Capital Accumulation Process of Real Estate Business and its Impact in the Socio-economic Context of Bangladesh

Abstract

The objective of the study is to identify the capital accumulation process of real estate business in illegal and corrupted ways and its impact on the socioeconomic context of Bangladesh. Snowball sampling technique has been used for gathering primary data that have been collected from 6 respondents (3 real estate owners and 3 victims) through in-depth interviews using semi-structured questionnaires for each group. Moreover, necessary secondary information has been gathered on the basis of reviewing relevant literature from different published and unpublished sources of information. The study finds out that in Bangladesh, tremendous inconsistencies are observed in facing the effects of rapid urbanization. Real estate business practice is accelerating the crisis by establishing illegal constructions, grabbing wet lands, filling up the water bodies of the city and exploiting the general people. Victims have narrated their indescribable sufferings for their land due to a lack of proper implementation of law, to protect them from the land grabbers. This study will help in understanding the capital accumulation process of real estate business and will serve as a guideline for the Government and policy makers, land owners, real estate companies and even consumers of lands and houses. The study also attempts to gain insights into the capital accumulation process of real estate business that has an intrinsic value in the society of Bangladesh.