Performance Of The Bengal One Creation Ltd

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A Total Quality Builder
 
 In a Brief                                                                                                                          
 
Apartment living – a trend of urban living is becoming popular in Dhaka city for last fifteen years. Living with more comfort and functionality is the objective of our designers. We design a space of serene tranquility, a mere indulgence to the natural resources and a careful balance between contemporary needs and desire of peace.
 
In a project, participation and co-operation of the land-owner, buyer and developer can be a key to the way of success. In this trend The Bengal One Creation Ltd (BOCL) is a name, which is committed to craft the beauty of living. BOCL as a member of REHAB is in pursuit of creating a living space with all the essence of human life.
 
BOCL, with the experience and expertise, is focusing on strengthening its lateral and vertical business drivers. These include development of innovative business strategies, strengthening its professional resources and driving market penetration with an ear-to-the-ground approach that is adaptive to local market needs. BOCL is capitalizing on emerging market opportunities to deliver high-end facilities and projects to its wide base of customers by constantly upgrading its internal skills and resource capabilities. 
 
The BOCL management constantly upgrades professional resources to construct responsive strategies, to adapt to local preferences; to deliver high quality, in all its projects and services to a wide customer base.

All the intensified growth underlines BOCL’s commitment to quality, trust and customer sensitivity and, delivering on its promise with agility and financial prudence. This, in turn, in the emerging shape of Dhaka's urban outlook & life style, BOCL is a promising name that has already marked its success as a Total Quality Builder in real estate sector
 
As a whole we believe our goal at BOCL is to serve our clients with the quality product and services.
 
BOCL’s mission is to build a world-class real estate development company with the highest standards of professionalism, ethics and customer service and to thereby contribute to and benefit from the growth of the Bangladeshi economy.

This is BOCL BUILDING BANGLADESH.
 
Our Vision and Mission:
We dream, we dare
We grow, we share
We build, we care
 
BOCL Vision:
To contribute significantly to building the new Bangladesh and become the world’s most valuable real estate company.
 
BOCL Mission:
To build world-class real-estate concepts with the highest standards of professionalism, ethics, quality and customer service.
 
BOCL Values:
Sustained efforts to enhance customer value and quality
Ethical and professional service
Compliance and respect for all community, environmental and legal requirements
 
THE BENGAL ONE CREATIO LTD ENSURES THE FOLLOWINGS:
●The Bengal One Creation Ltd is very sensitive to fulfill their commitment.
●They use high quality construction equipments.
●They always try to satisfy their customers.
● All of the directors, Managers, Executives and other employees of The Bengal One Creation Ltd. are very experienced and professional.
●The Bengal One Creation Ltd. ensures their customers that they are tension free about the quality of their apartments.
●They provide maximum benefit to their customers.
 
ACTIVITIES OF THE ORGANIZATION ( BOCL):
Real estate business in private sector mainly concentrated on land development and construction of apartment. The Bengal One Creation Ltd develop unimproved and undeveloped land and then sell the plot to the people and make profit, and they also construct residential and commercial building and sell them to make profit. In order to accomplish the above task the company proceeds in the following ways:
●       The first task of the company is to find out the  upper middle class of the society who are in housing need. Such class includes the business man, teacher, agricultural association etc. Generally, such classes are grouped according to the profession.
●       The next task of the company is to collect the corporate data of the above identified classes. Generally these data includes the following:
 
a)Income level
b)Living style / Life style
c)Living standards
d)Thinking about housing etc.
 
●        After studying the potential customer then the company inform them regarding the one going project and also the coming projects in detail.
 
 
POLICIES OF THE BENGAL ONE CREATION LTD.:
 
Land procurement policy:
It has been observed that procurement policy depends upon the location, size, shape, and proper documentation of the land. Other countable factors are cash involvement, higher biding of rival’s. The company collects information about land by giving advertisement in newspaper or by personal contact. Landowners themselves also provide information from their own. Generally this company offers cash or apartment or both cash and apartment the land to the owners.
 
Marketing Policies:
Generally, marketers mean a social and managerial process by which individual and groups obtain what they need and want through creating and exchanging products and values with others. Many people think of marketing only as selling and advertising. However, selling and advertising only the tip of marketing iceberg. If the marketer does a good job of understanding consumer needs, develops products that provide superior values, price, dist5ibutes and promotion them effectively, these product will sell very easily.
Marketing of fixed asset are not such as the other product or service. It is because buyers think a lot before making a buying decision of such product. They consider a number of things before making such decision. So, marketing policies used in this business are like the other product’s marketing policies.
 
