Real Estate Catches up in West Bengal

Shntiniketan Real Estate

Tagore’s abode of peace is reverberating with the sounds of the chisel and the hammer. Real estate developers from Kolkata are exploring options for environment-friendly projects that are in harmony with the ethos of Santiniketan.

Bengal Ambuja’s residential colony Upobon, located 5 kms from the Bolpur railway station and 3 kms from Viswabharati University comprises apartments and duplex homes and has attracted attention from a cross-section of buyers.

The Santiniketan Infrastructure Pvt. Ltd is a joint venture special purpose vehicle floated to develop 198 acres in Bolpur for “a growth centre of learning and implementation, health and lifestyle” Senior citizen service apartments and a large IT Park, a Ginger hotel, mini golf course, health resort, food park and a sports complex will be built around the growth centre. Non-polluting industries will be permitted to operate to make it a self-sustained township. Targeted for completion by 2010, the growth centre is being designed by Townland Consultants (International) of Hong Kong.

Development of real estate in Santiniketan must ensure its sanctity as a seat of learning, and preserve the vision with which it was built.

Real Estate in Darjeeling

A five to six hour drive from Siliguri, Darjeeling has seen real estate rates escalate from Rs. 500 to Rs. 1000 per sq. ft over the last 5 years due to a severe land crunch in the hills.

Unlike other hill towns where real estate development is restricted for outsiders, the Dooars are open to property sales to investors beyond Darjeeling. Inadequate infrastructure has been a restraining factor for any major real estate development in this hill town. However, prominent property developers such as the Ambujas and the Panoramic Group are exploring options for developing hotels in Darjeeling. Remote areas like Chalsa have caught the fancy of visiting tourists, and some real estate activity has been witnessed here.

The Floriculture Infrastructure Complex at Mungpoo, Darjeeling is under construction on 60 acres, and will promote the floriculture industry through an integrated approach.

Real Estate Projects in Howrah

Real estate in Howrah has hit the headlines ever since the largest foreign investment deal was signed by the West Bengal Government for a township project. The metamorphosis of Howrah will be brought about by the New Kolkata project and the industrial parks in Howrah which are being promoted by the state.

Residential Property:
The New Kolkata West International City on National Highway 6 is located in Howrah district and promoted by the Ciputra and Salim Groups of Indonesia at a cost of USD 330 million in association with Universal Success, an NRI enterprise. Spawning 500 hectares, the integrated township will boast of IT parks, shopping malls, sports complex, a 200 bed hospital and entertainment zones for the residents of the city. The villas in the first phase of construction will be ready for possession by December 2007, and the entire project will be completed by 2010. The choice of villas carries price tags from Rs. 20 lakhs to Rs. 75 lakhs.

Commercial Property: The industrial town of Howrah is moving towards a more organized commercial expansion, with specialty zones being earmarked. The first of these, the Food Park for food processing industries has 22 fully serviced plots, housing for workers and a fire station on 54 acres, and completed at a cost of Rs. 18 crore. A Poly-Park at Sankrail, 28 kms from Kolkata, and off NH 6, covers 66 acres and is a hub for plastic down-stream industries. Sankrail is the site for another Food Park, the Sudha Ras, where 10 food processing units are in operation. An Industrial Park for artisans is also on the anvil. A super specialty hospital is being put up by the First Trust group in Howrah.

Real Estate Projects in Haldia

128 kms from Kolkata, Haldia on the east coast of India had a sluggish start when it was set up in 1977. However, its comprehensive port facilities favoured the location of the Indian Oil Refinery and the Hindustan Fertiliser plant. Shedding its township image, Haldia is now set to form a contiguous megalopolis with Kolkata once the infrastructure between the 2 cities is complete. Apart from private sector giants setting up their manufacturing units here, the Rs. 5170 crore Haldia petrochemical project and the Rs.1400 crore PTA plant of Mitsubishi have further established the city as an industrial nucleus.

The chemical hub proposed for Nandigram, to be constructed by the Salim group of Indonesia is likely to come up in Haldia on 10,000 acres. The multi-product SEZ on 12,500 acres is also being proposed close to Haldia. This project is integral to the New Kolkata International Development Project which entails construction of an expressway between Kolkata and Haldia, with 2 bridges over the rivers Hooghly and Haldi. Real estate in Haldia is developing on a mammoth scale along the entire stretch of 130 kms, with industrial estates, residential complexes, commercial spaces, and a health and knowledge city on the cards. The entire project will be executed by a consortium, the New Kolkata International Development Pvt. Ltd, formed by the Salim group, Universal Success and Unitech. The Salim Group has progressed on the construction of the Barasat-Raichak road and the Kukrahati bridge.

Adding to the diversified matrix of Haldia’s industry, the Software Technology Park is about to start operations and holds a capacity for 20 units. A new Special Economic Zone and a ship building facility have been proposed by private promoters on 1500 acres of land. Bengal Ambuja has drafted a City Centre project for Haldia while ILFS is in a joint venture with the Haldia Integrated Development Agency to complete infrastructure projects for the city.

This is a city of the future – with a concentration of high powered industry and futuristic residential and commercial projects on the expressway to Kolkata, investment in real estate in Haldia would pay rich dividends.

Real Estate Projects in Bardhaman

Agriculture has been the mainstay of the economy of Bardhaman district, with Bardhaman town developing around a university and a medical college. As the country’s fourth richest district, it has progressed into a trading hub, and a consumer boom is very much evident in the town’s bustling markets.

Attracting neighbouring districts and adjoining villages are Bardhaman’s medical, educational and shopping facilities. Opting for Bardhaman as a convenient choice for a residence, the rush for property has sent land rates zooming and forced the town to expand to as far as Galsi and Shaktigarh. The local municipality has sanctioned more than 20 high rises in the last 3 years, and supermarkets, a bus terminus , commercial complexes and shopping malls in Bardhaman have been approved.

The Bardhaman Development Authority sanctioned 2 townships covering 350 acres in Goda and Kamrana on the town’s periphery to private builders in Bardhaman. Goda has been selected for a 60 acre health city, and 10 acres will be dedicated to a software park.

Bengal Shrachi Housing Development is building a 257-acre township while Bengal Ambuja has completed development of 1064 plots on 96 acres in the mini township of Ulhas. Sahara Infrastructure and Housing is prepared to develop a City Home township in Bardhaman in its second phase.