Business Opportunities of Safid Star Properties Limited

Prospect and business opportunities of
Safid Star Properties Limited

Safid Star Properties Ltd is a well reputed Real Estate Company in Bangladesh that begun its operation on March 03, 2009 to make a true & convincing dream of shelter wanted people. By ensuring commitment, quality and accountability to the decent client, they are heading towards of their motto.

Now a day’s accommodation problem of our country is increasing day by day which symbolize red alert to the future. But here they are, to solve this perilous problem confidently. Unlike large Real Estate developing institutions, which are in the business of developing products & then being marketed to their customer. On the other hand, their products are in the business for satisfying the needs of their customers by utilizing custom-tailored solution within best possible way.

When any one invests in safid Star Properties Ltd. He will gain partnership with a company which is dedicated to the success and committed to the service of his or her Real Estate investment. They look forward to the opportunity to serve the customer always by ensuring safe future.

Introductory thoughts:

The real estate sector is one of the fastest growing and thrusting sectors in Bangladesh. Infrastructural development is highly important for a country to rise as a develop nation and to ensure housing facilities for the citizen of the country. But compared to that there have been a few studies which are far below the required number on the real estate sector and its accessibility to financing. Consequently, this sector requires an extensive study to find out the future potentiality, problems and solutions of the real estate sector and the availability of financing in this respect. This study may work as the basis of knowing the present scenario and for any future study.

 

Objective of the study

Major objective:

The broad objective of the study is to find out the prospect and business opportunities of Safid Star Properties Ltd.

Specific objective:

  • To identify the present position of Safid Star Properties in comparison to other housing company in Bangladesh.
  • To identify the marketing strategy of Safid Star Properties.
  • To identify the marketing strategy of top rated housing company in Bangladesh.
  • To identify the problem and the recommendations of Safid Star Properties Ltd.

Overview of Safid Star Properties Limited:

Safid Star Properties Limited has come into being in on March 03, 2009 with a pledge to fulfill the housing need of this populous city of Dhaka. The first Residential Project named “Safid Isbat” comprising 7 Apartments in eight storied building was successfully completed and handed over to the honorable clients with their entire satisfaction. Since then, the company continued its advancement in development works and expanded the projects in all prime locations like Uttara, Bonoshri, Tongi, Koshay bazar etc. Both Residential and Commercial Projects were undertaken and completed successfully and handed over accordingly and the company is in force with numbers of ongoing projects.

The company is operating its business in Uttara , Sector-04, Road-13, House-16, Dhaka. The prestigious commercial building like Safid Aiyub Ali Tower at Uttara. A very well decorated and magnificent residential building with panoramic views at Uttaraand other prime locations of the Dhaka City earned name and fame for the company. Safid believes in the concept of extending housing facilities to the common people of the country keeping in view of their limited income.

It is first ever in Bangladesh that Safid has undertaken a satellite township project for the low income group at Ashulia, Savar. Twenty-Two residential buildings along with a market will be completed over there by 2018 in 120 decim.

Goal of Safid Star Properties Ltd.

Safid Star Properties Ltd.is first growing Development Company in Bangladesh. They have a number of projects in prime cities in Bangladesh and mostly apartment business. Our attention is focused upon the goals and aspirations of our clients. Because effective realization of clients need begins with understanding, we do all we can to understand our clients perspectives. We study their need. We listen and respond. We strive to become part of every client’s needs

Responsibilities of Executive Body of Safid Star Properties Ltd.

The Board of Directors are responsible for setting business objectives, strategic directions of the group and for overseeing and monitoring the group’s business affairs. Day to day management and other activities and the implementation of its strategy are delegated to Chairman, Executive directors and senior Executives as head of the company. The manpower of the company is around 173. Each one of this group is committed to attain the objectives by honesty, sincerity, dedication and punctuality.Highly qualified and experienced Executive Directors are proactive in meeting stated goals, the directives of Board of Directors and achieve objectives as Head of the Company. They strive towards continual improvement of company’s activities.

Major Activities Undertaken by Safid Star Properties Ltd in Bangladesh

Safid Star Properties Ltd,one of the new but fast improving realtors in Bangladesh, has come forward with such a housing project that will fulfil the dreams of the middle and lower-middle class people.

Safid latest project in Chondalbag, diabari circle besides Uttara third phase which is now considered a part of the capital for the lower income people.