Main marketing policies used by The Bengal Creation Ltd. (BOCL) are stated below:
 
Product Policy:
 
A product is anything that maximizes utility of the consumers. With respect to product, policy consists of the following features of a product:
a) Product Varity
b) Quality
c) Design
d) Brand Name
e) Packaging
f) Size
g) Warranties
h) Return ( Kotler, 1999)
 
But in my study, products are land and building for rewsidentila and commercial use, for these products the main features are:
a)Product Varity
b)Durability
c)Design
d)Location
e)Sizes
f)Without Impediments
 
Pricing Policy:
Price is the amount of money charged for a product or service, or the sum of the value that consumer exchange for the benefits of having or using the product or service. Again, pricing policy is the course of action or guiding philosophy that helps a business firm make pricing decision smoothly and perfectly. It guides the company to achieve its goals set by the firm. It is an important element of the entire marketing strategies of a firm. A firm can easily manipulate the demand in the target market by handling its price carefully.
 
Pricing Objective:
The objective of pricing policy must be consistent with the company overall mission and purposes. The clearer a firm’s objectives, the easier it is to set price. A company can pursue anyone of six major objectives through its pricing- survival, maximum current profit. Maximum revenue, maximum sales growth, maximum market skimming and product- quality leadership  The Bengal One Creation Ltd.(BOCL) pursues 3 of the above objectives,- survival, maximum current profit and maximum sales growth through its pricing.
 
Survival:
 
Company pursues survival as its major objective. Since The Bengal One Creation Ltd.(BOCL) has strong competitors and change in consumer wants for land housing, therefore survival is one of its pricing objectives.
 
Maximum Current Profit:
It estimates the demands and costs associated with alternative prices and choose the price that products the maximum current profit, cash flow and rate of return on investment. The Bengal One Creation Ltd. (BOCL) set price that can generate maximum current profit for the company.
 
Maximum Sales Growth:
The Bengal One Creation Ltd. Sets a reasonable price for its products (Land/Apartment) considering the competitors prices. The company wants to maximize unit sales and thus profit.
 
Pricing Method:
 
There are a number of prices setting approaches stated and they are – Markup pricing, Target return pricing, Buyer based pricing, going rate pricing and Sealed bid pricing approach. The Bengal One Creation Ltd. (BOCL) adopts going rate pricing method for its products. In going rate pricing, the firms based its price largely on the competitor’s prices with less attention paid to its own costs and demand. The study shows that pricing of real estate depend on certain factors , such as – Location , Square feet , Quality of construction, instruction cost, Amenities, Markup policy, Competitors price and Demand for the product. In cash of pricing, The Bengal One Creation Ltd. Consider the following:
● Purchase price
● Development costs
● Future costs of the land
● Variable costs
● Competitors costs
 
Distribution Policy:
The Bengal One Creation Ltd.(BOCL) dealing with fixed assets. In case of distribution, no formal channel of distribution is essential. After all the formalities, ownership documents are given to the customers.
 
Promotion Policy:
Promotion mix is composed of 4 tools of communications. They are – Advertising, Personal selling, Sales promotion and Publicity. The Bengal One Creation Ltd. Is using the first 3 tools for their promotion purpose.
 
Advertising:
Here most of the importance is given to the advertisement and on creating customer faith and also to the after sales services. The Bengal One Creation Ltd (BOCL) spends the biggest portion of its total promotion budget for advertising. When we look at the company, we can easily realize that the company could successfully anticipate the effectiveness of advertising.
 
Media Use for Advertising:
1)Newspaper: Advertisement are published frequently on the most of the national dailies citing feasibility, opportunity etc along with attractive photograph of the project.
2)Neon Sign Billboard: Lots of billboards and neon sign are established at the different place of the city. Generally, the places are selected according to the commercial importance.
 
Personal Selling:
Sales executive maintain a good relationship with the customers. Personal selling are made through-
 
Field Force Employee:
 
A number of employees are engaged in door to door marketing. They go to the customer house, explain them about the project and request to come to the office and know about the real condition of the project. Generally this is the task of influencing the people to make a purchase decision.
 
In House Marketing Team:
In housing marketing team is the part of the marketing department of the company. Usually they work directly with the customers who to the directly for land and apartment purpose. Different personal of the in house marketing team coordinate with the customer. The personal explain different aspect of the project to the customer and who also give the answer of the questions. However, their main motto sells their product by giving service.
 
