Uttara: A Great Location for Property Investment

Uttara has been part of Dhaka city for a long time. Despite a common misconception, it is not so under-developed anymore, and is actually a great place to live in. With cheaper rent, good schools, availability of popular shops and restaurants and being close to the airport, Uttara really is its own little town. Future projects such as the metro rail system, as well as the development of the Purbachal area will further make Uttara the next hotspot for buying flats in Dhaka city.

In this article, we will discuss all the great things Uttara has to offer, and why investing in property specific to that area might be a good choice for you.

Why Uttara?

In 2018, 9% of all property listed on Bikroy.com were situated in Uttara – which was the 3rd most searched for location on the site as well, right after Bashundhara and Gulshan.

The reason behind Uttara’s popularity is not as obscure as you might think. Homeowners who are serious about property know that the area has great prospects for investment. Here are some reasons why many city dwellers often decide to move to Uttara:

Cheaper Rents and Property Costs

On average, property-related costs are much cheaper in Uttara compared to the central parts of Dhaka such as Gulshan, Banani and Tejgaon.

According to our real estate infographic last year, some of the most affordable properties listed on Bikroy were from Uttara, priced at less than 5000 tk per sq.ft – a drastically lower rate compared to properties in Gulshan listed at a staggering 15000 tk per sq.ft.

Not only were the apartments cheaper, they were much larger as well. In 2018, many apartments listed from Uttara exceeded beyond 3000 sq.ft. – meaning that you could get a luxurious and spacious apartment at a third of the cost compared to the more cosmopolitan areas of Dhaka city.

In addition to this, the new policy changes for the housing sector is sure to make investments even more lucrative. The 2019-20 fiscal budget plan was designed to pull the property market out of stagnation. There are new plans set in motion to promote investment in the property market by reducing taxation and strict regulations. The current taxation plan for Uttara is as follows:

For Flats/Buildings:

• BDT 3,000 per m2 when less than 200 m2
• BDT 5,000 per m2 when more than 200 m2

For Land:

• BDT 10,000 per m2

This means that it is now easier than ever to invest in property in the northern part of Dhaka.

Better Infrastructure and Planning

Uttara was developed with residential lots in mind, meaning that the area is much better planned compared to older parts of the city. The streets are divided under sectors, making it much easier to navigate through the area.

One of the main reasons Uttara has become a popular place of residence is due to their superior infrastructure, wider streets and well-planned suburban areas.

Many apartment buildings are also relatively new, which means they are built with better technology, have sturdier structures and sleek modern designs.

Good Schools

As a former student of an Uttara-based school myself, I can confidently say that some of the best schools in Dhaka are situated in the area. If you decide to move to Uttara with your family, you are guaranteed to get your children the best education – all without having to worry about long commutes.

Availability of Popular Restaurants and Shops

As mentioned before, Uttara is its own little hub. Many popular establishments, regardless of where they initially open up, eventually expand and open a branch in Uttara. This means residents can conveniently visit their favorite places without facing hectic commute. The proximity of the shops and restaurants means that you don’t have to face the notorious Dhaka traffic.

Uttara also has its own unique places, establishments that are frequented by trend-chasers from all over Dhaka city. And due to the relatively cheaper rent in Uttara, many shops exclusive to the area can offer superior quality products and services at a much cheaper price compared to the other hotspots around Dhaka city.

Better Security

Uttara has a lower crime rate compared to the central and southern areas of Dhaka. The sparse population density and relatively low-profile residential atmosphere of the area means there is less worry about crime happening in or near your home.

Additionally, the Rapid Action Battalion (RAB) headquarters are situated in Uttara as well, so the residents have a better sense of safety and security knowing that help is always nearby.

Closer to the Airport

The biggest advantage of living in Uttara is close proximity to the international airport. If you travel frequently, living near the airport will definitely be a plus. You won’t find yourself worrying about missing your flight very often, as getting to the airport on time wouldn’t really be that difficult.

Closer to the Industrial Area

A few years ago many factories that were previously located in and around the city were moved to the outskirts of town. Currently, Gazipur is an up-and-coming industrial region of Bangladesh, hosting many large manufacturing plants and factories.

Many people commute to this industrial area everyday for work. If you’re one of them, then living in Uttara is obviously a great option for you. It’s close enough for the commute to be short, and yet it’s the right amount of distance from Uttara that allows you to live peacefully in your residence without all the pollution and noise from factories.

Many new businesses are moving up north as well, increasing the potential for job opportunities.

Future Prospects in Uttara

Now that we know a little bit about the current benefits of living in Uttara, let’s take a look at what’s coming in the near future:

Dhaka Metro Rail

The construction of the Dhaka Metro Rail began in 2016 and is being undertaken by the Italian-Thai Development Public Company Ltd. The plan is to construct a rapid transport system starting from the northern part of Uttara to south of Motijheel. It is estimated to be completed and in operation by the end of 2021.

With the addition of the metro rail, commuting through the city will become a lot easier and quicker. As the starting point is Uttara, it will be beneficial to make property investments there before the metro rail is set in motion and the prices of surrounding properties go up.

Development of the Purbachal Area

Purbachal will be developed as a new residential location within the next five years and will be included under Dhaka city jurisdictions. The plans have been underway for quite some time now as a solution to the excessive congestion and saturation of residence within the existing borders of the city.

With the inclusion of Purbachal, many city dwellers will eventually shift towards this north-east part of Dhaka and purchase property here.

This will make Uttara an even more prospective location as it is quite close to Purbachal, and in the near future, many homeowners will want to invest in Uttara property as well – thus eventually driving up the prices due to more competitive offers.

If you are considering buying a property in Uttara, this may be the perfect time as you might start getting a return on your investment within the next few years.

Conclusion

To sum up, Uttara is a great place to purchase property in. The affordability of plots and apartments, the accessibility of good schools, restaurants, and renowned shops, and the closeness to important locations make it an overall profitable area to invest in.

So regardless of any prevailing misconceptions, Uttara is well on its way to becoming one of the most developed areas in all of Dhaka city. Soon enough, the northern area will become an integral part that unifies the whole city and brings our country a step closer to development.

If you think buying a property in Uttara is a good decision, why not check out Bikroy.com and find property listings today? Find hundreds of listings for plots, apartments, and houses – available in Uttara and all other parts of the city. Select and compare properties and pick one that is best for you.

What else is great about Uttara? Let us know in the comments below!