 “Live in green” Not only a famous slogan, but it also describes the hopes and dreams of many urban people who aspire to own a sweet green home. Such aspirations are more reflected in the hearts of people who reside in rental homes, wishing to own a permanent address. But it is difficult for a member of the middle of lower-middle income group to purchase an abode, owing to high property prices and prolonged payback periods. Uttara is the outcome of an initiative taken by the then government in 1974. The then government also planned that some five downtowns or suburbs will be set up surrounding Dhaka. However, such plans were not reinitiated by the successive governments. “There is not even a hint of such a development in the present Dhaka Metropolitan Development Plan or Detailed Area Plan,” says Mr. Jashim Uddin, Chairman of Safid Star Properties Limited.

Managing a housing solution arrangement for the partial population of Bangladesh by Safid Star Properties Ltd.

Quality housing solution is the mission and motto of Safid. Safid believes in the concept of extending housing facilities to the common people of the country keeping in view of their limited income. It is first ever for Safid in Bangladesh to take a plan to build a satellite township project like government and other renowned housing company for the low income group at Pubail and Ashulia, Savar. Eighteen residential buildings along with two market are being completed over there. There is a plan that tentative clients will be illegible to avail the apartment in those project after booking and availing Bank Loan facility and thereby the scope of making repayment of bank loan with the amount of House Rent is nearly possible. This opportunity will make the dream true of becoming the apartment owner in case of those categories of clients.

Special Concern on Dhaka City by Safid Star Properties Limited in Bangladesh

“Dhaka is no longer a live able city. It is one of the most densely populated cities in the world, with around more than twenty two crore people inhabitants at present,” he says. “People are restricted to this one city for work, residence, shopping needs and entertainment. “The civic facilities required for a human being to live in a society are limited in Dhaka,” he says. If the city is not decentralized or several downtowns established in and around 50 kilometers of Dhaka, the view of the city will be unimaginable in the days to come, Chairman says. “We have set up the satellite town with these concepts in mind, where all housing and social facilities such as shopping malls, schools, mosques, hospitals, playgrounds and community centers are available,” he says. “My goal is to take Dhaka outside Dhaka.” However, he says, the government will have to facilitate the private sector to invest outside Dhaka.

Latest project of Safid Star Properties Ltd. in Bangladesh

The project, ‘Safid Jharnadhara’ at Uttara, stretches over 5 Katha’s of land. One floor consists of two units. Each flat is 1450 square feet. Safid Sheikh Ali Garden at Bornomala Road, Dattapara, Tongi, Gajipur will be constructed in 10.28 katha of land. The full building will be commercial purposes. Safid Nahar at Plot-19, Road-7, Block- F, Banasree, Rampura, and Dhaka will be constructed in 3 katha of land. Safid Ayub Ali Tower House-23, shahid Latif Road, Mollertek, Ashkona, Dakkhinkhan (Near Uttara & Airport), Dhaka will be constructed in 8.75 katha. The entire building will be commercial Cum Residential.

Safid is now offering flats in different sizes ranging from a minimum of 660 square feet to a maximum of 1,120 square feet at Tk 2,990 to 7500 Tk square feet. Customers can avail the key to a flat with an initial down payment of just Tk 1 lakh. “We have designed the project for the middle, lower-middle class people and high class people. Price range 2990 for the people who mostly live in rented flats. They spend a substantial amount on monthly rent,”Chairman says.”Following the down payment, buyers can pay the rest of the money through installments.

They can make the payments with the amount they previously spent on rent,” he says.”Besides, we have arrangements with some financiers that will provide loan to our customers,” he says. IFIL Limited, National Housing, SIBL, IBBL and Al Arafah Islami Bank are providing housing loans to prospective customers.

Although the real estate and housing sector witnessed a 35 percent drop in sales in the first three months of 2009 as a consequence of the global financial crunch, Safid is optimistic about its new project at Ashulia, Savar.Which comprises 8 eight-storied buildings with 256 flats.

The Safid Star Properties Ltd includes facilities like a full-time generator for electricity backup, and its own water supply and sewerage system. Around more than 50 flats have been sold so far and many prospective customers are contemplating purchase. Although most buyers are based in Gazipur, Savar or Asulia Safid is optimistic about selling flats to Dhaka-based customers. A good number of people fromUttarkhan, Dakkhin khan, Ashkona, Kawler, Khilkhet and areas have booked some flats.

