“Companies cannot afford to ignore the adoption of sustainable measures and smart building technology”
Rashnat Tarin Rahman Toma is the Director of Toma Properties and seven of its sister concerns. She is an active member of the Gulshan Society Club and the Dhaka Club.
Can you please share with us the vision of Toma Properties and how it plans on setting itself apart from other real estate firms in Bangladesh?
Toma is committed to be a construction conglomerate in the real estate market; externally through quality, integrity and commitment with resources and internally through profitability and employee satisfactions. Its real estate ventures are especially concerned with the design, construction methods, materials and marketing of apartments and commercial projects by branding them with its quality markings. Managed with experienced and qualified professionals in their fields, the company is completely focused on construction and service based competitive marketing strategy.
How would you describe the business model of Toma Properties?
The business model entails a number steps. This involves a combination of individuals, groups and mutual interests. The organization is oriented to the achievement of its goals. So it adheres to social systems, specific structures and specialized coordination in order to accomplish these goals.
What major challenges did the company have to overcome over the years? How were these challenges hurdled?
In the first decade of 21st century, the price of per katha land increased unbelievably almost throughout Dhaka. Compared to the price increase of the earlier decade, the percentage increase in price almost doubled. In some areas, it was more than three to ten times the earlier price. Hence, the real estate developers were bound to increase their price to cover the cost of a project. This price rise is unbelievable and unexplainable. This has a direct impact on the prices of completed flats. Contributions to the government exchequer through registration fees, vat, Advance Income Tax (AIT), Stamp Duty, Property Handover Tax and other factors have increased every year. In the future, this sector has enormous potential to expand its volume and thus contribute more to the national economy. For this, sufficient government assistance is required. While negotiating with the government, it can be argued that, regulation is required as opposed to tightening the grip. If the government takes initiatives to support this sector to grow and expand its volume this sector will be able to contribute by generating more revenue. Additionally it will generate more employment opportunities to the people and by satisfying the essential housing needs of the people.
How do you see the commercial real estate markets evolving in the future?
In many ways, the commercial real estate industry is on more solid footing than it has been for quite some time. Property fundamentals continue to improve and owners will likely get benefits from investing in redevelopment of existing properties to enhance competitiveness with the newer building stock. Companies cannot afford to ignore the adoption of sustainable measures and smart building technology. Whether it’s the pressure coming from nontraditional competitors, the evolving threat of the rising cost of regulatory compliance, CRE executive faces ever evolving challenges. Companies that are able to effectively steer through these challenges and build on the positive momentum in the industry by leveraging technology will maintain a competitive edge.
What can we expect from Toma Properties during 2016?
Toma Properties Ltd. Is a concern of Toma Group of Companies which began its humble journey back in the year 2006 with the leadership of Mr. Mohd. Ataur Rahman Manik, a renowned entrepreneur. It became a renowned real estate brand around the country in a very short period of time. The company has constructed some wonderful real estate ventures during the period with satisfied customer retention. With its prolific expansion, Toma Properties Ltd. today operates as one of the leading real estate conglomerates in Bangladesh and has a potential to deliver more in the coming days in 2016. An exclusive apartment complex located at Dhanmondi, named as Presidency Park and many other projects will be handed over to the customers in 2016.
