Part One

Introduction

1. Introduction:
1.1 History of Real Estate in Bangladesh:
The urbanization of Bangladesh is quite similar to that in Latin America; formerly called over-urbanization in 1950s, this is a situation where a rapid rate of urbanization does not lead to corresponding growth in industry and economy but results in a shift of people from low-productivity rural agricultural employment to low-productivity urban employment or underemployment. The major cities of Bangladesh exhibits the clearest symptoms of overurbanization, where an imbalance between rapid population growth and insufficient employment opportunities led to an increase in poverty and the mushrooming of slum and squatter settlements (Valladares, 2002). In Bangladesh, the problem of urbanization is further aggravated by limited land supply in urban areas, lower land utilization and the lack of proper planning and land use policy. Due to globalization, the urbanization process is also increased. The ever-increasing urban population is creating an increasing demand for shelter. Article 25 of the United Nations Universal Declaration on Human Rights (1948-1998) has clearly stated that: Everyone has the right to a standard of living adequate of the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services, and the right of security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond his control. (UNO, 1948) Bangladesh has one of the lowest land-person ratios in the world. The situation is further aggravated every year through an irrevocable reduction of per capita share of land for housing, as a result of continuing population growth. Acknowledging the importance of housing, which is one of the five basis needs incorporated in the constitution of Bangladesh, the government is compelled constitutionally to play a vital role in securing housing rights. The constitution of the Peoples Republic of Bangladesh states in Articles 15(a) that: It shall be a fundamental responsibility of the State to attain, through planned economic growth, a constant increase of productive forces and a steady improvement in the material and cultural standard of living of the people, with a view to securing to its citizens--the provision of the basic necessities of life, including food, clothing, shelter, education and medical care From the above statement it is quite clear that providing shelter to all the people is one of the fundamental responsibilities of sate. But being a government of a poor developing country, it is almost impossible for the government to ensure housing for all. As the public sector failed to provide this, people have taken their own initiative to ensure their fundamental need for shelter. Government alone cannot provide housing to all and realizing
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this, they decided to share the task of providing safe decent places to live with Real Estate Developers, to make people a productive resource. As a significant development in the housing question has been the adoption of the National Housing Policy (NHP) in 1993 (amended in 1997). The basis principle of the 1993 NHP is that the government would play the role of an enabler of facilitator in the hosing sector (Article 4.2) and not the role of a developer of provider. So the government of the peoples republic of Bangladesh is somehow patronizing the real estate developers to contribute in the housing sector of Bangladesh. Statistics show that Bangladesh will need to construct approximately 4 million new houses annually over the next twenty years to meet the future demand of housing. Estimates for annual requirements for housing in urban areas vary from 0.3 to 0.55 million units. The share of urban population in Asia is 39 percent at present and is projected to be 45 percent by 2015. In Bangladesh, 25 percent of the population (some 35 million people) now lives in urban areas; this proportion will be 34 percent (75 million) by 2015. Dhaka with a total population of more than 10 million is now the 22nd largest city in the world. While comparing the growth of the real estate and housing and the construction sector with that of GDP, trend growth in the two sectors for the period 1992-2002 was 4.8 and 7.5 percent respectively, this is much higher than the trend growth in GDP of 4.6 % for that period. The shares of the real estate and housing sector and the construction sector in the GDP were quite high in the year 2002 and accounted for 8.3 and 8.0% respectively. However, the incremental contributions of these two sectors in the same year were also considerably high at 6.0 and 12.8 % respectively (CPD 2003). The Current trend of urban growth in Bangladesh is about 6-7% per annum. At present 29% of Bangladeshs population live in urban areas, which will be 34% by the year 2025. (REHAB). Considering this situation in this report is to identify the role of Real Estate Entrepreneurs in providing the housing facilities for the growing urban population and how these are influencing the growth pattern of the city and its sustain ability to the trade.

1.2 Clarity of the Study:

Study is a presentation of acts best on review, observation, data, analysis, and interpretation. It highlights the problem and currently situation along with the past position and future prospect of any organization.

1.3 Scope of the study:

This study called internship program mainly job oriented experiences which are generated by interviewing with targeted customers and the people who are working at the top management of the Asset Developments & Holdings Ltd. The duration of the study was two months. This is an individual study, which is worked for this particular study under my internship program supervisor. Since this is a formal study, the scope of the study was not so
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detail. I just tried to give an over all scenarios of the Real Estate Market and Opportunities as well as an actual market image or share of the Asset Developments & Holdings Ltd by comparing with other companies in the same industry. The study covers overall Real Estate Market and Opportunities, Asset Developments & Holdings Ltd Market Image Analysis and Marketing System and all the data are collected from the organizations annual report and from other paper which are mainly secondary sources and direct interviews with customers and top managements people of the company. Information generated from the study has application in all the areas (4ps) of the marketing aspect. These are vital input for identifying the actual market share of the company.

1.4 Importance of the Study:

Human being has always been in search of new and better homes. Thus cities, towns and villages grew, flourished and wither away. In the process, societies forever demand and produce all kinds of goods and services, through, never satisfied, we ask for things more different. Real estate visibly shapes the way people live, work and innovates and therefore most strongly defines culture and civilization. Today Real state is recognized the world over as the main engine that runs the economy, creating work not only for masons and managers, accountants and architects, but also for makers and sellers of building materials. It means work for maintenances, security cleaning and other services; work for makers and sellers of appliances, furniture and vehicles; work for bankers and bureaucrats, lenders and lawyers. Purpose of this study is to locate and justify the current brand image of Asset Developments and Holdings Limited, which has been established through its superior products and customer services, in contrast with the other leading real estate companies in Bangladesh.

1.5 Statement of the Problems:

1.5.1 Problem definition
1.5.1.1 Background to the problem
Asset Developments & Holdings Ltd. had been operating a lot of market promotion activities, deeper research and development, proper employee training, efficient management team over the years. Their current market share is high. At present the company is considering the possibilities, which may help to increase its market share largely. For why the authority of its management is feeling to know the insights and images of its market and other companies positions in the market.
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1.5.1.2 Data analysis

The project was done by primary data analysis as the informations collected from customers and marketing executives of the company by conducting direct interviews and those informations were interpreted as the projects major findings.

1.5.1.3 The qualitative research

The project was based on the qualitative exploratory research because the company management wants to know the customer perceptions regarding their companies and products insights, quality, presentations, brandings, features and amenities, business policy, customers opinions and so on.

1.5.1.4 Factors considered

Direct interviews were taken by a questionnaire from all types of customers. Face- to discussion with the marketing executives of ADHL. Randomly 100 customers were taken for interviews within the city. Customers having the positions of Businessman, Banker, Multinational companys executives, Doctor, Engineer, Consultant, Private companys manager, high official etc. Customers were fully ensured that their informations against the questionnaire would preserve confidentially and would not be exposed anywhere.

1.5.1.5 Management decision problems

The decision makers are confronting with the problems which indicate the product management decision maker what does he needs to do?

Should newer products be introduced immediately? Should the existing promotional program be changed? Should the price of the product be changed?

1.5.1.6 Research problems

A problem that entails determining what information is needed and how it can be obtained. Quality of the product. Availability of the product. Brand name effectiveness of the product. Communicating effectiveness of all the companies.
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Social responsiveness of the companies. Employees efficiency of the companies. Promotional items of the companies. Customers weakness of the companies. Customers satisfactions of the companies.

How informations can be obtained

The necessary informations only from customers by direct interviews with questionnaires and from the marketing executives of the ADHL. The sample size of customers was 100 the technique was random sampling throughout the city.

1.5.2 Approach to the problem:

The exploratory and qualitative research procedures are followed to conduct the project. That is I was only assigned to collect all the informations criteria regarding real estate markets images from customer and insights and understanding of this market. Hence there was no option to conduct the conclusive research or any other research.

1.5.2.1 Causes for the exploratory research

To provide insights and understanding of the real estate market to know the companies images. Informations need is defined only loosely. The research process was flexible and unstructured. Sample size was small and no representative. Analysis of primary data is qualitative. Generally followed by further exploratory or conclusive research. Expert surveys.

1.5.2.2 Types of analytical model

Primary data analysis. Cross tabulation model. Graphical interpretation of cross tabulation. Find outcome or result drawn from the semantic differential model. Recommendation drawn from the overall project experience.

1.6 Objectives of the Study:

Generally every study is conducted to find one or mere findings, if the findings are predetermined they called the objectives of the study. The main purpose of my study is to evaluate the market image of the Asset Developments & Holdings Ltd by comparing with other company in the same industry. Thus the main objectives of the study are as follows. To show overall Sceneries of Real Estate Market and Opportunities in Bangladesh and the market condition. To analyze the market image of Asset Developments & Holdings Ltd in the same industry. To define the marketing Strategy of Asset Developments & Holdings Ltd in the same industry. To determine the level of customer satisfaction and their attitude toward the company under study. To identify Problems faced by the customers as well as the marketers in the market of the same. To put forward some recommendation in the light of the problems identified.

1.7 Methodology of the Study:

Methodology is the process or purpose of collecting of data and information which are required in connecting with finding tools for best possible situation of problems.

1.7.1 Data Collection Methods

For data collecting I have used both primary and secondary data. At the starting point I have started by examining primary data to see whether the problem can be fully or purely solved without collecting secondary data. When the needed data did not exit, then I had gone to collect the secondary data. So, data gathered for specific purpose or a specific reason. Here, the normal procedure is interviewing some people individually to get a sense of hoe people feel and think about the topic in question.
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1.7.1.1 Research Design:

1.7.1.1.1 Nature of the research design
Exploratory research
The exploratory research has been conducted due to short time and little knowledge of the research focus. The main purpose of the survey is to define the actual market image of the Assets Developments & Holdings Ltd by comparing different companys market image. So, exploratory research is most effective for completing this survey.

1.7.1.1.2 Information Needed

To define the actual market image and market growth strategy of Asset Developments & Holdings Ltd, it is very important to obtain great insight of the following information. Quality of the product. Availability of the product. Brand name effectiveness of the product. Communicating effectiveness of all the companies. Social responsiveness of the companies. Employees efficiency of the companies. Promotional items of the companies. Customers weakness of the companies. Customers satisfactions of the companies. Future prospect of the companies. Corporate responsibilities of the companies. Contribution of the companies in the economy. Service facilities of the companies.

