Since its inception, Higher Education (HE) has always been playing a critical role for national development through the development of skilled manpower and intellectual civic society. Continuous paradigm shifting in HE in term of institutions' pattern and course delivery mode and method has always been the part of the process of HE transformation. Consequently, private HE bears a long heritage and history. However, "commercialisation" of HE through private provision is relatively new and the developing nation has been experiencing this since early 1990s with rapid expansion. The modernistic concept known as "commodification in HE" has significantly impacted HE by changing the course curricula, targeted students', teachers' community, delivery mode, and methods of HE. The current research which is first of its kind in Bangladesh is a qualitative study using interviews, "perception survey" and observation conducted in private universities, which covers 71% of university students. Findings show that legislators, stakeholders, students, parents and academics consider private HE as a tool for individual gain without deliberating HE as public goods which is vital for national development.