Low Budget Apartments for Sale in Dhaka

Low Budget Apartments for Sale in Dhaka – 20 Lakh Taka Range

Owning a home in Dhaka, a city known for its skyrocketing property prices, might seem like a distant dream for many. The common perception is that you need a multi-crore budget to even consider buying a flat. However, this is not always the case. With a strategic approach and a deep understanding of the market, it is possible to find low-budget apartments for sale in Dhaka, even within the 20 lakh Taka range.

This blog post is a comprehensive guide for aspiring homeowners, first-time buyers, and investors who are navigating the affordable housing market in the capital. We will debunk the myth that cheap means low quality, explore the areas where such properties exist, and provide crucial tips on how to secure your dream home without breaking the bank.

The Reality of the 20 Lakh Taka Range

First, let’s be realistic. Finding a brand-new, spacious apartment in a prime location like Gulshan, Dhanmondi, or Banani for 20 lakh Taka is nearly impossible. This budget category primarily falls into one of three types of properties:

1. Compact Apartments: These are typically small-sized units, often a studio or a one-bedroom apartment. They are designed for single professionals, small families, or for investment purposes (e.g., as a rental property).
2. Older or Used Apartments (Resale Market): The secondary real estate market is a goldmine for budget-conscious buyers. Older apartments, sometimes built decades ago, are often available at significantly lower prices compared to new constructions. While they may require some renovation, they offer a great opportunity to own a piece of property in a well-established neighborhood.
3. Flats in Emerging or Developing Areas: Many of Dhaka’s peripheral areas and rapidly developing zones offer land at a lower cost, which translates to more affordable apartment prices. While these locations might be a bit further from the central business district, they are often well-connected and show significant future potential.

By focusing your search on these categories, you can turn your homeownership dream into a tangible reality.

Where to Find Apartments in the 20 Lakh Taka Range

The key to finding an affordable flat is to look beyond the city’s most prestigious and expensive neighborhoods. Here are some of the best areas in and around Dhaka where you can find properties in this price bracket:

1. Mirpur

Mirpur is perhaps the most well-known hub for affordable housing in Dhaka. It’s a vast area with a mix of residential and commercial zones, and it has undergone a massive transformation in recent years.

• Why Mirpur? Mirpur offers excellent connectivity with other parts of the city via the Metro Rail and a wide network of bus routes. It has a well-developed infrastructure with numerous schools, colleges, hospitals, and shopping centers. The sheer volume of housing projects, both new and old, means there’s a wide range of options to fit various budgets.
• What to Look For: In the 20 lakh Taka range, your options in Mirpur will likely be in the form of older, smaller apartments (400-600 sq. ft.) in the inner, more residential pockets of the area. You might also find apartments in the 20-30 lakh Taka range in under-construction projects, especially if you can get a good deal on a smaller unit.

2. Mohammadpur

Located on the western side of Dhaka, Mohammadpur is a vibrant and densely populated area. It has long been a popular choice for middle-class families seeking an affordable yet well-connected location.

• Why Mohammadpur? Mohammadpur offers a great balance of affordability and convenience. It’s close to Dhanmondi and other central locations, yet the property prices are significantly lower. The area is known for its lively markets, diverse food scene, and a strong sense of community.
• What to Look For: The more affordable properties in Mohammadpur can be found in areas like Bosila, Dhaka Uddan, and adjoining localities. Here, you can find small apartments or older, resale flats that fall within or slightly above the 20 lakh Taka budget.

3. Jatrabari & Demra

For those who live or work in the southern and eastern parts of Dhaka, Jatrabari and Demra present an excellent opportunity for low-budget housing.

• Why Jatrabari & Demra? These areas are undergoing rapid development and are becoming new residential hubs. They offer some of the most competitive land prices in Dhaka, which directly translates to lower apartment costs. The recent infrastructure improvements, including better road connectivity, have made these areas more accessible.
• What to Look For: In this range, you can expect to find small, functional apartments, often under construction or in newly completed projects. These locations are perfect for long-term investors or those with a flexible work commute.

