Major Development Approval Just Granted Near the CBD

The Dhaka City Corporation has just approved a major development project near the city's central business district, paving the way for a new high-rise complex on Panthapath. This approval is significant as it marks one of the largest development projects in the area in recent years.

The approval of this project comes at a time when Dhaka is experiencing rapid growth and urbanization, with the city's population projected to reach 20 million by 2025, according to the Bangladesh Bureau of Statistics. As a result, there is a growing demand for housing and commercial spaces, particularly in the CBD area. The new development is expected to cater to this demand, providing much-needed residential and office spaces. The project's location near the CBD, close to major landmarks such as the Bangladesh National Museum and the Dhaka University campus, makes it an attractive option for businesses and residents alike.

Local Impact and Details

The new development will be situated on a 2-acre plot of land on Panthapath, near the intersection with Green Road. The project will feature a 35-story high-rise building with a mix of residential, commercial, and retail spaces. The building will have a total floor area of 500,000 square feet, with 200 residential units and 150,000 square feet of office space. The project is being developed by a consortium of local companies, including the Dhaka-based firm, Bashundhara Group, and the construction company, Abdul Monem Limited. The development is expected to create over 1,000 jobs during the construction phase and will provide amenities such as a rooftop garden, a swimming pool, and a fitness center.

According to data from the Real Estate and Housing Association of Bangladesh, the average price of residential properties in the CBD area has increased by 15% over the past year, with the average price per square foot now standing at BDT 15,000. The new development is expected to contribute to this trend, with prices for the residential units starting at BDT 10 million for a 1,000 square foot apartment. The project is scheduled to be completed by 2028, with construction set to begin in the next 6 months. The Dhaka City Corporation has set a deadline of December 2027 for the completion of the project's infrastructure work, including the construction of a new road and the installation of utility lines.

As the project moves forward, residents and businesses in the area can expect significant changes to the local landscape. The new development is expected to bring in new businesses and amenities, such as restaurants, shops, and entertainment venues, which will enhance the quality of life for residents in the area. However, there are also concerns about the potential impact on traffic and infrastructure in the area. The Dhaka City Corporation has announced plans to upgrade the road network in the area, including the construction of a new flyover on Panthapath, to accommodate the increased traffic volume. Residents and businesses are advised to stay informed about the project's progress and to plan accordingly, taking into account the potential disruptions to traffic and daily life.