The market was set up 1954 as a shopping complex, to cater to the needs of the people from the residential areas of University of Dhaka, Azimpur and Dhanmondi.
Construction began in 1952, on 35 acres of land during the tenure of Nurul Amin as the Chief Minister of East Bengal. Construction ended in 1954.
The market started in 1952 by CBD during the period of Nurul Amin, the Chief Minister of East Pakistan. Construction was completed in 1954. This heralded the beginning of a new area of development towards modernizing Dhaka. Rickshaw ride or walking along the narrow lanes of old Dhaka for shopping was not a happy experience for families. Old Dhaka was too conservative, noisy and crowded. Ironically, Mr. Nurul Amin’s modernization project boomeranged as people talked against it. Some believed New Market and Shahbagh Hotel were made exclusively for Nurul Amin’s family.