Siliguri Real Estate Experiencing a Steady Growth

Siliguri, at the foothills of the Himalayas in North Bengal is favorably located to serve as a commercial hub for transactions between the remote north east and the mainstream economy. Once trade increases between the SAARC and ASEAN countries as per the South Asian Free Trade Agreement, Siliguri is expected to attain the status of a major trans-shipment and logistic hub. A Special Economic Zone would fulfill the demanding requirements to a great degree.Real estate in Siliguri, North Bengal, has gained momentum in the last 3-4 years, almost at a rate of 30%. High end projects have been driving the property market in Siliguri, and the takers for such residential apartments have been investors from Sikkim, Nepal, Bhutan and Bangladesh. The cost of construction has kept pace with the land rates in Siliguri, which almost doubled in 2005-2006.

Commercial Property: The IT industry is making its mark here, with the opening of the Xplore-Tech Call Center and BPO in November 2006. The construction of an IT Park is in progress at Matigara by the Siliguri-Jalpaiguri Development Authority (SJDA).

The SJDA has earmarked 1000 acres of land at Fulbari, 12 kms from Bagdogra airport for an SEZ, in anticipation of heightened trade activity with the opening of trade through Nathu-La, Sikkim. An Inland Container Depot to facilitate trade between sea/river ports of Haldia and Paradip, and land check posts with China, Bangladesh, Nepal and Bhutan has also been taken up by the Government of West Bengal in partnership with the private sector.

A Food Park measuring 230 acres will be developed at Leusipukri, near Siliguri. While Sumeru Estates has expressed a proposal for an industrial park in Siliguri, a Tea Processing Park has also been proposed by the Tea Board to boost tea exports on a 100 acre plot.

The retail sector in Siliguri is fast catching up with Spencer’s, Pantaloons and Big Bazaar scouting for commercial spaces to launch their stores. Bengal Ambuja’s City Centre project will cover 10,00,000 sq. ft when fully developed, and will enclose a multiplex, mall, commercial and retail space, club and convention centre banquet facilities, an amphitheatre and a 100 room hotel.

The growing business and tourist traffic to Siliguri is attracting property developers to venture into hospitality. The Panoramic Group is keen on investing in hotels in Siliguri and Darjeeling just as Forum Projects, which also has a four-star hotel project in place for the city. Ambuja Realty’s business hotel project in Siliguri is likely to be completed by 2008.

Residential property: Based on real demand from end-users, Siliguri is the fastest growing city in West Bengal after Kolkata. Property developers from Kolkata have re-modelled residential spaces through designer townships like the Uttarayon, which is built on 400 acres off NH 31, 3 kms from Siliguri. Developed by Bengal Ambuja on an abandoned tea estate, 1600 high-end apartments and 300 middle and lower income group units for a resident population of 50,000 people have come up.

A township project by the Asian Group has envisaged a housing-cum-commercial complex on 2 lakh sq. ft on Sevok Road. Multiplex theatres, shopping mall, entertainment and commercial spaces will serve the modern residential units within the township. The Sureka group has also tied up with a partner for a project in Siliguri, while Sahara Housing has announced its plans of a City Home project in the city.

Siliguri was a favoured real estate destination for investors in 2006, and the trend is likely to continue as the commercial market grows.