Based on the above required information, I have evaluated the market conditions and market image of different company in the same industry in order to determine the actual market image of the Asset Developments & Holdings Ltd and the Marketing System of that company. Customers Primary Sources Sources of Data Secondary Sources Executives of the company Companys Brochure Internet
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1.7.1.1.3 Scaling Technique

Votes have been collected from different customers against each of the market image criteria have been weighted by a ten point scaling technique where (10) are best and (1) is worst.

1.7.1.1.4 Questionnaire Development

Questionnaires were developed for customers. Customers questionnaire was designed by 12 questions. Each of the questions was made on the elements, which comprise the market image. The questions were MCQ type and the respondents were required to answer (tick mark) many alternatives as it was difficult to determine one or two answers, because all the companies kept in the answer lines are having the same operations, qualities and images in the market.

1.7.1.1.5 Sampling Technique

Type of sample item was a customer, for customers the sample size was 100. The technique was random sampling throughout the city. Customers of this survey were generally Businessman, Banker, Multinational companys executives, Doctor, Engineer, Consultant, Private Companys manager, high official etc.

1.8 Limitations of the Study:

It couldnt be claimed that this study was 100% based on impractical data. Undoubtedly it has got some limitation regarding the representation of the factors which are collected from customers and people of the company. At the data collection for the study, I have been facing following problems.

Time Limitation
Time limitation is one of the major problems for most researchers to diagnose the problem. Like the other study, it has time limitation to identify the actual problem and provide some recommendations.

To keep confidence Information

During the period of data collection it has been observed that the tendency of employees has been to keep information confidential.

Sample Size
Though the sample size was fixed for the study, with this sample size it is very difficult to get good result.

Lack of Interest
At the time of data collection, it has been observed that most of the interviewers did not pay attention in answering questionnaire.

Ignorance of the company top manager

Most of the companys managers were not willing to answer the questionnaire due to their assigned tasks. So, I have been facing problem to study and question papers in the said topics Study is not the conclusion of this field, but it will be more or less helpful for other related organization. However I proceeded by overcoming such limitations and constraints.

1.9 Literature Review

There is not much writing on real estate business in Bangladesh. A very few columns are written in different magazines. The Real Estate and Housing Association of Bangladesh (REHAB) IS only organization of real estate companies of Bangladesh. A research was conducted in 1997 by REHAB using a sample of 126 projects of 56 real estate companies which only represents a profile of the real estate developers. Out of 126 projects 105 was residential, 9 were commercial, and 12 were residential cum commercial. Of the 126 projects 25 were completed, 81 were construction, and 20 were in pipeline.

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Part: Two

Real Estate Sector in Bangladesh An Overview

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2. Real Estate Sector in Bangladesh:

2.1 Industry Profile:
Dhaka City, born during the Moghul Empire and grown with the British rule, is expanding rapidly. From the beginning of the 20th Century its growth and latter development is marked with sheer lack of proper and far-reaching planning. The impact is now being felt at the end of the century. Dhaka City is undergoing terrific growth phase throughout the last two decades. While there are so many real estate developers in the market, there are also very few of them who have maintained the quality, safety and customer preference. It is customary in the country that the first day quality and impression is lost after a while when people start getting a bit of familiarity. This happens due mainly to lack of professionalism. Sometimes the consumers here are in a fix to choose a particular brand out of many. A good number of real estate companies are working under one umbrella association named 'Real Estate and Housing Association of Bangladesh' (REHAB). Almost 361 Companies are at present affiliated with this association, while more than 400 companies are working independently. BTI took a leading role in the formation of the industry association and is one of the founder members of the REHAB.

2.2 Bangladeshi the growth Real Estate: Riding wave

The economic performance of Bangladesh has provided strong impetus to the real estate sector, which has been witnessing heightened activity in the recent years. Substantial enduser and investor interest, large scale investment in infrastructure and rapid urbanization have contributed to the growth trajectory of real estate In Bangladesh. The real estate growth story is clearly visible in urban areas. High growth in services as well as manufacturing sector has resulted in high demand for commercial and industrial real estate. The following table shows the important factors which are forcing the real estate sector in Bangladesh.

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Booming Real Estate In Bangladesh

Demand Pull Factors Resultant Impact Supply Push Factors Resultant Impact

Robust and sustained Macro economic growth

Increasing occupier base Significant rise in demand for office/industrial space

Upsurge in Industrial & business activities, esp. new economic Demand for newer sectors. avenues for entertainment, Favorable leisure & demographic Shopping parameters Simplification of urban Increases Creation of demand development guidelines developers risk Significant rise in for new housing.. appetite & allows consumerism Infrastructure support large scale Growth in services & development by development Rapid urbanization such as government IT/ITes, tourism and Improved quality Gamut of financing hospitality etc. of real estate options assets at affordable Service facilities such interest rates as garbage disposal, Development of central satellite TV new urban areas Scarcity of open connection, & effective space in the apartments services utilizations of important areas of serves time, roof top prime land the city. facilities, and so on. parcels in large cities Hazards of purchasing land Hazards of construction of building. Price of land and
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Policy & Regulatory are going to be reformed Entry of number such as flexibility of of domestic & foreign direct foreign players investment increasing competition & Positive outlook of consumer global affordability investors Easy access to Fiscal incentives to mean of project developers financing

apartment is creasing day by day. Rent of the apartment is comparatively high than the rent of the privately constructed apartments. Open market economy and remittance of foreign currency is easy.

The recent times have also witnessed an evolution of the sector - towards greater institutionalization and corporationalisation. With the entry of global players, inflow of foreign capital, evolution of capital markets, geographical diversification and introduction of reforms, the sector has undergone some significant structural changes. Even critical concern areas like transparency in the sector is also improving significantly. The trend is expected to continuing the coming years.

2.3 Market Structure and Growth:

About the market concentration in the real estate sector Real Estate business, especially apartment projects, took off in the Dhaka City in the late 1970s. From the early 1980s the business started to flourish and showed robust growth. At present, more than 400 companies are active in the real estate business in the country. About 95 per cent of this business is still dominated by the top 10 companies. The market is highly segmented, primarily based on location, price of the land and size of the apartments. We stated that the main reasons for the development of real estate business in Dhaka city were: Scarcity of open spaces in important parts of the city. Hazards of purchasing land. Rapid increase in the population of Dhaka. Fiscal-Financial incentives such as the decrease in the rate of bank interest. Restriction of remittance flows which financed the sector.

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Rent of apartments had been relatively high compared to the opportunity cost of privately constructed flats. Service facilities which are enjoyed collectively, such as garbage disposal facilities, central satellite connection, security, roof top facilities and lift, save time and reduce costs. Legal and Regulatory Framework. The legal and regulatory framework concerning the housing and real estate development includes laws such as Building Construction Act (1952), Town Improvement Act (1953), Dacca Master Plan (1959) and Building Construction Rules (1984). These laws are not adequate to facilitate resolving habitation problems. Other limitations of these rules included a lack of appreciation about the differences between planning and building rules, the outdated nature of such rules and the inability of the rules to address the demands of an expanding city and targeting only the middle and high-income groups. There is no standard housing plan for Metro Dhaka. The Master Plan (1959) was, in general, prescriptive in nature, with particular public provision proposed on an individual basis for specific places, with exceptions made for schools and open spaces for which generous standards were proposed. The rigid land use zoning of the Master Plan (1959) is out of date as a basis for development management. The Bangladesh National Building Code (1993) which was intended to ensure safety in construction has not been made mandatory. The Building Construction Rule (1984) demands a great deal of information from the applicant, but imposes very few compliance requirements on him. The procedures involved in the enforcement of law such as taking permission before development and construction were felt to be cumbersome. It was found that a developer has to apply to eight different authorities including WASA, DESA, Titas, Fire Department, civil aviation authority and ward commissioner for permission, which costs money and time. Moreover, the information solicited by the agencies relate mainly to ownership, rather than providing guidance for strategic and development control. Since the housing plans are not detailed, there is ample scope for breach of rules. Lack of adequate staff capacity of the oversight agencies limits monitoring and leaves scopes for noncompliance with the rules and regulations. Two laws which were expected to be enacted, namely Private Housing Policy 2002 and Multi- Storied Building Construction Policy 2002, will ensure risk-free construction. Financing the Housing Sector is not found adequate because of high interest rates and limited sources of funds. This is true both for the financing of the developers and the purchasers. The state-owned House Building Finance Corporation (HBFC) is burdened with bad loans, and loan disbursement has tended to be low in recent years. Delta-BRAC Housing came into this market as private-NGO collaboration, but their interest rates are as high as 16 per cent which is higher than even that of the HBFC by one per cent. The major financing organizations for housing are the HBFC and the Commercial Banks while financing by other organizations like Delta-BRAC, National Housing and Micro credit lenders are insignificant. Budgetary Measures in FY2003 Budget Unlike the past fiscal budgets, the government through the FY 2002 - 2003 budget provided a number of incentives to boost the real estate sector of the country. These measures include exemption of registration fees on land development, land sale and apartment transfer which is expected to bring down the overall
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tax in this sector to the level of 13.5 per cent, waiving of registration fees in cases where the apartment is resold within 5 years of buying and halving of property transfer tax at source. Estimates show that these measures have saved an average buyer about Tk 5 lac on a Tk 45 lac worth apartment. Dr Bhattacharya observed that if tax is paid at a flat rate per square feet of apartment, unaccounted for funds can be mainstreamed. Reflecting on the response of the sector to these new measures, after a protracted slump these measures have been able to infuse new hope. He also appreciated the reduced registration cost and other related costs, which resulted in the recent increase in the number of apartments which were registered. Estimates showed that in the first six months of Fiscal Year 2003 budget 1,500 apartments were registered over and above the normal number. Though these apartments were purchased earlier, many of the buyers did not get them registered because of the high cost involved. Thanks to the increase in apartment registration, the government could mobilize an extra amount of about Tk 41 core as nonNBR tax. He, however, mentioned that though the provision to allow investment of unaccounted money generated half of the additional income from registration fees, amounting to about Tk 20 core, the incentive itself has raised questions as regards the ethics of such measures. Whilst appreciating the beneficial measures taken in the budget, a number of additional budgetary interventions which include: To keep up the impetus, the current tax breaks may continue. Registration fees are perceived to be still high and can be reduced by making provisions for realistic land price disclosure. Fiscal support for linkage industries can lead to reduced raw material cost.

