Is Quality of Construction Important in Real Estate Development?

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April 21, 2024 Real Estate Industry

These days, the number of new real estate developers popping up across the nation is somewhere in the hundreds, with at least a handful making their presence known every month. 

The recent Bailey Road fire tragedy has reconfirmed that none of us are immortal. One of the key reasons behind that fire is assumed to be non-compliance with BNBC rules and regulations, as well as no assurance of quality of construction. Unscrupulous practices are rampant in the real estate sector, undertaken mostly by companies willing to make quick profits at the cost of human lives and property damage. 

Quality of construction can also help determine how well a structure can stand up against natural disasters such as tornadoes/ hurricanes, thunderstorms, tsunamis, and even earthquakes. In Bangladesh, all residential and commercial buildings are expected to be built while maintaining the rules and regulations set in the BNBC manual. However, developers who want to take shortcuts in business will supersede essential rules, which can later have devastating consequences. 

Some of the key benefits of maintaining quality of construction are:

  •  Safety

Making sure that high quality of construction is maintained in constructing a building is absolutely crucial. The building must be made to withstand harsh weather conditions in the area, as well as with protective measures against fires, earthquakes, and other similar hazards. If a real estate developer is known for maintaining quality of construction as well as safety, they will earn the confidence of future investors and current customers. 

  •  Durability

Real estate developers need to be very careful when picking out materials for use in the construction of their buildings. If good quality, sustainable materials aren’t sourced at the very beginning of each project; then the resulting structure might be fragile and might collapse from the slightest structural anomaly. You also ideally want to choose to live or work in a building that has been made to last for a long time. A durable building will save money and time that would otherwise need to be spent on repairs and reconstruction. 

  •  Aesthetics and Comfort

When buying a home, people are first attracted by the look of the building and apartment, as well as how comfortable and cozy it feels. While a building’s external look is absolutely important and should be attractive, if a home is not appealing to you from within, then you will probably never be able to fully make it your own. The aesthetics and comfort of a home can be dramatically changed by ensuring high quality construction techniques and materials are being used. 

  •  Resale Value

The global economy has been suffering since COVID-19, and it doesn’t seem to have fully recovered since then. As a result, the Bangladeshi economy has also been simultaneously suffering. In such a scenario, investors and customers choosing to buy real estate want to own property that could potentially be resold for liquidation of assets. Investors will gain confidence in a building by a specific real estate developer if it has been made with high quality construction techniques and materials, meaning that it will have a higher resale value down the line. 

  •  Saves Resources

Construction of a building is not only time-consuming, it also takes up a significant amount of manpower and effort. Real estate developers need to employ the best of the best to take care of this process, especially since any repairs or reconstruction, be it major or minor, will incur a huge expense. Adopting and maintaining quality control measures will ensure that none of these issues arise. 

In a country like Bangladesh where inflation is on the rise and the housing crisis needs to be resolved, matters that should gain top priority, such as quality of construction, often get put on the back burner. This is even truer in the case of new real estate developers who are focused more on quantity than quality; since they want to complete the most number of projects in the least amount of time, they often decide to forego the quality of the end product. In the long run, however; this will not only hurt the particular real estate developer in question, but also eventually the whole industry might suffer from losing buyer confidence. If we want to encourage investment in real estate and earn the confidence of potential customers, we have to use good-quality materials, skilled workers, and high quality construction techniques regularly in our projects.