4. Badda & Rampura

Badda and Rampura, once considered less-developed areas, have emerged as key residential zones due to their connectivity to Gulshan and Banani via Hatirjheel.

• Why Badda & Rampura? The strategic location of these areas makes them attractive for those who work in the Gulshan/Banani/Baridhara commercial zones but cannot afford the sky-high rents or property prices there. The property values here are still relatively lower than in the premium neighborhoods, but they are appreciating steadily.
• What to Look For: While finding a flat under 20 lakh Taka in these areas is challenging, it’s not impossible, especially if you consider very small studio apartments or used flats in older buildings. Expanding your budget to the 25-30 lakh Taka range will give you more options in these promising localities.

The Step-by-Step Guide to Buying a Low-Budget Apartment

Buying a property, regardless of the budget, is a significant financial and legal decision. A low-budget purchase requires even more careful planning.

Step 1: Set a Realistic Budget and Define Your Needs

• Total Cost: Remember that the “20 lakh Taka” price is often just the base price of the apartment. You must account for additional costs such as registration fees (around 10-15% of the property value), utility connection charges, and potential renovation costs.
• Size vs. Location: Decide what is more important to you: a larger space in a peripheral area or a smaller space in a more central location.
• Apartment Type: Are you looking for a ready flat, a used flat, or an under-construction project? Each has its own set of pros and cons.

Step 2: Do Your Research

• Online Portals: Utilize online real estate portals like Bproperty, Bikroy, and BD Housing to get a sense of the market. Filter your search by location, size, and price.
• Local Brokers: Engage with a local, trusted real estate broker who specializes in the low-budget segment. They often have access to listings that are not publicly advertised and can provide valuable insights into specific neighborhoods.
• Visit the Areas: Spend time visiting the neighborhoods you are considering. Talk to local residents, observe the infrastructure, and assess the quality of life.

Step 3: Financial Planning

• Cash vs. Loan: In this budget range, it is often easier to purchase with cash, as banks may be hesitant to provide small loans for older or very compact apartments. However, some financial institutions and developers have special loan schemes for affordable housing.
• Hidden Costs: Always ask the developer or seller for a complete breakdown of all costs, including the per square foot price, car parking fees, utility charges, and other common expenses. A transparent developer is a trustworthy one.

Step 4: The Inspection and Legal Formalities

• Thorough Inspection: If you are buying a ready or used flat, inspect it meticulously. Check for signs of dampness, cracks, and the quality of fittings. Don’t hesitate to hire a civil engineer or an experienced professional to accompany you.
• Legal Scrutiny: This is the most critical step. Ensure all legal documents are verified by a lawyer. Key documents to check include the Deed of Agreement, Mutation, Khatian (RS, CS), Building Plan Approval from RAJUK, and the Non-Encumbrance Certificate. For older properties, ensure the chain of ownership is clear and there are no existing disputes.

Investment Potential of Low-Budget Apartments

Beyond being a place to live, a low-budget apartment can be a smart investment.

• High Rental Yield: Compact apartments in areas like Mirpur and Mohammadpur are in high demand among students, single professionals, and small families. The rental yield (rental income as a percentage of the property cost) can be higher for these properties compared to large, expensive flats.
• Capital Appreciation: As Dhaka’s population continues to grow and its urban footprint expands, the property values in developing areas are likely to appreciate. Buying an apartment today in a location that is set for future development can yield significant returns in the long run.
• Diversified Portfolio: For existing investors, adding a low-budget apartment to your portfolio can be a great way to diversify your assets and generate steady passive income.

Final Thoughts

The journey to finding a low budget apartment for sale in Dhaka in the 20 lakh Taka range requires patience, a pragmatic mindset, and meticulous research. While the options may be limited and the search can be challenging, the reward of owning your own home in the bustling capital is priceless.

By focusing on emerging neighborhoods, considering older resale properties, and being prepared for the extra costs involved, you can navigate the market successfully. Remember to prioritize legal due diligence, inspect the property thoroughly, and work with a reliable real estate partner. Your dream of homeownership in Dhaka is not out of reach – it’s just a matter of knowing where to look and how to take the right steps.