In 2016 we took branding to another level by introducing our new interactive website with more customer friendly pages as well as a bti blog covering real estate topics and news to keep pace with the digital transformation. We also introduced marketing automation, architect video on projects, detailed e-brochures to keep ourselves in the forefront.
In 2011 we renovated our head office customer lounges to give them a highly sophisticated look. To improve our company culture, we integrated our Core Values, something that every single employee in the company would have to live by, to share a common purpose. After 2011, the market had been recovering, and the current trend in 2015 shows a promising future for bti, confirming our position as the best real estate company.
This was the era of brand building for bti. Sales were soaring once again; bti came up strong as one of the top real estate companies in the country, and we launched our Premium Collection apartments. Before that, we only had Classic Collection apartments. In 2009, however, the bubble burst for the real estate market, dragging down every major real estate developer, and obliterating the smaller ones. However, bti’s financial position still remained strong, as we had maintained the goodwill and reputation of our brand.
In the beginning of this era, we were suffering losses at an all time low. The number of competitors was exponentially growing and other developers were taking land from the landowners ahead of us because we were not willing to make commitments that we were not 100% confident we would be able to keep. However, eventually our conservative approach proved to be the best strategy as many developers failed to keep their promises and we developed a reputation of keeping our commitments We also significantly increased the number of our projects starting in 2001 and this is also when we first expanded to Chittagong.
Sales were beginning to increase at a steep rate because we kept up with growing competition by maintaining our goodwill and reputation amongst our customers. In 1998 we had our mission and vision statements developed to give bti's company culture more structure. We were also awarded the IS0 9001 quality management system standard. In 2000, we moved to Celebration Point, our current office in Gulshan from TMC Building, our old office in Eskaton.
The joint venture approach was founded and implemented by bti. Profits increased as cost of capital decreased substantially. Back then a landowner would own only 20% of apartments and developer 80%, whereas now it is split into 50/50. An average apartment’s price was 15 lacs, and in Gulshan, 30 lacs. Just to give you an idea, a bag of 1 kg of rice in 1990 was TK 21, and is now around TK 80. There was also a low number of property development companies and an abundance of land available for construction, so margins were high. In 1995 sales declined due to political turbulence.
Financial times were tough. Cost of capital was high as land plots were bought and constructed on, and joint ventures were unheard of. However, competition at that time was negligible as there were only 3 real estate developers in the country: Eastern Housing Ltd., Property Development Ltd., and Building Technology and Ideas Ltd. In 1989, we moved from BRTC Building to TMC Building in Eskaton.
In 1984, Building Technology and Ideas Ltd. started its journey in the real estate sector of Bangladesh with a small office beside the Cricket Stadium, in BRTC Building.
To Build a World Class Organization.
To Make Home-ownership a Joyful Experience.
At bti, we have dedicated teams who are experts in their own fields. Irrespective of which field their expertise lies in, everyone at bti commonly works relentlessly to achieve excellence with a common goal of customer satisfaction as the driving force. We are proud to claim the industry's largest workforce with over 600 employees and with a united vision to work passionately and honestly to build a world class organization.
Did you like bti’s story? Now you know all about us! Our company culture allows our team to have synergy, and allows bti to achieve strength in construction and design. However, bti also understands the importance of customer care, and implements it at an unparalleled level in the real estate sector. bti has a fully committed and well-trained customer service team that provides you with service long after the handover of projects. This is what ensures our position as the leading real estate company in Bangladesh. The quality of our developments is a reflection of the success we maintained throughout our history.
©2015 building technology and ideas ltd.