Collective Development Activities by Safid Housing Estate in Bangladesh

Safid Housing Estate Limited feels social responsibilities to serve the people with quality and commitment. With this end in view the company is working with a dynamic set of management personnel and skilled work force. We look forward to see a better future.

Safid Star Properties Limited has come into being in 2009 with a pledge to fulfill the housing need of this populous city of Dhaka. The first Residential Project named “Safid Isbat” comprising 7 Apartments in one eight storied building was successfully completed and handed over to the honorable clients with their entire satisfaction. Since then, the company continued its advancement in development works and expanded the projects in all prime locations mainly at Uttara, Bonoshri and Ashulia. Both Residential and Commercial Projects were undertaken and some of them completed successfully and handed over accordingly and the company is in force with numbers of ongoing projects. The company is operating its business at Misson Sifat, house- 16, road-13, sector-04, Uttara, Dhaka.The prestigious commercial building like Safid Ayub Ali Tower near Airport and Sheikh Ali Garden at GazipurTongi highway, Safid Resource Tower at Bangla motor and well decorated and magnificent residential building with panoramic views at Various sectors in Uttara, Airport, Bonoshri and other prime locations of the Dhaka City earned name and fame for the company.

Price offer by Safid Star Properties in Bangladesh

Safid Star Properties Ltd, is new, small but one of the promising realtors in the country, is going to start very soon its first satellite town project in Dhaka’s suburb to offer 256 ready flats mainly targeting the middle-income group. The 128,00,000 BDT mega project titled ‘Asulia Hill City’ at Ashulia off Ashulia-Savarroad is evidence of housing sector’s trend towards spreading to the suburbs.

The company offers flats of four different sizes ranging from a minimum of 660 square feet to a highest of 1,120 sft with a Tk– 1,00,000 ( one lac ) booking fee , and fixes Tk– 1500 for each sft. “Obviously it’s a risky venture — developing a housing project outside Dhaka. But we hope people who are spending a huge amount on monthly house rents will be interested in our project,” said, Joshim Uddin, Chairman of Safid Star Properties. He said Safid will also arrange loan facilities for the customers through some financial institutions. The company organized a three-day fair at Rehab fair to promote sales of the flats. SIBL, IBBL, IFIL, Al-Arafah Islami

Bank were the top financiers of the project under which Safid constructed previous projects. “Given the rising demand for housing, it’s not a big venture,” Mr. Joshim Uddin said, adding that it may encourage others to invest outside Dhaka. Safid has already built more than 50 flats in different parts of Dhaka city and constructed some commercial buildings in the city.

 

Facilities providing to the Clients

There is a plan that tentative clients will be illegible to avail the apartment in this project after booking and availing Bank Loan facility and thereby the scope of making repayment of bank loan with the amount of House Rent is nearly possible. This opportunity will make the dream true of becoming the apartment owner in case of those categories of clients. Safid has got housing project in nearby Savar region called Asulia Land project (Ashulia and Savar).

SWOT Analysis

SWOT Analysis of Safid Star Properties Ltd.

Strenghts

  • Experienced managemnt and large number of projects around the Mega city Dhaka.
  • Strong and compettitive customer channel network of the top management.
  • Quality products and services.
  • After sales services of the company.
  • Company reputation and goodwill.
  • A good number of multitasking dedicated employee.
  • Value addition in products and services.

Weakness

  • Lack of adequate marketing (advertising and promotion) effort.
  • Lack of full scale automation.
  • Lack of training facilities for the employees.
  • Strong competition among the existing players of the industry
  • Poor flat installment collection strategy.
  • Inside trading by the top management.
  • Nepotism of the top management.

Opportunities

  • Regulatory environment favoring private sector development.
  • Increasing purchasng power of people.
  • Increasing trend in international business.
  • Increasing the population of Bangladesh.
  • Expanding market, expanding sales & profitability
  • A healthy industry sector with quality business.
  • Good purchasing power of target customers group.
  • Government keen interest to solve housing problem with the rapid increase of urban population.
  • Open market economy, recent housing policy etc. may favor sustainable growth of housing industry.
  • Dependency of the major housing companies in the market.
  • A high profitable investment opportunity for individuals as well as financial institutions.
  • A very wide scope is prevailing for foreign investor also.
  • Urban population is developing favorable attitudes towards apartment living, although the present market of apartment business is limited within high income groups of the society, there exists opportunity for middle and lower level income groups.

