Nazrul Islam Bhuiyan, Chairman of Ashiyan Group, has expressed grave concerns about the escalating challenges faced by legitimate real estate developers in Bangladesh.

He alleged that criminal groups and land grabbers are actively disrupting the housing sector, a vital industry contributing nearly 14% to the nation’s GDP. Bhuiyan called on the interim government to take decisive measures to secure a conducive environment for this critical sector.

In an exclusive interview with THE BANGLADESH EXPRESS, the seasoned developer revealed he has been targeted due to his company's progress and past association with BNP leaders.

“We are the victims of malicious conspiracies orchestrated by individuals and businesses aligned with the ousted Awami League regime during the July Revolution. These groups are attempting to seize land in Ashiyan City, where hundreds of people, including expatriate Bangladeshis, have invested their savings,” Bhuiyan stated with frustration.

“We are the victims of malicious conspiracies orchestrated by individuals and businesses aligned with the ousted Awami League regime during the July Revolution. These groups are attempting to seize land in Ashiyan City, where hundreds of people, including expatriate Bangladeshis, have invested their savings,” Bhuiyan stated with frustration.

Bhuiyan recounted a recent incident where armed attackers targeted his workers and officials. 

“Last week, they used firearms and lethal weapons to illegally occupy land in our planned city. This attack was led by a former commissioner and a notorious local criminal, Mubarak,” he alleged.

A long-time figure in BNP politics, Bhuiyan was mentored by the late President Ziaur Rahman, who significantly influenced his political beliefs. However, he claimed his political affiliations has subjected him and his family to 16 years of relentless harassment by the ruling Awami League.

“A vested group has repeatedly sought to destroy Ashiyan City by spreading false allegations, despite the Supreme Court’s Appellate Division ruling in favour of the project,” Bhuiyan said.

“Last week, they used firearms and lethal weapons to illegally occupy land in our planned city. This attack was led by a former commissioner and a notorious local criminal, Mubarak,” he alleged.

Located in Barua near Shahjalal International Airport, Ashiyan City is one of Dhaka’s largest housing projects. Known for offering premium civic amenities, the project has earned final approval from Rajdhani Unnayan Kartipakkha (Rajuk).

Bhuiyan accused notorious land grabber Kaiyum and his associate Mubarak of spearheading efforts to seize the project, with the latest attempt occurring on January 13.

A Critical Industry at Risk

The real estate sector is a cornerstone of Bangladesh’s economy, contributing 8.6% of GDP ($33 billion) in the 2022–2023 fiscal year. However, Nazrul Islam Bhuyian sees the industry is now in a critical stage driven by land grabbing and terror activities.

“We are working tirelessly to fulfil the dream of homeownership for many people. However, if these terrorist activities persist, the sector will suffer irreversible damage, leading to mass unemployment,” Bhuiyan warned.

Bhuiyan highlighted the untapped potential of the housing industry in addressing one of Bangladesh’s critical challenges: decentralisation.

Indeed, the widely recognised and accepted growth indicators of the real estate market in developed or semi-developed economies may not align perfectly with Bangladesh's market dynamics. This discrepancy is largely due to the influence of government policies and the significant role of political stability in shaping market predictions.

Despite these challenges, the Bangladeshi real estate market holds immense potential for future growth. It still has much to contribute to the nation’s GDP. More importantly, the sector must address one of Bangladesh’s most pressing issues: decentralization. 

“The development of structured housing can extend beyond major cities, promoting balanced urban growth. A slight boom is likely once the political uncertainties surrounding the upcoming elections are resolved,” he said.

“We are working tirelessly to fulfil the dream of homeownership for many people. However, if these terrorist activities persist, the sector will suffer irreversible damage, leading to mass unemployment”

Beyond real estate, Bhuiyan is celebrated for his philanthropic efforts. He founded Ashiyan Medical College and Hospital, numerous mosques and madrasas, and the Manabkantha newspaper. Despite these contributions, he now faces false criminal cases aimed at tarnishing his reputation.

Ashiyan Group has been a trusted name in real estate since its inception in 2005. Its latest venture, Ashiyan Shitolchhaya in Rupganj, Narayanganj, is poised to become the nation’s largest housing project.

The group is also diversifying into healthcare and education, with plans to develop schools, colleges, and universities as part of its Ashiyan Education City Project.

A Call for Support

Bhuiyan’s story underscores the challenges confronting Bangladesh’s real estate sector. Despite adversities, Ashiyan Group continues to drive economic growth and meet the rising demand for housing.

“Protecting this industry is essential for realising the dreams of homeowners and safeguarding millions of livelihoods. I urge the government to act decisively to stop these conspiracies and secure the future of this vital sector,” Bhuiyan concluded.