Shelter is the one of the fundamental needs of people of any country. Government of every country tries to provide the housing facilities to general public. In Bangladesh approximately 7 million people have been facing housing deficiency where 4 million in the urban areas and 3 million in the rural areas. It is impossible for any government to ensure 100% housing facilities to all the public. Dhaka is grappling with severe shortages of affordable housing due to immense migration from the countryside into new urban centers for that reasons Dhaka city requires between 55,000-83,000 housing units each year, whereas all public and private efforts together can only produce 25,000 housing units a year (Bashar, 2013, Urban Dialogue, Habitat for Humanity) http://www.habitatbangladesh.org/files/Urban%20Housing%20HFHBD.pdf
To cope up with this situation many private Real Estate developers with very few provision of government housing have been trying to meet the demand of housing/ shelter for the last more than twenty years in Bangladesh. Therefore the government of this country should come forward to make a public private partnership (PPP) with private real estate developers to develop the real estate sector in a sustainable way. The Real Estate developers should be aware about the needs and choices of the customers of apartment.
Our research has revealed four market factors namely cultural changes, land problem, urbanization and population pressure and raising the prices level those act as a catalyst for changing the attitudes of Real Estate buyers. Cultural changes have been taken place in the areas like restructuring of household, Project facilities are demanding by the customers, influence of western culture. Land is fixed so in urban areas the proper use of land should be ensured. Government should take some measures to avoid the hazards in land purchasing. Real Estate developers should be aware about the market factors those have been changing the trends of industry as well as consumers’ preferences. Sometimes Real Estate developers involve with malpractices and try to cheat with the customers. To ensure customer satisfaction and sustainable development of the Real Estate industry those malpractices should be avoided. Besides the aforesaid facilities customers of apartment would like to get prompt services, timely handover of the apartment, empathy, responsive behavior and after sales services from the developers. Identifying customers’ needs, choices and preferences are crucial tasks for developing effective Real Estate marketing strategies.