Threats

  • Increased price of industrial materials will be difficult to pass on the customers because the agreement in response of the price and construction standard is made 2 to 3 years before the actual handing over of the apartments
  • The industry as a whole does not follow any standard business rules, therefore there remains uncertainty practices by some of the developers.
  • Frequent changes of inhabitation rule of Bangladesh Government or RAJUK National and global political unrest.
  • Lack of land of Bangladesh.
  • Political instability and unrest directly or indirectly threats all the business sectors including housing industry.
  • Bureaucratic complexity imposed by RAJUK, WASA, DESA, and many other Government and semi Government agencies.
  • Cooperation and rendered by rational board of revenue in relation to the taxation and import facilities (Tax Concession).

Industry Analysis (Porters Five Forces)

It is extremely crucial to analyze competitive forces in the industry environment to identify opportunities and threats. Michael E. Porter’s well-known framework, known as the five forces model helps with this sort of analysis. The model focuses on five forces that shape competition within an industry. The stronger the five forces, the more limited is the ability of established companies to raise prices and earn greater profits. Therefore, we can conclude that a strong competitive force can be considered as a threat because it depresses profit, whereas, a weak competitive force can be viewed as an opportunity as it facilitates the companies to earn higher profits. The situation of the industry changes over time. The influence of the five forces in the banking industry has been discussed below:

  1. Threat of Potential Entrants:

Potential competitors are companies that are not currently competing in an industry but have the capability to get into the industry. The real estate Industry of Bangladesh seriously faces the threat of new entrants. There are so many real estate companies in our country. In a study it is found that there are more than 1081 registered rehab member real estate company in our country and the number of non-registered company is more than that. These non-registered companies are threat for the new companies like Safid Star Properties Ltd. Lack of government monitoring these non-registered companies do not follow the building code so the new but registered companies like Safid Star are facing many problems. Government policies, rules and regulation for real estate industry are not so strong in this country. We do not have proper monitoring from

Bangladesh Government for regulating the real estate sectors. If government does not regulate  the real estate sector strongly, then lots of new real estate companies will come and will make the competition more intense and new companies could not survive in the market.

  1. Rivalry among Established Companies:

Although there are so many famous and established companies like Concord, Asset, and Dominno etc. in our country. They are acquiring the most of the lands of aristocrat and popular area land. The land owner are also very comfortable to give them their land. And they are selling their properties in not twice or thrice times more price but eight or ten times higher than the new companies like Safid Star. As a result Safid Star could not develop their project in those areas.

Although they succeeded to develop some project in popular areas, but the price and profitability is not the near of that established companies.

  1. Threat of Substitute

In real estate sector, the types of services and product provided are similar to each other. . Real estate substitute products are duplex villa or resort. So, threats from the substitute product is not so significant here.

  1. Bargaining Power of Buyers:

Bargaining power of the buyer plays a significant role here. Because there are so many suppliers in our country and every one try to offer the maximum discount and facilities to sell their product. So the buyer have the more bargaining power over the suppliers. As example, there are so many cement companies in our country everyone is doing well. So some companies are offering some promotional activities like transportation facilities and some companies are offering ready mix cement.

  1. Bargaining Power of Suppliers:

Bargaining power of suppliers does not exists here. Due to the huge competitive market the supplier are not very relax. All over the year they are offering many facilities, discount and promotional activities to the customer.

Marketing strategy of the Market leader:

The marketing strategy of the real estate companies of Bangladesh more or less is the same. Everyone are following almost the same strategy to attract the markets.

The top class real estate companies of Bangladesh are as follows:

  1. Concord Group.
  2. Asset Developments & Holdings Ltd.
  3. Advanced Development Technologies.
  4. Amin Mohammad Group.
  5. Anwar Landmark.
  6. Dom-Inno Developments Ltd.
  7. Ventura Properties Limited.
  8. Bangladesh Development Group.
  9. Bashati Consortium Limited.
  10. ABC Real Estates Limited.