2.4 Opportunity Spectrum:

The phenomenal growth witnessed in Bangladesh real estate has widened the opportunity spectrum of the sector even beyond the established asset classes business. Commercial, retail, residential, industrial and hospitality. This section maps the opportunity in both the asset classes and the emerging asset classes.

2.4.1 Commercial Real Estate

The boom in the Commercial Real Estate (CRE) segment is being fuelled by a robust demand from MNCs and corporate Bangladesh alike, particularly from IT/ITeS, BFSI, Telecom and Pharmacy companies. Key Growth Drivers Entry of MNCs from different country Growth in knowledge and technology intensive sectors Growing number of domestic company.
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The primary growth driver of commercial real estate is the MNCs, which, is growing at 9.5-12 per cent annually. According to a survey industry is expected to grow to US$ 120 billion by 2012. As per estimates this translates into in excess of 180 million sq. ft of commercial office space requirement by 2012 -13.

2.4.2 Residential Real Estate

In Bangladesh residential real estate is driven by increasing urbanization, rising incomes and decreasing household sizes, the residential segment has been on an upswing over the past few years. Several other sectors such as financial services, biotechnology, telecom, pharmacy, insurance, and consulting businesses are witnessing strong growth and have added to the rising demand. Key Growth Drivers Growing number of first-time home buyers Increasing income levels Increasing number of households Increasing affordability of homes Affordability of housing Penetration of mortgage finance

2.4.3 Real Estate Opportunities

As economy of Bangladesh is changing rapidly that results market is becoming to much competitive and customers are becoming focal point of all the activities. At present some companies are already come up with quality that maximizes the customers satisfaction and started operating in this market. So as time goes, market becomes very competitive in nature. In this situation before launching a new model apartment, the ADHL must carefully develop every step of the marketing decisions and should be based on market information, customer perception, quality and gut feeling. Beside this competition, there are some opportunities for the marketers in Bangladesh. These are as follows Opportunities of real estate in Bangladesh may also be

Health Cities: Large scale integrated development Hospitals: combining the services of a hospital and a hotel Slum-rehabilitation Mass housing Free trade and warehousing zones/logistics parks

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2.5 Size and contribution of the Real Estate:

The size of the real estate sector and its contribution to the economy in terms of employment generation, accrual of investment, contribution to exchequer, output trends and linkage contribution of this sector are stated bellow:

2.5.1 Employment Generation

The real estate sector at present employs about one million people, either directly or indirectly involved about 30 lac people in the sector. According to the Labor Force Survey (LFS), in 2006 5.5% of the labor force was engaged in construction where as for 1999-2000 it was 2.1% and 1995-96 it was 1.8%.

2.5.2 Investment
Recent information concerning investment in the housing sector shows steady growth in both absolute terms and as a percentage of total private investment and GDP. During the first three years of the fifth Five Year Plan period, the investment in housing and construction was US$ 1273.65. According to this trend till 2007 the investment in housing & real estate sector will be more than 2500$USD. (CPD).

2.5.3 Contribution to Exchequer

The keynote paper indicated that the contribution of the real estate sector to the exchequer is a substantial one. Various revenues like VAT, registration fees, utility connection fees etc. generated in the real estate sector amount to about Tk 36 crore per year. Regarding payment of corporate income tax of the real estate companies no ready information was available.

2.5.4 Output Trend

During the peak years of the early 1990s, over 3,000 apartment units were built by developers every year. Today around 10,000 units are built, but recent time this trend has declined due to delayed delivery of apartments by an average of six months, economic downslide, global recession, and the poor law and order situation.

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2.5.5 Linkage contribution

The real estate sector has also made substantial contributions to the growth of a host of backward and forward linkage sectors which include Rod, Cement, Bricks, paints, ceramics, aluminum, furniture, consultancy and many others. In this context, he provided examples of catalytic influence of the real estate and housing sector in development of linkage industries whereby the sector is immensely contributing to employment and the GDP. Those include Bangladeshi state-of-the-art ceramic industries, Thai and Kai aluminum, More than a dozen paint industries, A large number of furniture making and interior design companies, An exponentially growing cement sector, which is helping the country to attain self-sufficiency in this important input.

2.6 Impacts of Private Real Estate Developments on Patterns of Urbanization:

Actually the private real estate entrepreneurs are providing residential facilities for the higher income group. Profit maximization is their only motto. Hence, huge lack of services and facilities are observed in the recent real estate schemes. Consequently, several unexpected and disastrous impacts are observed. In observed land use composition with to the standard are stated in the table.

Land Use parameter Residential Community Facilities Road & Streets Open Space (parks and playground) Shopping

% of planned total land % of actual land use area area 40-65 5-10 20-30 5-10 5-10 80-85 2.5-3.5 10-12 0 0

Here it is seen that for maximizing the profit the private developers are selling more than 80% of the total project area.
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In Bangladesh the housing problems is basically for the lower income people, but the private real estate developers are developing the apartments for the higher income people. Due to poor load bearing capacity of soil, high-rise buildings are very difficult to build in places being developed by real estate companies at present. Hence, low density of residential area is resulting in the form of inefficient utilization of the land resources. Urban area is expanding horizontally without maintaining any guidelines. Where selecting the potential land for private land banking, the urban expansion zone was given utmost priority. The expansion zone is the potential urban area where services and utility facilities are supposed to expand within short period of time. When this area is facilitated with the utility and services, the land price also increase substantially. This is a land speculation process may be called private land banking which has created a belt around the city. There are several impacts of this process: To accommodate the incoming rural to urban migrants, the city needs to expand. But this belt is creating hindrances for the city expansion. The Inner city is facing tremendous pressure of migration. Due to the skewed distribution of land, people are forced to live in slums and squatters. At the same time the land value is also increasing. The result is a potential land price bubble in this area. People are purchasing the land, keeping them vacant for a few years to get more benefit while selling the same. Hence, city is expanding with rural nature and rural areas are loosing its identity. City is forced to expand to a direction in a linear nature through the gaps of the private land banks which is not either expected or planned before. Several questions can be raised regarding the positive impacts of this process. Through creating tremendous pressure on the core area of the city whether or not, this process can maintain equity in the distribution of land. Unfortunately the answer would be negative as the land ownership pattern is really skewed and complex. Moreover large parcels of lands are occupied by the government organization like Cantonment, Bangladesh Railway etc. at the heart of the city which is either left vacant or under utilized. Of course urbanization is always essential for economic diversification and countrys long term sustainability. From this point of view, these real estate developers are patronizing urbanization alternatively helping Bangladesh in its economic sustainability. But, where urbanization is itself a burden for Bangladesh and how far this process can create diversification that is questionable. The unexpected and unplanned growth of residential areas is creating extra problems for the city managers. There is no link between the existing structure plan and the real estate developments. Consequently these projects are creating sheer stress on the planned development of the city. This is also creating polarization in the demand of services facilities.

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2.6.1 Findings & Recommendations:

2.6.1.1 Right to Housing for all
The rich people housing is not a problem. If strengthening is the purpose, middle and low income groups should be targeted. Due to the high price of land, most of which is privately owned, it has become very difficult to include middle and low-income people in any housing scheme. Thus providing shelter for low-income people without subsidies has become quite difficult. Though provision for middle and low-income people is possible in government owned khas land, this process is very difficult due to many cases became unsuccessful because it was observed that even if quality shelter is provided for low-income people, ultimately those facilities are enjoyed by the high-income group. Inclusion of relevant experts in decision-making is required in this regard and the private sector should also be involved in this process. The real estate sector should incorporate the idea to set an example in the world by providing housing for the poor. There are many examples of allocating land at nominal prices but such examples are not available for low-income people. In the absence of a land policy, it can not be made clear how land can be made available for new uses and how sharply increasing land prices can be controlled. For low and middleincome people the problems of land scarcity and high prices were of continuous concern. The price of one katha (i.e. 720 sft) of land being around Tk. 50 lac has put low and middleincome people out of the housing market. Though 30 per cent of people living in Dhaka are slum dwellers there is no housing policy for them. The developers develop for profit. If proper attention is not paid, the number of slum dwellers will increase rapidly. In the eastern fringe of Dhaka all the lands up to the Balu River are being grabbed, and whatever development is taking place in that area is not for lowincome people. The purchasers are constrained by their capacity especially because of the high cost of borrowing.

2.6.1.2 Housing Ignored in Research

It has been observed that research on the housing sector is quite inadequate, studies by academics are mostly theoretical with an academic bias; when they are conducted by developers, business gets the utmost emphasis; when the government themselves perform the study only the thoughts of the government are reflected.

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2.6.1.3 Control over the Real Estate Sector

About 95 per cent of the business in the real estate sector is controlled by 10 companies and 47.3 per cent of total private investment is in the housing sector. These ten companies have a large share of total private investment. In recent days, more and more companies and many corporate bodies with surplus capacity to invest have entered the real estate sector. They are buying hundreds of acres of wetland for filling and development. However, this will not contribute to a sustainable environment.

2.6.1.4 Dhaka City of Migrants

Though Dhaka stretches over a very small area and through in-migration alone its population is growing by 2.5 to 3 lac every year and currently totals 30 lac slum dwellers, an appropriate land policy is still missing. The draft housing policy formulated in 1991 projected that 3.1 million housing units for urban areas and another 2.1 million will be required for rural areas. Thus, the total demand of new housing units is likely to exceed 5 million per year. However, in the paper the number was mentioned to be 4 million, which was considered as an underestimation.