Sales Promotion:
Sales promotion is another essential ingredient in marketing campaign. Advertisement offers a reason to buy, whereas, sales promotion offers an incentive to buy. The Bengal One Creation Ltd  ( BOCL) offers the following – Discount, Gifts, Low cost service, Price off and Cost free services etc.
 
Sales Policy:
The in house sales personnel make most of the sales of this business. The out side sales forces are generally used to create customer. In case of purchasing a plot or a flat, the first task a customer has to do is booking the plot or flat with a specified amount of money. After the booking, rests of the tasks are by the sales and credit realization personnel. In case of selling The Bengal One Creation Ltd follows the two below listed policies –
 
Sales at a time with cash payment:
In this case, at first the customer pays the booking money and after one month of booking pays the total rest of the amount.
 
Sales on installment:
This is comparatively relaxed policy. There are several installment schemes. In this case, the purchaser can pay a specified amount either in 12, 24, 36, 60, 72 installments. But in case of installment, purchase the price of the land or apartment goes up.
 
Besides the local people, The Bengal One Creation Ltd (BOCL) also trying to meet the demand of the people who live outside the country. The Bengal One Creation Ltd (BOCL) advertises in the foreign dailies to attract the people who live abroad. In this case, sending and receiving e-mail, does all the paper works and at the time of registration the purchaser has to be present in the spot.
 
CUSTOMER SERVICE:
The Bengal One Creation Ltd provides the following services to its customer:
 
a)Road construction inside the project
b)Establishing school, collage, and mosque inside the project
c)Well organize security system throughout the project
d)Shopping centers
e)Health facilities
f)Arrangement of house building lone
g)Construction of security wall at market place.
PROJECT OVERVIEW:

 
 

                                                                                                          

 
 
 
 
 
 
 
 
 
 
 

 
 
 
 

 
 
 
 
 

ACTIVITIES OF MARKETING DEPARTMENT:
Marketing:
As a marketer of any shopping complex or any apartment we have to do much kind of activities including financing, administrative and many others supporting activities.
Logistic:
When an apartment or complex is ordered to be established then the importance of logistic department has come. When the process began to build any thing then at first they need to proper supply of water, gas, labor safety and shelter and all sorts of this help is done by the logistic department. For  ongoing project logistic department does a great deal where they help to give all types of  primary support to  labor, engineer, guard and other employees who worked in the project.
Purchase:
From top to bottom in every step purchase department has a great importance because of their responsibility by providing time to time delivery and support with the all types of raw material related with the ongoing project.
Procure:
 In this department they have justify the efficiency and effectiveness of raw material through ensuring the product quality and their performance. The importance of procurement department can not be ignored because UDTL are very much careful about their quality product and they try to offer the best things for their valuable customer and they do not consider about this matter any time which hold their goodwill through their activities.
FINANCIAL SOURCES OF BOCL:
a)Own fund
b)Bank’s lone
c)Financial organization
d)Advance payment of the customers
 
COMPETATORS OF BOCL:
Now a day every business sector faces hard competitions. Specially, in case of the Real Estate Business, there are lots of competitors and the competition of this business is increasing day by day. Some Name of the competitors of The Bengal One Creation Ltd (BOCL) are given below:
 

 
COMMON FEATURES & SPECIFICATIONS OF THE BENGAL ONE CREATION LTD. FOR THEIR RESIDENTIAL PROJECTS:
 
AMENITIES & TECHNICAL SPECIFICATIONS:
 
Common Amenities
o   Heavy secured gateway with decorative lamps and signs on logo of the Complex.
o   Spacious entrance & (well decorative) driveway with security arrangement for control of incoming & outgoing persons, vehicles, goods, etc.
o   Main lobby & Reception (Granite finished Top) area in secured premises with an impressive Concierge Desk complete with personal Mail boxes, Register docks, etc.
o   Car parking in covered and protected Ground floor for residents with comfortable driveways.
o   Stair case with easy to climb steps & adequate lighting.
o   Fire protection features conforming to International Fire Code.
o   Separate manual fire alarm and a Fire Extinguisher in each floor.
o   Provision of Fly proof net in all the windows.
o   Elaborate Intercom system to connect each apartment to the Concierge Desk.
o   One standby Emergency Generator in case of power failure of (Capacity 30 KVA to 50 KVA):
Ø  the lift
Ø  the water pumps
Ø  lighting in common spaces and stairs
Ø  two light and two fan points in each apartment

Ø  Capacity of lifting 6 persons
Ø  Adequate lighting
Ø  Well furnished and attractive doors & cabins
Ø  Emergency alarm and escape provision.
 
o   Tastefully furnished visitors' waiting area.
o   Drivers’ waiting area with toilet
o   Management Office at roof top.
 