Selling, Advertising and promotion strategy of the market leader:

To analyze the market we found that the market leader take following strategy to attract the customer:

  1. Direct Marketing: Direct marketing is about making direct contact with existing and potential customers to promote your products or services. Here the top class real estate companies are offering a very attractive sales commission for the sales man and for the customer. The sales man got extra percentages over sales prices and the customer is also getting extra exemption for full payment. The sales man is promoted for door to door marketing.
  2. Fair and exhibition: The REHAB member got extra facilities to participate the Rehab fair in between the country and to the abroad from REHAB. Where the flat owner could promote their product to the customer. REHAB has been arranging Rehab Fair in every year for 7 days long exhibition for the visitors at Bongobondhu International Conference Centre. The real interested companies took stall and promote their product to attract the potential customer. Not only in country, REHAB has been arranging fair and exhibition in USA, UK and many other country where the Bangladeshis are Live. This kinds of initiatives are taken to attract the foreign Bangladeshi’s. The customers also get extra facilities in those fair and exhibition. The companies offer attractive package if anyone pay the booking money in the fair sometimes they offer Television, Laptop fridge etc. for the customer.
  3. Advertising:
  • Newspaper advertising: Newspaper advertising a printed advertisement that is published in a newspaper. Throughout the year, the housing companies had been placing advertisements on popular newspapers. This is one of the most common ways to debut among the people about their business
  • Online advertising: Online advertising, also called online marketing or Internet advertising, is a form of marketing and advertising which uses the Internet to deliver promotional marketing messages to consumers. It includes email marketing, search engine marketing (SEM), social media marketing, many types of display advertising (including web banner advertising), and mobile advertising Peoples now a days are using smart phones for communication. And people are getting used in online newspapers. Prothom-alo.com, the dailystar.net, bdnews24.com etc. are very popular platform for website advertising.
  • Social media advertising: Social media marketing (SMM) is a form of Internet marketing that utilizes social networking websites as a marketing tool. SMM became more common with the increased popularity of websites such as Twitter, Facebook, Myspace, LinkedIn, and YouTube. ‘’Facebook’’ and “LinkedIn” are very popular social media platform in our country. About 40 lacs of people are engaged with social media in our country. In social media sites the seller could find out his customer segment to show the add. Television add and sponsor: Television advertising is very common and expensive way to get engage with the all types of people.
  • Classified advertising: Classified advertising is a form of advertising which is particularly common in newspapers, online and other periodicals which may be sold or distributed free of charge. Advertisements in a newspaper are typically short, as they are charged for by the line, and one newspaper column wide. Publications printing news or other information often have sections of classified advertisements; there are also publications which contain only advertisements. The advertisements are grouped into categories or classes such as “for sale—telephones”, “wanted—kitchen appliances”, and “services—plumbing”, hence the term “classified”.Classified advertisements are much cheaper than larger display advertisements used by businesses, and are therefore normally used by businesses with smaller advertising budgets, or by private individuals The classified advertising sites are giving the opportunity to place the the advertising to the right business segment. bikroy.com is one of the largest market place of Bangladesh. They are providing free advertising for their customer. ekhanei.com, Lamudi or pbazar.com also providing the same facilities.
  • Local magazine, yellow pages: some companies sponsor in local magazine or promote advertisements on housing companies’ directory ex. Yellow pages.
  • Bill board: Some renowned companies places their advertisement wide billboard to the attractive location of the country. Like: busiest road or populous location.
  • Calendar, bags, wall clock, and diary: Some companies printed out calendar or diary. They gift wall clock or bags to the existing customer or potential customer.
  • Foreign agent: Some companies employ company local agent in abroad to make the customer relationship, promote the brand and to seek the potential customer. Ex. Maati properties employed local agent in Europe and USA to find out the potential customer. There only job is to make the relationship with the foreign Bangladeshis.

Marketing strategy of Safid star Properties:

As a small company Safid has some marketing strategy of his own. Selling, Advertising and promotion strategy of Safid Star Properties.

  1. Direct Marketing: Safid Star Properties Ltd. drives the sales from direct marketing of the top management. This is called door to door marketing.
  2. Attractive commission for the sales person: They offer a great sales commission for the sales person. So the director plays a great role to sell the product. Most of the flat and plot were sold among the relatives, friends and families. The network of the top management is very strong and wide. So, selling product is not so tuff.
  3. Exhibitions and Fair: Safid Star Properties participated several exhibition and fair.
  4. Local magazine and bill board: Safid sponsor in local magazine and bill board to the prime location and to their own project.
  5. Calendar, bags, wall clock and diary: Safid publish calendar or bags. Gift wall clock and diary the existing customer and potential clients.
  6. Annual get together: Safid arrange annual get together of the land owner, Flat or plot owner, potential customer, employee and supplier in every year.
  7. Foreign agent: Our chairman and the top management make a tour to the abroad to promote their product to the foreign Bangladeshi’s.

