Ananta Group, a leading garment exporter, is set to embark on a groundbreaking venture in the capital city of Bangladesh by constructing the country’s inaugural environmentally friendly residential complex, Ananta Terraces, with an estimated investment of Tk 1,080 crore. This ambitious project aims to achieve the distinction of being Bangladesh’s first LEED (Leadership in Energy and Environmental Design) Platinum-certified gated community in the residential category, as recognized by the United States Green Building Council.
Sharif Zahir, the managing director of Ananta Group, revealed that the Ananta Terraces project would comprise nine 21-storey towers. The LEED Platinum certification ensures that homes are designed to provide clean indoor air, abundant natural light, and use safe building materials, contributing to the occupants’ comfort and well-being. Such residential structures are known for reducing energy and water consumption, leading to lower utility bills and various financial benefits.
Zahir shared that the inspiration for this innovative project originated during his university years when he observed gated communities in developed countries. With increased purchasing power and economic development in Bangladesh, there is a growing demand for such flats. The project is scheduled for implementation within the next three years, with an estimated cost that may reach Tk 1,400 crore due to the upward trend in construction material prices.
To facilitate this ambitious venture, nine local banks have organized a syndicated term facility of Tk 500 crore for Ananta Real Estate Ltd. Dhaka Bank PLC is the lead arranger and agent, contributing Tk 100 crore to the project, while the remaining eight banks—Al-Arafah Islami Bank, Bengal Commercial Bank, Mutual Trust Bank, NRB Bank, Prime Bank, Pubali Bank, Shahjalal Islami Bank, and Social Islami Bank—will collectively provide Tk 400 crore. This financial arrangement means that financiers cover 46 percent of the project’s cost, with the remainder sourced as equity.
Md Monirul Alam, Senior Vice President and Head of Syndications and Structured Finance at Dhaka Bank, emphasized the project’s commercial viability, citing the advantageous location and the builder’s reputable track record. Situated on Madani Avenue, spanning over 43 bighas of land, the project boasts global consultants and is anticipated to become the largest condominium project in Dhaka city. The strategic location within two kilometers of Gulshan-2 and proximity to the Baridhara diplomatic zone contribute to its appeal.
Despite its proximity to Baridhara, Ananta Terraces aims to offer flats at significantly lower prices than posh areas like Baridhara and Gulshan. Alam noted that 64 percent of the project area would be dedicated green space, providing an eco-friendly living environment. The project will feature a shopping mall, retail stores, upscale eateries, supermarkets, and multiplex movie theaters, catering to the diverse needs of its residents.
Alam indicated that the project’s allure is further enhanced by its location near established institutions and ongoing developments, making it a lucrative choice for customers. He emphasized that the price of flats would be competitive, with an estimated reduction of at least Tk 10,000 per square foot compared to properties in Baridhara and Gulshan.
Notably, LEED certification in Bangladesh has predominantly been associated with the garment industry, with the country currently boasting 207 green apparel factories. In this context, Ananta Group’s venture represents a pioneering effort to extend the principles of sustainability to the residential real estate sector, setting a new standard for environmentally conscious living in Bangladesh. The LEED Platinum certification underscores Ananta Terraces’ commitment to environmental responsibility and marks a significant stride towards eco-friendly and sustainable housing solutions in the country.