2.6.1.5 on the issue of Finance

Growth of the real estate sector is not possible without proper financing being available to both the developers and purchasers. Cost of funding and cost of borrowing are major issues in this regard. At present, contribution of the financing organizations to the sector as a whole is quite inadequate and this is holding back its growth. Since the developers borrow money for a very short-term, the rate of interest is not much of a problem for them. Their problem is primarily with access to credit and delays in decision-making. In many cases developers are not properly follow the procedures for borrowing money from financial organizations. Three parties get involved in the process the developer, the landowner from whom the land was leased and the one who buys the apartment. Thus, the legal aspects of borrowing become cumbersome. A simplified legal method should be established for all institutions and should be made mandatory. While selling apartments, the developers do not properly mention in their prospectus that the apartment is mortgaged against some borrowing. When litigation arises, in many instances the apartment buyers claim that during the purchase they were ignorant about the mortgage and bought the property in good faith. In many cases, adverse judgments were given which seem to be reasonably correct. To avoid such complexities the financing organizations tend to avoid the real estate development sector and rather lend money to other sectors. The interest rate is so high that it is extremely difficult for a purchaser to pay the installments of the loan from the rental income. In many cases their projections go wrong
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because there are instances when the apartments remain vacant for months on end. Unless they have some additional capacity to repay the loan, they become a defaulter and it then becomes difficult for the financing organizations to manage the loan. So there is a need to restructure the housing loan. The specialized organizations which finance the housing sector have nothing to do with it, as they are borrowing from the banking sector at a 13 to 13.5 per cent rate of interest on an average. As per the provision offered by Bangladesh Bank, they cannot secure any deposit fund if its maturity is less than one year. The general preference of the depositors is to keep the money in the deposit for very short period though its renewal takes place on a roll over basis. He felt that Bangladesh Bank, as with other banks, should keep the maturity pattern flexible so that the potential investors can choose the most suitable deposit plan, which may be later used for housing loan. The buyers should get loans at lower rates of interest and with longer repayment periods. International financing organizations like WB, ADB, IMF etc. should also finance the housing sector development if some appropriate guarantor is available. This role can be played by the Bangladesh Bank.

2.6.1.6 Housing - Scope of Definition

The definition of housing should not be limited to shelter or living space. Though in general terms housing is meant for shelter, in an academic sense housing entails house of many kinds comprising educational institutions, recreational centres, shopping centres, and many others. We dont only sleep, we need housing, schools, hospitals, shops and many such things. With such a narrow focus on housing that dealt with only residential use, at some point we may find that illegal shops, schools or colleges have taken over the sides of the highways.

2.6.1.7 Rules - Inadequate and often violated

Legal and regulatory aspects of housing development are inadequate and developers are violating the stipulated set back rules of RAJUK by not leaving undeveloped spaces as stated in the set back rules. RAJUK officials in many cases illegally give permission for building of houses in exchange of bribes. Unlimited use of land by a small number of people taking advantage of remittance flows or inheritance is not desirable and therefore should be restricted with the help of legal and regulatory measures.

2.6.1.8 Urban Planning Ignored

The Dacca Master Plan formulated in 1959 was burdening us for 35 years but it was never reviewed which was supposed to be done every five years. For this the Master Plan created
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many problems for us. If the Structure Plan formulated in 1995 could be implemented to solve many of our problems. Though planning is an important aspect, for planning of Dhaka City there is no defined system of budgeting. Therefore, it is quite impractical to expect the general public to do something by their own initiative unless the government comes forward. Before liberation when only 5 per cent people lived in urban areas, the Urban Development Directorate was formed with a Director in the status of Secretary. At that time, urban planning was well in practice, but several efforts have since been taken to close down this organization. He observed that over the last 30 years this organization has not had any planner and therefore could not render functionality. We need a National Land Use Policy. The government with the help of the people should decide on ways and means to keep the countrys prime land for agriculture because we have to feed 140 million people, and the government also has the responsibility to provide housing for everybody including the poor.

2.6.1.9 Partnership and Participation Required

If real estate developers build apartments in residential areas, they should ensure necessary environmental support as well. Clinics, schools and NGO offices are being housed in apartments developed by the real estate developers. Otherwise, people residing in those areas are facing many problems.

2.6.1.10 Sustainable Environment Threatened

The present process of development ignores environmental consequences. As a result low lands and drainage routes are being blocked. Though RAJUK has formulated DMDP it has very little application. It also emphasized that whatever developments are taking place, have to ensure sustainability and environmental assessment.

2.6.1.11Tendency in Architecture
The type of apartments being developed resembles a form of box architecture. In current design practice basically a box is made first within which 3 or 4 flats are designed with an outward masking of good elevation and facade treatment where improvement of space articulation and gaming with volume of space is absent. Housing is not just a means of providing square feet of floor space. Rather, a system which is more inclusive of other aspects should be practiced. The small children that live in those boxes do not have any recreational facilities. They are seen playing football on computer screens instead of playing in the green spaces.
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Finally
Though low-income people are needed in the city as construction or garment workers, the number required is not as high as thirty lac. Those people are in Dhaka because the villages cannot provide them with livelihood opportunities. So steps should be taken by the government to keep these rural people in rural areas. Projects like Grihayon, Asrayon, Ghore Phera etc. should be fostered and promoted, In order to reduce rural-urban migration, dedicated programs for the poor should continue. In drawing this conclusion, everyone should carry out his or her responsibilities properly so that Bangladesh could have a housing sector that met the expectations of all stakeholders.

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Part Three

Organization partAbout Asset Developments & Holdings Ltd.

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3.Asset Developments & Holdings Ltd:

3.1 History:
Bangladesh has come a long way since its independence. It has improved key social indicators and the well being of its people. The Asset Developments & Holdings Ltd has been an integral part of this progress. ASSET DEVELOPMENTS & HOLDINGS LTD philosophy is simple: To improve living standards. As a result of this philosophy, ASSET DEVELOPMENTS & HOLDINGS LTD is today Bangladeshs largest residential real estate company. Its slogan is that we are dedicated to providing customers of real estate with the highest quality services possible. The ASSET DEVELOPMENTS & HOLDINGS LTD System is actively increasing its presence and market share in the Bangladesh and bringing the most recognized name brand in real estate sector. ASSET DEVELOPMENTS & HOLDINGS LTD fully supports the principles of the Fair Housing Act. When buyers think about real estate, they think of the ASSET DEVELOPMENTS & HOLDINGS LTD brand. In fact, the ASSET DEVELOPMENTS & HOLDINGS LTD Brand is the most recognized name in real estate sector. ASSET DEVELOPMENTS & HOLDINGS LTD the largest private sector business conglomerate of Bangladesh started its journey back in 18th day of November 1999. With a record of the highest growth rate in the history of Bangladesh Real Estate Industry, ASSET DEVELOPMENTS & HOLDINGS LTD has maintained its leadership position with consistent growth over the years. The company maintained its growth performance even when the industry experienced a decline in market growth.

3.2 The Profile:

Asset Developments & Holdings Ltd.
Corporate Office Office Of Management Services Office Of Project Planning Year of Establishment Product Line Turnover in Taka in 2007 Number of Employee Market segment 91 Gulshan Avenue Gulshan, Dhaka1212 91 Gulshan Avenue Gulshan, Dhaka1212 40/5North Avenue Gulshan, Dhaka1212 1999 Apartment 1800 Million 3000 - High Class - Higher Middle Class
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3.3 Activities of the Company:

Real Estate Business in private sector mainly concentrated on land development and construction of apartments. ADHL develops unimproved and undeveloped land and then sell the plot to the people and make profit, and they also construct residential and commercial buildings and sell them to make profit. In order to accomplish the above task the company proceeds in the following ways. The first task of the company is to find out elite class of society they who are in housing needs. Such class includes the engineering association, teachers association, doctor association, agriculturist association etc. Generally such classes are grouped according to the professions. The next task of the company is to collect corporate data of the above identified classes. Generally these data includes the followings. Income level. Living style. Living standard. Thinking about housing.

After studying the potential customers then the company informs them regarding the on going projects and also the corning projects in detail.

3.3.1 Land Procurement policy

It has been observed that procurement policy depends upon the location, size, shape and proper documentation. Other countable factors are cash involvement, higher biding of rivals etc. The company normally collects information about land by giving advertisement in newspaper or by personal contact. Landowners also themselves provide information from their own. Generally this company offers cash or apartment or both cash and apartment against the land to the owners.

3.3.2 Terms and Conditions Set by ADHL

The following terms and conditions are to be maintained while transacting with ADHL.

Application
Interested buyers are asked to submit application on the prescribed form with due signature along with the earnest money. The company also reserves the right to accept or reject application without assigning any reason.

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Allotment
Allotment is normally based on first come first serve basis. On acceptance of the application and down payment, the company issues allotment letter to the applicant on receipt of which he/she starts making payments as per the specified schedule. Buyers willing to make a onetime payment are entertained with substantial discount. Until the full payment of installments, buyers cannot transfer the allotment to the third party.

Payment
All payments are made by A/C payee cheek or bank draft or pay order or cash, in favor of the owners. The company receives payments. Buyers are requested to follow the payment schedule. The company also issues or may issues reminder to the buyers for delay payment. The buyers are liable to pay delay charge @ 4% to 5% per month. If the payment is delayed beyond two months, company has the right to cancel the allotment.

Hand Over
Normally the possession of the apartments and lands are handed over within the specified schedule. This may be delayed due to the reasons beyond the control of the company, such as force, natural climates, political disturbance, strikes, etc. The handing over is made after the full payment of the installments.

Utility Connection
Connection fee, security deposits for water, gas, and electricity, and incidental cost relating to these are not includes in the price of the projects. Buyers make these payments directly to the authorities concerned and the company provides all the necessary assistance.

Transfer of ownership
Proportionate share of undivided land is registered in favor of each allotted as per the current rules and regulation of Ministry of Works.

Transfer Cost
All cost relating to transfer of ownership of the proportionate share of land is borne by the allotted on actual basis.

Management
The buyers must become a member of the owners cooperative society, which is formed by the owner of the land and apartments for the management of common services such as lift, pumps, security, compound etc. Each allotted must deposit a specified amount in the reserve fund of

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3.4 key Success Factors:

3.4.1 People
An organization is as good as its human resources. Based on this very basic fundamental philosophy, ASSET DEVELOPMENTS & HOLDINGS LTD believes that human beings are its most valuable assets and prime movers. ASSET DEVELOPMENTS & HOLDINGS LTD also believes that the potential of human resources is limited only to the extent to what one can put to use. Realizing this, ASSET DEVELOPMENTS & HOLDINGS LTD makes considerable investments in attracting and developing talent ant and dynamic professionals, not only to do their job flawlessly, but also to give them an environment, which fosters innovation and entrepreneurship. The extent of empowerment that is enjoyed by its people at various levels of the organization enables each employee, from the very bottom to the top, to contribute to the overall momentum of the company. The employees of Asset Developments & Holdings Ltd. are differentiated not just on the strength of their professional competence, but also on the basis of individual resilience of character and the spirit of enterprise. In the face of todays competitive business environment, ASSET DEVELOPMENTS & HOLDINGS LTD develops and retains high achieves and a motivated workforce and provides an excellent working environment for them that reflect and promote a high level of loyalty and commitment, both to its employees and from its employees. At ASSET DEVELOPMENTS & HOLDINGS LTD, good work is always expected and rewarded. Over the years, the company has been successful in providing an environment and culture that nurtures individual growth and development, and allows people to attain personal fulfillment as well as achieve company objectives. The competent workforce of the company provides its with every reason to be optimistic about the future.