Strategic group of mapping:

Strategic group of mapping is required to find out who is the close competitor. Strategic group mapping is a technique for looking at your position in your sector, field or market. Safid star properties Ltd.’s close competitor is as follows:

  1. Resources Developers ltd.
  2. Alpha Builders Ltd.
  3. Rich Living Ltd.
  4. Vision living ltd.

Marketing, selling branding and promotion strategies of the competitor:

– Direct Marketing

– Door to door Marketing

– Bill board

– Calendar, bags, wall clock and diary

– Fair and exhibition

– Annual get together

 

Recommendations

  • Product Development: In order to get a better response from the potential consumers of real estate sectors, appropriate policies should be taken immediately. There are different kinds of potential customer in the market. To grab all kinds of customer Safid should have different class of product.
  • Targeting the Middle Class: Studies reveal, only in Dhaka city 5% of the population belongs to the high-income group. Thus 45% of the total population falls into the middleincome group and the rest 50% in the low income groups. Economists and real estate participants see the middle-income group as a huge market for the real estate sector. Safid should target for this segment.
  • Proper Channels for Non Residential Bangladesh (NRB): Among the potential consumers of the real estate sector, a significant proportion is covered by the NonResidential Bangladeshis (NRBs). But for being an actual consumer from the potential, they have to face some problems. The major problem is sending the money through proper channels. To create an opportunity they should take proper initiates.
  • Safid should hand over their product in time. As a result the cost of the raw materials increased and Safid lose the profit.
  • Safid should manage easy loan facilities for their clients. They should have corporate contract with financial institution or leasing firm to provide loan facilities for their clients.
  • The relatives of the top management delay in paying the installment. Such kind of nepotism of the top management should be eliminated.
  • All types of decision of SafidStar is Chairman centric and very slow. Other directors of the company do not take any kind of initiatives or risks. This circle should be break down.
  • The Managing Director of SafidStar Properties is unskilled and corrupted. For the sake of the company Safid should employ a skilled Managing Director.
  • Safid maintain their filling system manually. Manually accounting system is slow and old. Safid should use software based accounting system to get speed in the job.
  • Now a days internet marketing is very much effective and the easiest way to reach the potential customer. They should introduce internet marketing to expand their market.
  • Safid do not pay on advertising more. Direct selling is only the traditional way to sell the product but it is not only effective for selling. Safid could not sell their entire product to the friends and family.
  • Safid should have a market research committee to select where the project could run and where not. They should calculate the PBP, NPV before signing any project.
  • The employees of the company are not happy with their salary. They should pay the proper salary and in time.
  • Safid has a very attractive sales commission but that is only for the directors and top management, but the sales commission for the employees is very low and un attractive. But the scenario should be fully opposite.

Conclusion

The real estate sector is growing and shows tendency of future growth. The GDP share and Growth of real estate and construction is growing. This indicates a hopeful future for this sector. Rise in house rent, increasing demand for housing, getting easy financing facility, rapid urbanization, inadequacy of land and many other factors are creating huge scope for this sector to grow. As a result aggregate demand for housing and apartments has shown increasing trend and is expected to increase further. Though inadequate, supply of apartments with the number of real estate developers also has shown rising trend and suggests future growth. Regulatory environment has been helpful for the sector to grow except the recent Real Estate Management Ordinance 2008 which is yet to be passed and is likely to be very important for protecting buyers’ interest. Financing market for the real estate sector has become easier and more available than ever before. Private sector housing finance is available at competitive interest rate for flexible period but still the amount of loans given is very low compared with loans in other sectors. Strengthening the regulatory and supervisory system for the financial sector and improving and expanding debt markets are of particular concern for the housing finance sector.

Cost for apartment has increased varying with different locations and size. Additional cost for additional facilities is required. On the whole, this study finds a very promising and positive tone of growth, provided this sector is given proper attention and facilities. It has certainly become very necessary to satisfy the increasing housing demand and minimize the supply gap in the country.