Roof Facilities:

 
General Engineering:

 
Design Criteria:

 
SPECIFICATION:
 
Kitchen:
o  Concrete shelf at 2.5 feet height from floor level with Glazed Tiles work top (RAK/equivalent).
o  Provision for double burner Gas outlet.
o  Concealed Hot and Cold water lines.
o  A 2.5 feet Band of wall Tiles running on wall along the sink and Gas Cooker (RAK/equivalent).
o  Suitably located Exhaust fan.
o  One high polished stainless Counter Top Steel Sink with Mixer (Malaysian).
 
Bathrooms:
o  Bath Tub in Master Bathroom.
o  Cabinet Basin with marble Top in Master Bathroom.
o  Provision of Shower Area in the Second Bathroom.
o  Glazed Tiles in Bathrooms up to 7 feet height except maid’s (RAK/equivalent).
o  Floor Tiles in all Bathrooms except maid’s (RAK/equivalent).
o  Company Standard Sanitary fittings.
o  Water proof imported Door.
o  Mirrors in all Bathrooms with Overhead Lamps.
o  Enamel Paint on the ceiling and walls to prevent dirt and dampness arising from moisture.
o  Soap cases.
o  Towel Rails.
o  Concealed Hot and Cold water lines in M & Child Bathrooms.
o  Essentially correct uniform floor sloped toward the water outlet.
o  Tiles in maid’s room and in walls of maid’s bathroom up to 5 ft. with long pan (RAK) & shower.
o  Nicely arranged Bathroom fittings & fixtures.
 
Floors:
o   RAK Homogeneous tiles on all floors (16” X 16”).
o   Essentially correct uniform floor sloped toward water outlet.
o   RAK Homogeneous tiles on Stairs & Lobby.
 
Electrical:
o  Independent Electric Meter for each apartment.
o  Good quality local Electrical Switches & fittings, Circuit Breakers and Plug points (MK type/equivalent).
o  Electrical distribution box with Main Switch.
o  Concealed Electrical wiring.
o  Washing machine provision in each apartment.
o  All power outlets with Earthling connection.
o  Concealed Fan Hook.
o  Provision for Air Conditioner in Master Bedroom, Second Bedroom and Living room.
o  Light and Fan points in Veranda.
o  Two emergency light and two fan points in each apartment.
o  Emergency electricity connection in Lift, Pumps, Lobby, Intercom service, Common spaces like Car parking, Reception area, Guard room and Main gate.
o  Concealed Intercom and Telephone lines (02), TV/Satellite Dish connection (02) in each apartment.
 
Doors & Windows:
o  36 mm Solid, well seasoned, decorative main Entrance Door Frame & Shutter (Malaysian/Equivalent): –

Ø  Check Viewer
Ø  Solid Brass Door Knocker
Ø  Apartment No.
Ø  Door handle with Lock (imported).
 
o   Internal Doors are of strong and durable Veneer Flush door Shutters with French polish (Chamb Veneer).
o   All Doors with good quality Mortise Locks and fittings.
o   All internal Door frames  are made of Malaysian solid wood.
o   Sliding windows with Color Glass complete with mohair lining and Rainwater Barrier in Aluminum Section.
o   Safety Grills in all windows, color as matched with Aluminium Section in Enamel paint.
 
Painting & Polishing:
o   French polished Door frames & Shutters.
o   Weather coat on outside walls (Berger/Elite).
o   Smooth finished and soft colored plastic paint on all internal walls & ceilings (Berger/Elite).
o   Veranda railing as per the design of perspective.
o   Enamel paint on the ceilings and walls of Bathrooms color as matched with Tiles (Berger/Elite).
 
Utility Lines (Water & Gas):   
o   Concealed water lines.
o   Hot & cold water lines in Bathrooms & Kitchen.
o   Sewerage & stream water connected to WASA.
o   Water reservoir designed to hold sufficient water supply.
o   Two best quality water pumps (one standby emergency).
o   Titas Gas approved plumbing design.
o   Concealed Gas lines.
o   Individual Gas Riser.
o   Gas pipe lines connection from Titas Gas Distribution System as per total calculated consumption with adequate safety measures.
o   Approved quality Titas Gas materials for internal wiring of Gas line.
 
PROJECT OF BOCL:
 

BENGAL TIGER’S DEN @ DOSH, MIRPUR
 
FLOOR PLAN:
 


 
 

 
 
SALIENT FEATURES:
 
Building Entrance:  An impressive entrance gate with lamp post and the Project Logo on modern sign welcomes one to this contemporary apartment complex. The heavy secured gateway leads to a spacious covered parking floor.
 
