Abstract:
For the rapidly increasing population in Dhaka demand for new housing is increasing. But buildable land, a precondition for housing, is gradually decreasing in Dhaka leading to sky rocketing price comparable to that in suburbs in New York or London. Different studies indicated the presence of speculation in the land market of Dhaka. The study seeks to investigate the nature of land sale (by individual land holders) in Dhaka city. The objectives of the study are to understand the location and nature of land designated for sale by individual land holders and to explore the pattern and reason of sale of land/plots by individual land owners. In addition, it has taken objectives as to explore the relationship between land sale and potential speculation by individual plot holders and to find out the potential regulatory measures to control the speculation. For this research, only the individual land holders have been taken into consideration. From print and online media, advertisements given for selling land were collected and after scrutinizing them a total of 1087 lands advertisements were considered for the study. With 95% confidence interval 284 samples were taken to survey by telephone and 10% of those (i.e. 28 in number) lands were taken to survey physically. The behavior pattern of individual land sellers and if any presence of speculative motivation were tested to find out. 59.6% of the sample lands have been found as flat land originally i.e. at the time of owning and rest 38.1% plots were either pool, or pond or low land. Among those lands, 38.1% (90) land holders developed their lands later. Lands are at the potential location for making house on those because 90% of the plots have road abutting them and only 10% plot or lands have no road connection yet. Although most of the plots are ready for construction of house and surroundings are developed, the plot owners are selling them may be because of speculation. Based on holding lands unsold and unproductive more than 10 years 39.5% land holders are suspected as land speculators. In addition, 48.59% land holders can be suspected as land speculators because they have changed their primary intention of land buying to just earning money. In case 63.73% lands, no attempt was taken to build up houses though surrounding lands have housing on them. There are 60.21% plots having houses on adjacent land but that plot is not attempted to be developed yet, can be suspected as speculators. 6.75 years can be taken as normal time of housing. Moreover, if any land holders do keep land unbuilt more than this period, he/she may be suspected as land speculator. Maturity period of land speculation have been found as 6.63 year. There is speculation in the land market in Dhaka at least 39.5%. This speculation has to be taken into consideration to regulate. For that, government authority along with people of the society should have some measures to regulate speculation for the sake of the city to be grown properly.