3.4.2 Quality:
Committed to making a difference
Asset Developments & Holdings Ltd. is committed to provide living standards of the people. This commitment demands massive social responsibility of ensuring quality in terms quantity, purity, stability, safety, efficacy and presentation of the product. At every stage of the production, a stringent control mechanism involving raw material testing, in-process quality control, finished product testing as well as stability monitoring and documentation is maintained to ensure the highest quality product consistently.

Training & Development: Investment for future

The ever-changing market place has fuelled ASSET DEVELOPMENTS & HOLDINGS LTDs determination to keep up with the changing times by constantly strengthening the information
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base, exploring new lines of business and expanding domestic. This prompted the company to undertake infrastructure development to build competitive advantage in order to retain its position as a leading real estate company. ASSET DEVELOPMENTS & HOLDINGS LTD is committed to developing individuals human, technical and conceptual skills through various educational and a wide range of internal and external human resource development and job related training programs each and every year. At ASSET DEVELOPMENTS & HOLDINGS LTD, a well-planned and structurally designed in- house training activity-involving sales, marketing and production etc. is conducted throughout the calendar year. These training programs are conducted by in-house resource persons on a regular basis and as per scheduled. ASSET DEVELOPMENTS & HOLDINGS LTD employees also received training from Rapport Bangladesh Limited and Tack training international on the following topics: Time Management. Customer care. Customer relationship management. Leadership. Team building and leadership.

3.4.3 Commitment to the Customer:

Asset Developments & Holdings Ltd professionals are dedicated to providing you with the best service throughout the real estate transaction! Take a look at the following pledge certificates to detail the services you can expect.

Service Pledge
Dedicate myself to making the process of buying your next home as easy and as successful as possible. Respect you, your needs and be honest and forthright. Hold your best interests in the highest regard throughout the process. Value and respect your time, being as efficient and effective as possible Understand your needs and respond quickly. Consult with you to determine your particular real estate wants and needs. Use my base of experience, knowledge, tools and the most up-to-date training to best serve you. Explain each step of the process and act as a guide to help you make most informed decisions. Disclose material facts known about the property and respond to questions concerning the property. Help determine your purchasing power, while explaining alternative methods of purchasing and/or financing. Provide an action plan for locating the right property, at the right price and terms, in an acceptable time frame.
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 To the best of my ability, continuously show you new properties that fit your needs. Provide a Customized Home Search Plan for locating the right property for you, only showing you properties that will best meet your needs and in accordance with Fair Housing regulations and ethical real estate practices. Use the most comprehensive database of listings in the area, to help you find the home that best meets your needs, whether to be the Multiple Listing Service and/or other methods. Provide the resources of Century21.com that offers thousands of listings, allowing you to easily review homes that are right for you, access in-depth information on neighborhoods, and additional information. Use my knowledge and expertise to promote the most valuable purchase on your behalf. I will assist you in evaluating the market value of properties that are of interest to you and help you obtain the most advantageous price and terms. Provide access to financing that meets your needs, at the lowest possible rates available to you. Advise and assist you in completing your purchase agreement, and present your offer with integrity in a light most favorable to your needs. Upon acceptance of an offer by you, pre-settlement (escrow) activities throughout the closing process will be monitored as permitted by law or local practice. Offer to provide you with information regarding other professionals (e.g. attorneys, Tax consultant, Govt. authorities) that may assist you during and after your move. Utilize the Asset Developments & Holdings Ltd System to provide you with in the area of your new home, to assist you further.

3.4.4 Exclusive Buyer Service:

Consult with you to determine your particular real estate wants and needs. This includes providing information as to the advantages and disadvantages of the choices available to you, in order to help you make informed decisions. Maintain your confidentiality and represent your best interests throughout your buying process. Help you define your financial ability to purchase, explain alternative methods of purchasing and financing, and assist in arranging mortgage financing. Provide an action plan for locating the right property, at the right price and terms, in an acceptable time frame. Search using available methods to locate the property that will best meet your needs and wants. This may include properties listed with our office, offered through other real estate companies, as well as unlisted properties. Show properties that meet your specifications, in accordance with Fair Housing Regulations and ethical real estate practices. Disclose material facts known about the property, and other relevant information that is likely to affect your ability to obtain the right price and terms.
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 Assist you in evaluating the market value of properties that are of interest to you, and suggest negotiating strategies to help you obtain the most advantageous price and terms. As your advocate, advise and assist you in completing your purchase agreement, and present your offer in a light most favorable to you. Refer you to other professionals (attorneys, accountants, inspectors, mortgage lenders, etc.) for information or assistance as appropriate. Upon acceptance of an offer between you and the seller, monitor all pre-settlement (escrow) activities throughout the closing process as permitted by law or local practice. Consult and communicate with you on a regular basis throughout your entire real estate purchase process. Recommend home warranty to protect you.

3.4.5 Customer Service:

Huge amounts of money are on the line when people buy real estate and houses. Buyers and sellers need to trust real estate agents, and customer service is the key to generating trust and sales in real estate. "Service is king, and it can make or break a company. "Nothing beats knowledge, experience, problem solving and responsiveness. Combining that with good manners usually wins a customer for life. It is one thing to talk about excellent customer service, but it is another to demand it and maintain it as a key element of an organization's culture. The first reaction to customer complaint is a negative one. No matter how much youve tried, some of them will not be satisfied. But you should try and see customer complaints in a positive light. Complaining clients are clients who care about getting better service. They want to keep working with you. Therefore, instead of seeing comply as a blow to your business, try and see them as valuable feedback.

3.4.5.1 Importance of Customer Service

Whatever your business is customer service can make or break your business quickly. From a real estate organization to the kid that delivers your newspaper customer service should be your top priority. If your customer service skills leave a lot to be desired you will lose out on referrals as well as repeat business. Customer service is the key to any business because bad word of mouth advertising travels ten times faster than good word of mouth. Here is a perfect example. If you go to get your hair cut and it is terrible. The first ten people that will listen to the story, you will be sure to tell them where not to get their hair cut. However, if you liked your haircut you will not go around boasting about it. The first few people that notice and compliment you on a nice haircut, you will be happy to refer them to the nice girl at the mall that cut and styled your hair.

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Same goes for where you ate lunch. If you liked the food but not the customer service you will be sure to tell people where not to go before you tell them a nice place to go. It is just human nature that makes a lot of people tend to be this way. So lets start off on the right foot and make a good customer service impression as a real estate organization for your customers. The most important thing that you can do first and foremost is smile. Sounds so simple doesnt it? Have you ever heard, Its all in the delivery? It is so very true. Take the time as real estate agent to smile and use eye contact when speaking to your customer. Acknowledging your customers with courtesy, eye contact and smiles makes them feel important and open to you. They will feel the need to be less guarded. Customers will be more likely to share what their needs are and truly what might be holding them back from using your services today. Customer service is about integrity and a positively professional attitude towards your customer. Dont be a glass half empty real estate agent sales representative. Be the glass is have full customer service representative. Listen to what it is they need and if you can help them then do it. If you cant assist them refer them to someone who can help the assist them better with their needs. The customer will almost certainly refer you to someone they know or be back for another service or product that you do offer. By doing that for them, you just told them that you cared about them and their needs. The customer now trusts you and will know that you will be honest in what you can and cannot do for them. This is how long term customer relationships are built.

3.4.5.2 Be Familiar with Buyer/Seller Needs

If you are a real estate organization that has a customer that you helped to buy a home, you can get quality leads for your satisfied customer/client. You took the time to sit and earn their trust, they have told you their needs now it is time to go to work for them. Be committed to each individual client. Whether the client is a buyer or a seller, be accessible for them in a timely fashion. One thing you wont want to do is to neglect one customer for another. Each individual customer or client should have your full attention. Make the best of the time that is given to you with each client. They will appreciate you for it and repay you with great word of mouth to your future clients as well as repeat business.

3.4.6 Six Steps to Remarkable Service:

Asset Development & Holdings Ltd continues its center of attention to increase customer loyalty by improving the quality of customer service. Employees of this real estate go through to understand and work through these steps (every time) for customer loyalty and customer retention.

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Connect with customer

The people of the ADHL always try to be connected with their customers to meet there expectations by providing better quality, flexibility of the larger selection and innovative products.

Discover what they want

People of this company are highly concerned to define what the customer wants while they are negotiating with the buyers of apartments and sellers of the land. At this stage, the company also gets the flexibility of getting background information and their perceptions regarding the company and its market position.

Know what you can do

To increase customer loyalty, the people of the selling department of ADHL spend their considerable time to define what they should do when the customer show his or her positive attitude toward for closing the buying process.

Do it
Whenever people of the ADHL can understand what the customers want and how they want to close the buying process then they do in accordance of customer responses.

Follow-up
It is highly practiced in the ADHL for maximizing its customer feedback because it believes that business is defined by customer relationship.

Thank them
Having completed the buying process for the apartment buyer and the selling process for the land sellers, the AHDLs selling and purchasing department gives them feedback and ensure them for their expectations and finally congratulate them.

3.4.7 Achieving Customers Satisfaction:

Service Quality and Customer Expectation of Asset Developments & Holdings Ltd
In any kind of business, keeping a high quality is essential to sustain in the market. And a successful organization like Asset Developments & Holdings Ltd. the service quality must be more than enough to drag as well as to keep the customers.

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Reliability Service Quality Responsiveness Situational Factors

Assurance

Product Quality

Customer Satisfaction

Empathy Price Tangibles Personal Factors

Customer Perception and Satisfaction

To serve with the best quality, reliability, which is the ability to perform the promised service dependably and accurately, must be maintained. Responsiveness, which is the willingness to help customers and provide prompt service, must also be maintained. This dimension emphasizes and promptness in dealing with customer requests, questions, complaints and problems. By hiring right (mainly theory X) kind of employee, this concept can be satisfied. Again, assurance is defined as employees knowledge and courtesy and the ability of the firms and its employees to inspire trust and confidence. This dimension is likely to be particularly important for services that the customer perceives as involving high risk and/ or about which they feel uncertain about the ability to evaluate outcomes. So we must hire efficient employees. Then empathy is defined as the caring, individualized attention the firm provides to its customers. The essence of empathy is conveying through personalized or customized service that customers are unique and special. All customers want to feel understood by and important to firms that provide service to them. So empathy must be there. So if these points are ensured to have the best quality, the service quality increases itself. And this is very much important to achieve the goal of the organization.

