Eastern Housing Limited (EHL) is a

public limited company A public limited company (legally abbreviated to PLC or plc) is a type of public company under United Kingdom company law, some Commonwealth of Nations, Commonwealth jurisdictions, and Republic of Ireland, Ireland. It is a limited liability co ...

Bangladesh Bangladesh, officially the People's Republic of Bangladesh, is a country in South Asia. It is the List of countries and dependencies by population, eighth-most populous country in the world and among the List of countries and dependencies by ...

working in

real estate development Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw Real Estate, land and the sale of developed land or parce ...

. The company was established in 1964 and became a member of

REHAB Rehabilitation or Rehab may refer to: Health * Rehabilitation (neuropsychology), therapy to regain or improve neurocognitive function that has been lost or diminished * Rehabilitation hospital, hospitals devoted to the rehabilitation of patients w ...

in 1992. EHL was established with the objective of the development of land for housing in the urban areas of Dhaka. It is involved in construction, engineering, manufacturing and trading activities. It has been responsible for redefining the

environment Environment most often refers to: __NOTOC__ * Natural environment, referring respectively to all living and non-living things occurring naturally and the physical and biological factors along with their chemical interactions that affect an organism ...

Dhaka Dhaka ( or ; , ), List of renamed places in Bangladesh, formerly known as Dacca, is the capital city, capital and list of cities and towns in Bangladesh, largest city of Bangladesh. It is one of the list of largest cities, largest and list o ...

, the capital of Bangladesh, along with other major developers. Eastern Housing Limited is listed on the

Dhaka Stock Exchange The Dhaka Stock Exchange (DSE) ( ''Dhaka stôk ekschenj''), located in Nikunja, Dhaka, is one of the two stock exchanges of Bangladesh, the other being the Chittagong Stock Exchange. In January 2023, DSE and Nasdaq announced their partnership ...

and

Chittagong Stock Exchange The Chittagong Stock Exchange () is a stock exchange based in the port city Chittagong, Bangladesh. It is one of the twin financial hubs of the country, alongside the Dhaka Stock Exchange. Established in 1995, the exchange is located in the A ...

, the only retail company listed on the stock exchanges in Bangladesh.

Background

Eastern Housing Limited is a concern of Islam Group formed in late 1965 under the Chairmanship of Jahurul Islam.National Institute of Public Administration; Problems of Municipal Administration; page 271; Municipal government of East Pakistan; 1968 It was one of the first to provide low-cost housing to the residents of Bangladesh (then

East Pakistan East Pakistan was the eastern province of Pakistan between 1955 and 1971, restructured and renamed from the province of East Bengal and covering the territory of the modern country of Bangladesh. Its land borders were with India and Burma, wit ...

). The company developed Aftabnagar, which is officially known as Jahurul Islam City. While Eastern Housing Limited started operations by developing real estate mostly within

, it later expanded outside the city. It regularly takes part in REHAB real estate fairs, both at home and abroad, and experiences sell-out performances. The slogan of Eastern Housing Limited is ''Apan Thikana Gore Dey'', which translates to ''builds your own address''. Engineer Md Akramuzzaman, director of the company, took part in the national dialogue on "Strengthening the Role of Private Sector Housing in Bangladesh" organized by

Centre for Policy Dialogue The Centre for Policy Dialogue (CPD) is a non-governmental think-tank in Bangladesh. It was established in 1993 by Rehman Sobhan, its founder chairman, with support from leading civil society institutions in Bangladesh History In 1993, Reh ...

in November 2003. In January 2004, the company became a part of the government initiative to build housing for expatriate Bangladeshis in

Gulshan Thana Gulshan () is a thana situated in Dhaka, Bangladesh. It is an affluent residential and business neighbourhood and is now home to a number of the city's restaurants, five star hotels, shopping centers, schools, banks, offices and members' clubs; ...

, Dhaka. In 2005, Eastern Housing became the highest tax-payer among the 101 real estate developers listed with

National Board of Revenue The National Board of Revenue (NBR; ) is the central authority for tax administration in Bangladesh. It is a statutory authority attached with the Internal Resources Division of the Ministry of Finance. The NBR collects almost 97% of tax revenue ...

(NBR). On October 16, 2006,

RAJUK Rajdhani Unnayan Kartripakkha (, RAJUK) is a Bangladeshi public agency responsible for coordinating urban area, urban Urban planning, development in Dhaka. RAJUK is composed of various public officials, city planners, urban administrators, engi ...

, the Dhaka City development authority, sent notice about "unauthorized" construction to the Ministry of Housing which included projects of Eastern Housing. Dr. Asaduzzaman, vice chairman of Islam Group, ruled out the possibility of any dubious practices. Some of the real estate developed by Eastern Housing have has faced criticism. The Eastern Tower, an 18-storied apartment block in New Eskaton, Dhaka, is criticized for not installing ample emergency escapes, while the South Banasree project is criticized for getting waterlogged during the

monsoon A monsoon () is traditionally a seasonal reversing wind accompanied by corresponding changes in precipitation but is now used to describe seasonal changes in Atmosphere of Earth, atmospheric circulation and precipitation associated with annu ...

. By 2008, Eastern Housing Limited has sold over of land to its customers in 24 different projects approximating some 13,000 plots. It has also successfully completed over 3,500 units of apartment and has built some modern shopping plazas and commercial complexes numbering approximating 1500 units. Overall EHL has got more than 40% market share in residential plot and apartment development business in Bangladesh. As of January 1, 2008 the total

market capitalization Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by ...

of the company is BDT 878 million. Of this 48% is held by sponsor company Islam Group of Industries, 33% by general public, 18% by different financial institutions and 1% by foreign investors. In 1994 the company listed with

where it is listed as a Category A (highest ranking) company. Between 2001 and 2007 the company has generated dividend yield of 8%-13% for its investors. The company held its last

annual general meeting An annual general meeting (AGM, also known as the annual meeting) is a meeting of the general membership of an organization. These organizations include membership associations and companies with shareholders. These meetings may be required ...

on December 18, 2006, when it announced BDT 72 million net profit after tax, which translates to BDT 11.54 of

earnings per share Earnings per share (EPS) is the monetary value of earnings per outstanding share of common stock for a company during a defined accounting period, period of time, often a year. It is a key measure of corporate profitability, focusing on the inte ...

. A consistently profitable venture, Eastern Housing paid 10% dividend to stockholders in 2003, and a 15% in 2007. Bangladesh High Court ordered Eastern Housing Limited to maintain the status quo on water bodies in their Aftabnagar residential project in March 2015. In November 2020, locals in Nasirabad, Eastern Dhaka, accused Eastern Housing Limited for forcefully grabbing their land in order to expand Aftabnagar (Jahirul Islam City). Eastern Housing Limited made a profit of 550 million BDT in 2022.

References

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External links

Eastern Housing Limited official website
Real estate companies of Bangladesh 1964 establishments in East Pakistan Organisations based in Dhaka Companies in the DSE 30 Index

Background

See also

References

External links