Reception Lobby:  An elegantly designed main Reception lobby decorated with tiles/synthetic marble. Personalized Mail Boxes and a stylish Register Dock for visitors' check-in. An elegant guest waiting area highlights the Reception lobby.
 
Lift, Lobbies & Staircase:  A major element of convenience & comfort is the lift that has been selected to exacting European styles. This comes in impressive doors & cabin  providing fast & reliable services to residents on all floors. Best level of safety has been maintained in the specifications. The staircase is well located and easily accessible with easy to climb stairs. This leads to lobbies on each floor. The top of the stair railing will be of S. S.
 
Apartment Layouts:  The total layout has been thoughtfully arranged to maximize advantages especially in relation to day light and cross ventilation throughout. Privacy has been emphasized by spreading the layout from end to end. The master and the second bedrooms have been located away from the living room.
 
Optional Features:  Various interior designing and additional fittings & fixtures as per choice of allot tee may be arranged at cost basis upon approval of the company.
 
TERMS ANDCONDITION USUALLY SET BY BOCL:
In case of transaction with BOCL the following terms and conditions are to be maintained-
 
Application: Interested buyers are asked to submit application on the prescribed from with due signature along with the earnest money. The company reserves the right to accept or reject any application any reason.
 
Allotment: Allotment is normally made on first come first serve basis. On acceptance of the application and down payment, the company issues an allotment letter to the applicant on receipt of which he/she starts marketing payment as per the specification schedule. Buyers willing to make a one time payment are entertained with substantial discount. Until the full payment of installments, buyers cannot transfer the allotment to the third party.
 
Payment: All payment are made by A /C payee check or bank draft or pay order or cash, in favor of the owners. The company receives payments. Buyers are requests to follow the payment schedule. The company issues or may issue or may issue reminders to the buyers for delay in payment. The buyers are liable to pay e4lay charge @ 2% to 3% per month. If the payment is delayed beyond two months, company has the right to channel the allotment. In such an event the amount paid by the buyers are refunded after deducting the earnest money.
 
Company’s Right: Should it become necessary, the company may make minor changes in both architectural and structural designs of the projects. The company for the overall interest of the project may make limited in the specifications and facilities.
 
Hand Over: Normally the possessions o9f the apartments and lands are handed over within the specific schedule. This may be delayed due to the reasons beyond the control of the company, such as force, natural calamities, political disturbance, strikes etc. The handing over is made only after the full payment of the installments.
 
Utility Connection: Connection fees, security deposit for water, gas, electricity and incidental cost relating to these are not included in the projects. Buyers make these payments directly to the authorities concerned and the company provides all the necessary assistance.
 
Transfer of Ownership: Proportionate share of undivided land is registered in favor of each allotted as per the current rules and regulations of Ministry of Workers.
 
Transfer Cost: All cost relating to transfer of ownership of the proportionate share of land is borne by the allotted on actual basis.
 
Management: The buyers must become a member of the owner’s co-operative society, which is formed by the owners of the land and apartment for the management of common services such as lift, water pumps, security, compound etc. Each allotted must initially deposit a specified amount in the reserve fund of the association for maintaining management expenditures.
 
SWOT ANALYSIS OF THE BENGAL ONE CREATION LTD.
 
Strengths:
► Experienced Management.
► Efficient and dedicated employees.
     ► Good understanding between employees.
     ► Good relationship with exiting clients.
     ► Locations of the Projects are good enough.
     ► High standard of construction quality.
 
Weaknesses:
As a company it is new in Real Estate sector.
Many prospective clients don’t have any idea about its construction quality.
Comparatively product’s prices are higher than many companies.
Lack of promotional activities or advertisements.
No specific policy following by the employees.
 
Opportunities:
   ►The upcoming Projects are in demandable locations.
   ►Those who know about Union, they normally consider as a good developer.
   ►Huge number of projects under construction.
   ►Motivation of the sales persons to encourage them for more effective in Sell.
   ►Offer the prospective clients to visit the existing projects to make Positive impression.
 
Threats:
      ►Huge numbers of developers means huge numbers of competitors are
      in the  race.
      ►Land procurement cost becoming higher and higher day by day.
      ►Asking prices of many companies in the same location are lower than
      Union.
      ►Some well reputed companies considered Union as their competitor.
      ►Number of Project still zero in Gulshan & Central Dhanmondi.