How To ASSET DEVELOPMENTS & HOLDINGS LTD Satisfy their Customers:

Keeping customer satisfied is key to success and it doesn't matter if are selling products or services to external or internal customers. For improve customer satisfaction company perform the following ten activities.
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Understanding
Make sure what customers really want. Use that information to follow up with actions and solutions.

Access
People want an ease of doing business. ASSET DEVELOPMENTS & HOLDINGS LTD offer multiple communication methods (phone, web, or call center) and make sure the experience is speedy, efficient, and pleasant.

Respect
Customers want someone who understands and can respond to their needs. ASSET DEVELOPMENTS & HOLDINGS LTD always acknowledges customers and treats them with respect to earn their trust and their business.

Personalize
People like to feel special. Sending specific, personalized messages will help eliminate some customer's feeling of insignificance, help connect with those people, and help form a bond with them.

Streamline
Offer processes that are streamlined and automated, but also have available guidance or confirmation at the end of the automated process to ensure that the customers issues, orders, etc., have been resolved or fulfilled. Always have an option to escalate issues to a customer service Department.

Track Information
Create a knowledge base so customers do not have to repeatedly give their contact, product, or problem details.

Target
Use data to be proactive, but also use it for a targeted purpose. Do not try to sell the same widget or service to your entire customer base. Approach only those customers who are most likely to be interested.

Empower
Empower customer service department to resolve problems on the spot, including offering discounts or special services to retain customers who might otherwise head to a competitor.

Easy Doing Business

Find ways to make it so easy for customers to do business with you that switching to a competitor would be work for the customer.
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Interpret Need
Note the difference between what customers say and do (customers say they want free shipping, but willingly pay for it with no complaints), and find ways to use that information so that everyone benefits.

3.5 Construction of ADHL

Safety and security first. Highest safety- Standard on the basis of ACI code. 24 hours supervision during construction. Earth quake protection up to 8.4 Richer Scale. Cement and concrete are regularly tasted in laboratories for ensuring the quality. All construction are supervised by well qualified term of experienced engineers.

3.6 Infrastructure of ADHL

Office layout is divided into 13 sections to ensure smooth execution and implementation of their projects. 1. Planning and Development. 2. Architecture and Design. 3. Engineering. 4. Marketing 5. Procurement 6. Accounting 7. Administration 8. Public relation 9. Land 10. Advertising 11. Loan 12. Security 13. Human Resource.

3.7 Financial Sources of ADHL

Own Fund Banks Loan Advance Payment of customers

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Part Four

Marketing Activities of Asset Developments & Holdings Ltd

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4. Marketing Activities of ADHL:

4.1 Marketing Strategy of ADHL:
Generally marketing means a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others. Many people think of marketing only as selling and advertising. However, selling and advertising only the tip of the marketing iceberg. It the marketer does a good job of understanding consumer needs, develop products that provide superior value, and prices, distributes and promotes them effectively, these products will sell easily. Marketing of fixed assets are not such as other products or services. It is because buyers think a lot before making a buying decision of such product. They consider a number of things before making such decisions. So marketing strategy used in this business is like the other products marketing strategy. The marketing strategies used by the ADHL are stated below: Like the other companys products marketing strategy, the marketing theory of ADHL is made up of the 4 ps. Product, Price, Place, Promotion. Each P contributes to its marketing.

4.1.1 Analysis 4 ps of ADHL:

4.1.1.1 Product Strategy
Normally we know, a product is anything that maximizes utility of the consumers. With respect to product, marketing strategy consists of the following features of a product: Asset Developments & Holdings Ltd. is committed to provide to the living standards of the people. This commitments demands immense social responsibility of ensuring quality in terms quantity, purity, stability, safety, efficacy and presentation of the product. At every stage of the production, a stringent control mechanism involving raw material testing, in-process quality control, finished product testing as well as stability monitoring and documentation is maintained to ensure the highest quality product consistently. In my study, products are land and buildings for residential and commercial use, for these products the main features are as follows Product Varity of the ADHL. Durability of the Products. Design of the Products. Location. Sizes and Without Impediments.

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Quality Maintenance and Control

In the case of land the quality is assured by developing firms and eliminating its problems such as lowland ness, legal obligation, impediments etc. On the other hand, in the case of building construction quality materials are used and all the necessary materials are used and maintained accordingly, in some cases necessary experts opinions are also considered. All the quality factors are controlled by the direct supervision of the MD of the company as well as with his selected personnel specialized in the respective fields.

4.1.1.2 Pricing Strategy

Generally price is the amount of money charged for a product or service, or sum of the value that consumers exchange for the benefits of having or using the product or service. Again pricing policy is the course of action or guiding philosophy that helps a business firm to pricing decisions smoothly and perfectly. It also guides the firm to achieve its goals. It is an important element of the entire marketing strategy of a firm. A firm can easily manipulate the demand of the target market by handling its price carefully. At the present time, the market is highly segmented, primarily based on location, price of the land and size of the apartments. As a result, the ADHL is highly concerned to provide highest quality residential real estate by considering its price as accepted by the target market. The most common statement of the marketing executive of ADHL is that we are dedicated to providing customers of real estate with the highest quality services possible so the price of Asset Developments & Holdings Ltd is higher than other competitors

Pricing Objectives:
The objectives of pricing strategy must be consistent with the companys overall mission and purposes. A company can obtained six major objectives through its pricing survival. These are maximum current profit, maximum revenue, maximum sales growth, maximum market skimming, and product quality leadership. Asset Developments & Holdings Ltd pursues three of the above objectives- Survival, maximum current profit, and maximum sales growth through its pricing.

Survival: Company pursues survival as its major objectives. Since ADHL strong competitors
and change in consumers wants for lands and housing, therefore survival is one of its pricing objective.

Maximum Current Profit: It estimates its demand and costs associated with alternative
prices and choose the price that produces the maximum current profit, cash flow and rate of return on investment.

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Maximum sales Growth: ADHL sets a reasonable price for its products (lands and
apartments) considering the competitors prices. The company wants to maximize unit sales and thus profit.

Pricing methods
There are a number of price setting approaches, these are- markup pricing, target return pricing; buyer based pricing, going rate pricing, sealed bid pricing approach. At the present time, ADHL adopts going rate pricing method for its products. In going rate pricing the firm bases its price largely on the competitors prices with less attention paid to its own costs and demands. The study shows the pricing of the real estate depends on certain factors such as location, square feet, quality of construction, construction cost, and amenities, markup policy, competitors price and demand for the product. In the case of pricing, ADHL considers the following factors. Determine the purchase price Estimates the developments costs. Predict the future costs of the land. Fixed costs of the asset. Variable costs of the assets. Lastly competitors costs.

4.1.1.3 Place/Distribution Strategy

In the face of todays competitive business environment, Asset Developments & Holdings Ltd develops and retains high achieves and a motivated workforce and also provides an excellent working environment for them that reflect and promote a high level of loyalty and commitment, both to its employees and from its employees. At Asset Developments & Holdings Ltd, good work is always expected and rewarded. Over the years, the company has been successful in providing an environment and culture that nurtures individual growth and development, and allows people to attain personal fulfillment as well as achieve company objectives. The competent workforce of the company provides with every reason to be optimistic about the future.

4.1.1.4 Promotion Strategy

Promotion mix is composed of four tools of communications- advertising, personal selling, sales promotion, and publicity. In the face of todays competitive business environment, ADHL develops and retains high achieves and a motivated workforce. We create an excellent working environment for them that reflect and promote a high level of loyalty and commitment, both to our employees and from our employees. At ADHL, good work is always expected and rewarded. Over the years, the company has been successful in providing an environment and culture that nurtures individual growth and development, and allows people to attain personal fulfillment
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as well as achieve company objectives. It is our competent workforce that provides us with every reason to be optimistic about the future. ADHL is committed to developing individuals human, technical and conceptual skills through various educational and a wide range of internal and external human resource development and job related training programs each and every year. At ADHL, a well-planned and structurally designed in- house training activity-involving sales, marketing and production etc. is conducted throughout the calendar year. These training programs are conducted by in-house resource persons on a regular basis and as per scheduled. ADHL employees also received training from Rapport Bangladesh Limited and Tack training on the following topics:

Time Management Customer care Customer relationship management Leadership Team building and leadership

ADHL is spending on promotional activities which are shown in the following table-

Expenditures on Promotion Program

Figure-1.1 (TK. In Million)

Year
2000 2001 2002 2003 2004 2005 2006 2007 Total

Sales Promotion
2 5 7 9 14 16 10 13 76

Advertisement
19 22 17 21 14 12 23 20 148

Personal Selling
6 9 8 5 12 11 14 16 81

Total
27 36 32 35 40 39 47 49 276

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Sales Promotion, advertisement, and personal selling values

25 2000 20 15 10 5 0 Sales Promotion Advertisement Personal Selling 2001 2002 2003 2004 2005 2006 2007

Source: Annual Report of ADHL

Advetising
Here most of the importance is given to the advertisement and on creating customer faith and also to the after sales services. ADHL spends the biggest portion of its total promotion budget for advertising. When we look at the company, we can easily realize that the company could successfully anticipate the effectiveness of advertising. Here some of vehicles used as media for the advertisement of ADHL products. Newspaper Advertisements are published frequently on the most of the national dailies citing feasibility, opportunities, advances etc along with attractive photograph of the projects. Neon Sign Billboard Lots of billboard and neon sign are established at the different places of the city. Generally these places are selected according to the commercial importance. Television Advertisement is also frequently shown on the national and private channel in order to attract the potential customers and also to get the people to know about the projects.

44

Personal Selling Company maintains good relationship with the customers. Generally, the company follows two mode of personal selling for maintaining long term relationship with their target customers. Field force employees A number of employees are engaged in door to door marketing. They go to the customers houses, explain them about projects and request them to come to the office about the real condition of the projects. Generally this is the task of influencing the people to make a purchase decision. In House Marketing Team In hose marketing team is the part of the marketing department of the company. Usually they work with the direct customers who come to the office directly for land and office purpose. Different personnel of the in house marketing team co-ordinates with the customers. The personnel explain different aspects of the projects to the customers and also give them answer of questions. However their main motto is to sell their products by giving service.

