y Can purchase an aPRrtmcnt On 'hire and purcha.,e basi,' that means the price of the apartment is adjustable from his saiary and flnaneiai appraisal Wereperformed.