Sales Promotion
Sales promotion is another essential ingredient in marketing campaign. Advertisement offers a reason to buy, whereas sales promotion offers an incentive to buy. ADHL offers the following discounts, gifts, low cost services price off, cost free services etc.

Sales policy of ADHL:

Moat of the company in this industry develop sales policy based on in house in house sales personnel. The out side sales forces are generally used to create customers. In case of purchasing a plot or a flat the first task a customer has to do is booking the plot or flat with a specified amount of money. After the booking rest of the are done by sales and credit realization personnel. In case of selling ADHL follows the following two sales policies. Sales at a time with cash payment In this case at first the customer pays the booking money and after one month of booking pays the rest of amount. Sales on installment This is comparatively relaxed policy. There are several installment schemes. In this case the purchaser can pays a specified amount either in 12 or 24 or 36 or 60 or 72 installments.

45

4.2 SWOT analysis of the company:

The SWOT analysis provides a useful strategic guidance. A SWOT analysis (Strength, Weakness, Opportunities and Threats) allows in constricting balance sheet for the company. In the analysis one can bring together all the internal factors, influencing companys strength and weakness. Based on these factors we can identify external fact0ors which can help to define opportunities and threats that a company faces due to competitive forces and trends in the business environment.

Strength
Company has excellent service department. Brand name is the companys most important assets. Company always concern about to know, what is new and how can it overcome. It has efficient management. Good reputation all over the Bangladesh Wide distribution capability Healthy financial position Has moderate experience in the business field Innovation capacity is excellent

Weakness
It does not have vast marketing program It does not have own training department It has low capacity to define the target market

Opportunity
Very few domestic companies compete in this industry. So, there is big change to explore business activities Most of the company does not know the actual market size of real estate business. As the need for better housing is increasing, there is a great opportunity to measure the market and penetrate the market. ADHL also takes the financial risk to bring any change and penetrate the market. Price should be moderate and somewhat below the competitors price. It has creative power to develop innovative thing.

Threats
Competitors are becoming a big threat for the company. Low price of the competitors is another threat. Political Instability is another great threat for the company. Changing customers demand. Changing world economy rapidly.

46

Part Five

Project Part Analysis and Findings

47

5. Analysis and Findings:

5.1 Primary Data Analysis Customers:
After taking the answers of the questionnaire from the customers, those following findings and analysis have been prepared. Here all the primary data collected from the customers against the questionnaire. Question-1 On which Real estate companys products do you normally emphasizes? Votes casted against the above question from 100 customers are shown as following
Name of the Real Estate Company Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad Number of votes obtained 4 5 6 45 3 3 5 6 5 6 4 4 4

Figure 1.2

45 40 35 30 25 20 15 10 5 0

Eastern Bay Urban

BTI Assurance Dom ino

Advance Rangs Amin Mohammad

Asset Navana

Sheltech Building for Future

48

Question-2.
In your opinion, at present which company is ensuring superior product quality?
Votes casted against the above question from 100 customers are shown as following

Name of the Real Estate Company Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad

Number of votes obtained 5 8 7 16 8 6 9 10 7 7 6 5 6

Figure 1.3

16 14 12 10 8 6 4 2 0 Number of votes obtained

Eastern Bay Urban

BTI Assurance Dom ino

Advance Rangs Amin Mohammad

Asset Navana

Sheltech Building for Future

49

Question-3 Which companys brand name is easier to memorize? Votes casted against the above question from 100 customers are shown as following
Name of the Real Estate Company Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad Number of votes obtained 5 10 9 45 4 3 4 5 3 2 4 3 3

Figure 1.4
45 40 35 30 25 20 15 10 5 0
Eastern Bay Urban BTI Assurance Dom ino Advance Rangs Amin Mohammad Asset Navana Sheltech Building for Future

50

Question-4
Which company offers comparatively reasonable price having the appropriate product quality? Votes casted against the above question from 100 customers are shown as following
Name of the Real Estate Company Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad Number of votes obtained 10 8 7 13 5 6 9 12 6 4 5 9 7

Figure 1.5

14 12 10 8 6 4 2 0
Eastern Sheltech Navana Amin Mohammad BTI Bay Building for Future Advance Assurance Urban Asset Rangs Dom ino

51

Question-5
Which company is pioneer in introducing newer products consequently? Votes casted against the above question from 100 customers are shown as following
Name of the Real Estate Company Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad Number of votes obtained 3 5 9 14 7 10 8 12 6 7 5 11 8

Figure-1.6

14 12 10 8 6 4 2 0

Eastern

BTI

Advance

Asset

Sheltech

Bay

Assurance

Rangs

Navana

Building for Future

Urban

Dom ino

Amin Mohammad

52

Question-6
Which companys products are more available in most of the area? Votes casted against the above question from 100 customers are shown as following Name of the Real Estate Company Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad Number of votes obtained 4 11 10 6 5 3 5 10 5 6 4 18 13

Figure- 1.7

18 16 14 12 10 8 6 4 2 0

Eastern

BTI

Advance

Asset

Sheltech

Bay

Assurance

Rangs

Navana

Building for Future

Urban

Dom ino

Amin Mohammad

53

Question-7
Which company provides the most informative promotional materials regarding the product? Votes casted against the above question from 100 customers are shown as following Name of the Real Estate Company Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad Number of votes obtained 6 8 7 18 6 7 8 9 7 6 5 6 7

Figure-1.8

18 16 14 12 10 8 6 4 2 0

Eastern

BTI

Advance

Asset

Sheltech

Bay

Assurance

Rangs

Navana

Building for Future

Urban

Dom ino

Amin Mohammad

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Question-8
Which companys Executives are smart enough to communicate with you? Votes casted against the above question from 100 customers are shown as following Name of the Real Estate Company Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad Figure-1.9
25 20 15 10 5 0

Number of votes obtained 2 4 8 24 6 4 10 8 5 6 3 15 5

Eastern Bay Urban

BTI Assurance Dom ino

Advance Rangs Amin Mohammad

Asset Navana

Sheltech Building for Future

55

Question-9
Which companys Executives are more active in responding customers suggestion? Votes casted against the above question from 100 customers are shown as following Name of the Real Estate Company Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad Figure-1.10 Number of votes obtained 2 10 8 24 4 4 12 7 6 4 3 9 7

25 20 15 10 5 0
Eastern Bay Urban BTI Assurance Dom ino Advance Rangs Amin Mohammad Asset Navana Sheltech Building for Future

56

Question-10
Which company operates the most innovative marketing approaches frequently? Votes casted against the above question from 100 customers are shown as following Name of the Real Estate Company Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad Number of votes obtained 3 6 7 24 5 4 11 7 8 6 4 10 5

Figure-1.11

25

20

15

10

0
Eastern Bay Urban BTI Assurance Dom ino Advance Rangs Amin Mohammad Asset Navana Sheltech Building for Future

57

Question-11
Which Company committed to on time handover the Apartment?

Votes casted against the above question from 100 customers are shown as following Name of the Real Estate Company Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad Figure-1.12
55 50 45 40 35 30 25 20 15 10 5 0
Eastern Bay Urban BTI Assurance Dom ino Advance Rangs Amin Mohammad Asset Navana Sheltech Building for Future

Number of votes obtained 3 5 6 51 4 3 7 4 3 4 2 4 4

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Question-12
Which Company committed to post handover service? Votes casted against the above question from 100 customers are shown as following Name of the Real Estate Company Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad
Figure-13

Number of votes obtained 3 6 7 45 5 4 6 4 3 6 2 6 3

50 45 40 35 30 25 20 15 10 5 0
Eastern Bay Urban BTI Assurance Dom ino Advance Rangs Amin Mohammad Asset Navana Sheltech Building for Future

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5.2 Result in Semantic differential model:

All the companies market images according to the customers opinions are shown by a semantic differential figure where ten point scaling technique was used.

Output drawn in ten point scale

Number of votes obtained Ten point scaling technique
Name of the Real Estate Company

Criteria
Innovative Marketing Product Emphasize
Promotional Materials Response to Customers

Brand Name Memorize

Availability

Smart Executive

Timely Handover 0.3 0.5 0.6 5.1 0.4 0.3 0.7 0.4 0.3 0.4 0.2 0.4 0.4

Newer Products

Eastern BTI Advance Asset Sheltech Bay Assurance Rangs Navana Building for Future Urban Dom ino Amin Mohammad

0.4 0.5 0.6 4.5 0.3 0.3 0.5 0.6 0.5 0.6 0.4 0.4 0.4

0.5 0.8 0.7 1.6 0.8 0.6 0.9 1.0 0.7 0.7 0.6 0.5 0.6

0.5 1.0 0.9 4.5 0.4 0.3 0.4 0.5 0.3 0.2 0.4 0.3 0.3

1.0 0.8 0.7 1.3 0.5 0.6 0.9 1.2 0.6 0.4 0.5 0.9 0.7

0.3 0.5 0.9 1.4 0.7 1.0 0.8 1.2 0.6 0.7 0.5 1.1 0.8

0.4 1.1 1.0 0.6 0.5 0.3 0.5 1.0 0.5 0.6 0.4 1.8 1.3

0.6 0.8 0.7 1.8 0.6 0.7 0.8 0.9 0.7 0.6 0.5 0.6 0.7

0.2 0.4 0.8 2.4 0.6 0.4 1.0 0.8 0.5 06 0.3 1.5 0.5

0.2 1.0 0.8 2.4 0.4 0.4 1.2 0.7 0.6 0.4 0.3 0.9 0.7

0.3 0.6 0.7 2.4 0.5 0.4 1.1 0.7 0.8 0.6 0.4 1.0 0.5

Post Handover Services

Product Quality

Price & Quality

0.3 0.6 0.7 4.5 0.5 0.4 0.6 0.4 0.3 0.6 0.2 0.6 0.3

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Semantic Differential Model (Ten point Scaling Technique)

10

Eastern Sheltech Navana Amin Mohammad

BTI Bay Building for Future

Advance Assurance Urban

Asset Rangs Dom ino

61

5.2.1 Output drawn in ten-point scale:

Output drawn in ten-point scale: Only for Asset Developments & Holdings Ltd. (Customers point of View)

Summation of scaling ranks of all criteria (12): SL No 01 02 03 04 05 06 07 08 09 10 11 12 Criteria Product Emphasize Product Quality Brand Name Memorize Price & Quality Newer Products Availability Promotional Materials Smart Executive Response to Customers Innovative Marketing Timely Handover Post Handover Services Point 4.5 1.6 4.5 1.3 1.4 0.6 1.8 2.4 2.4 2.4 5.1 4.5 32.5 32.5/12= 2.71

Summation Overall position in the scale which shows Assets Developments & Holdings Ltd.s market image

5.3 Recommendation and findings:

5.3.1 Findings from customers survey
Assets Developments & Holdings Ltds market image obtained the rank of 2.71 in terms of the 10 point scaling judgment found by the customers survey analysis. More details if we interpret the 2.71 ranking in the percentage (%) format it would be the 20.71 percent. With the systematic questionnaire, the market of ADHL has high potentiality to survive. The major findings of this survey are as follows Actual market image of Asset Developments & Holdings Ltd. Company has opportunity to be market leader in this industry.
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It has moderate market share in the industry. Actual market size of the company The main competitors of the company The reason of highest market share is quality. Marketing strategy of the company. Customer satisfaction and their attitude toward the company Problem faced both customers and marketers in the same industry. Ensure that Brand is viewed as an asset of the company.

5.3.2 Findings in the real estate business:

The task of marketing is not an easy, one mainly for such fixed asset, which cannot be replaced. Again now we are living in a very fast changing world. The demand of people also changing frequently and the result is a difficult position for every company to meet the changing customer demand. In the case of marketing and other function, the company department faces the following problems.

Lack of customer faith

The most difficult job for the most marketing executives is to create faith on customer mind. They always hesitate to make such purchase decision. They hardly believe the company and its projects for following reasons. There is no direct government supervision in this sector. So they feel insecure to make purchase decision from the company. There is no government policy to guide the business.

Lack of customer knowledge regarding housing

This result in too much time is needs for the marketer to make a better understanding regarding their perception about the company product.

Failure in commitment
Sometimes the company fails to hand over the plot or flat within the specified period due to several factors like storage in raw materials, legal building, deadly in preparation of necessary papers etc.

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Political Instability
It is another problem in marketing. Due to political unrest construction and development, works delayed which delay the whole project. For this, hand over date is also extended. So, it reduces the good will of the company and customers faith.

Natural Climate Natural climate like heavy rainfall, flood, storm, earth quake, usually delayed the project work. So, unfavorable natural climate is one of the main problems in this business. Competitors
Competitors always change the policy frequently in this industry which is also considered as another major marketing problem.

Miscellaneous
Disturbance of illegal, collectors of subscription, corruption from the government and nongovernment bodies is also major problem in this sector.

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Part Six

Conclusion & Recommendation

65

6. Conclusion & Recommendation:

Today Real state is recognized the world over as the main engine that runs the economy, creating work not only for masons and managers, accountants and architects, but also for makers and sellers of building materials. It means work for maintenances, security cleaning and other services; work for makers and sellers of appliances, furniture and vehicles; work for bankers and bureaucrats, lenders and lawyer. Human being has always been in search of new and better homes. Thus cities, towns and villages grew, flourished and wither away. In the process, societies forever demand and produce all kinds of goods and services, through, never satisfied, we ask for things more different. Real estate visibly shapes the way people live, work and innovates and therefore most strongly defines culture and civilization. In Bangladesh perspective, it is almost impossible for the government to ensure housing for all. As the public sector failed to provide this, people have taken their own initiative to ensure their fundamental need for shelter. Government alone cannot provide housing to all and realizing this, they decided to share the task of providing safe decent places to live with Real Estate Developers, to make people productive resources. So, government should provide much flexibility to the developers to provide better housing facilities not only to higher income people but also middle and lower income people. At the present time, the population of our country is increasing at very alarming rate but total rent are remains constant. The demand of housing is very high, particularly in Dhaka city. So, the prospect of real estate business is very high. Now if the real estate companies run their business according to the demand of middle class, lower middle class, and higher middle class people, the business must be profitable. From the study, which I have conducted at ADHL found that they are using all the possible policies to run the business. The report also has shown the overall picture of the real estate market and opportunity in Bangladesh. I was assigned in the real estate sector in Bangladesh. Three months are short to understand every aspect of a company and overall market condition of this sector. Actually it needs more time to determine the over all market size, conditions, opportunity, and business activities of the company. Within the short time, I have tried to show the overall scenario of real estate sector and its marketing activities and actual market image of different company through direct interviews from different customers based on marketing activities of Assets Developments & Holdings Ltd. And finally, I hade tried my best to analyze the companys market image and position on the basis of my surveys results. So from my own experience I may suggest the following recommendations for sound and success market operation of the company:
66

The company management response to the market must be efficient and active. The company should recruit experienced and active people should be appointed in the marketing division. Product Price should be moderate and adjusted with the competitors price. The company executives should be more caring to the customers speeches and opinions. The company should establish sound and effective communication channels with internal customer through electronic mail. Decentralized authority to prompt communication and decision. The company should establish franchises in different location for prompt customer Care. Website needed for the convenient of the customers. Company should give more advertisement in different media like Radio, TV, Newspaper, and Magazine. It also should offer credit facilities to different classes people in order to increase their ability to purchase the plot/apartment. The company must increase the promotional activity. Establish incentives for frequent and repaid feedback on performance. Use appropriate technology to help jobs easier, more productive, less redundant & repetitive. Finally Asset Developments & Holdings Ltd. has the opportunity to increase its market share as its market image regarding the above survey found by 20.71 percent.

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Part Seven

Bibliography

68

7. Bibliography:
Marketing Research (An Applied Orientation) by Naresh K. Malhotra Prentice, Hall of India (5th edition) Marketing Management by Philip Kotler Prentice, Hall of North America (11th edition) Business Research Methods by William G. Zikmund ,Thomson, SouthWestern (8th edition) Prospectus of Asset Developments & Holdings Ltd. Real Estate and Housing Association of Bangladesh (REHAB). BBS (Bangladesh Bureau of Statistics) (1991) Statistical year book of Bangladesh (Dhaka: Reproduction, Documentation and Publishing Wing, BBS) ADB (Asian Development Bank) (1995). Technical Assistance Performance Audit Report on the Housing Sector Bangladesh House Building Finance Corporation, http://bhbfc.gov.bd/eknajar.html Website:

www.scribd.com www.wikipedia.com http://www.un.org/Overview/rights.html www.rics.org/research RICS Research Valladares. L. and Coelho. M. P. (2002) Urban Research in Latin America: Towards a Research Agenda (UNESCO, 2002 www.ifc.org/ifcext/municipalfund.nsf/AttachmentsByTitle/IFC_Housi ng_Finance/ $FILE/IFC+and+Housing+Finan ce.pdf
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8. Annexure: Questionnaire Pattern for Customer:

The questionnaire pattern for customers Sample size: 100 Customers Please give tick () mark to your chosen answers from each of the following questions. 1. On which Real estate companys product do you normally emphasize? (a) Eastern (b) BTI (c) Advance (d) Asset (e) Sheltech (f) Bay (g) Assurance (h) Rangs (i) Navana (j) Building for Future (k) Urban (l) Amin Mohammad (m) Domino (n) none (o) All (p) No comment 2. In your opinion, at present which company is ensuring superior product quality? (a) Eastern (b) BTI (c) Advance (d) Asset (e) Sheltech (f) Bay (g) Assurance (h) Rangs (i) Navana (j) Building for Future (k) Urban (l) Amin Mohammad (m) Domino (n) none (o) All (p) No comment 3. Which companys brand name is easier to memorize? (a) Eastern (b) BTI (c) Advance (d) Asset (e) Sheltech (f) Bay (g) Assurance (h) Rangs (i) Navana (j) Building for Future (k) Urban (l) Amin Mohammad (m) Domino (n) none (o) All (p) No comment 4. Which company offers comparatively reasonable price having the appropriate product quality? (a) Eastern (b) BTI (c) Advance (d) Asset (e) Sheltech (f) Bay (g) Assurance (h) Rangs (i) Navana (j) Building for Future (k) Urban (l) Amin Mohammad (m) Domino (n) none (o) All (p) No comment 5. Which company is pioneer in introducing newer products consequently? (a) Eastern (b) BTI (c) Advance (d) Asset (e) Sheltech (f) Bay (g) Assurance (h) Rangs (i) Navana (j) Building for Future (k) Urban (l) Amin Mohammad (m) Domino (n) none (o) All (p) No comment

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6. Which companys products are more available in most of the area? (a) Eastern (b) BTI (c) Advance (d) Asset (e) Sheltech (f) Bay (g) Assurance (h) Rangs (i) Navana (j) Building for Future (k) Urban (l) Amin Mohammad (m) Domino (n) none (o) All (p) No comment 7. Which company provides the most informative promotional materials regarding the product? (a) Eastern (b) BTI (c) Advance (d) Asset (e) Sheltech (f) Bay (g) Assurance (h) Rangs (i) Navana (j) Building for Future (k) Urban (l) Amin Mohammad (m) Domino (n) none (o) All (p) No comment 8. Which companys Executives are smart enough to communicate with you? (a) Eastern (b) BTI (c) Advance (d) Asset (e) Sheltech (f) Bay (g) Assurance (h) Rangs (i) Navana (j) Building for Future (k) Urban (l) Amin Mohammad (m) Domino (n) none (o) All (p) No comment 9. Which companys Executives are more active in responding customers suggestion? (a) Eastern (b) BTI (c) Advance (d) Asset (e) Sheltech (f) Bay (g) Assurance (h) Rangs (i) Navana (j) Building for Future (k) Urban (l) Amin Mohammad (m) Domino (n) none (o) All (p) No comment 10. Which company operates the most innovative marketing approaches frequently? (a) Eastern (b) BTI (c) Advance (d) Asset (e) Sheltech (f) Bay (g) Assurance (h) Rangs (i) Navana (j) Building for Future (k) Urban (l) Amin Mohammad (m) Domino (n) none (o) All (p) No comment 11. Which Company committed to on time handover the Apartment? (a) Eastern (b) BTI (c) Advance (d) Asset (e) Sheltech (f) Bay (g) Assurance (h) Rangs (i) Navana (j) Building for Future (k) Urban (l) Amin Mohammad (m) Domino (n) none (o) All (p) No comment 12. Which Company committed to post handover service? (a) Eastern (b) BTI (c) Advance (d) Asset (e) Sheltech (f) Bay (g) Assurance (h) Rangs (i) Navana (j) Building for Future (k) Urban (l) Amin Mohammad (m) Domino (n) none (o) All (p) No comment

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