 |
 |
-
Real Estate India
-
Explore Inside Pages
-
News by Month
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- July 2007
- June 2007
- May 2007
- April 2007
- March 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
Developers worrying about realty slowdown in Singur
| September 26, 2008 |  (Be the first to rate this story!) Loading ... |
Real estate developers, who had bought land a few years ago in Singur expecting to gain from the rapid development due to the ambitious Tata Nano project, are now expecting the development to be much slower as the fate of the project is still uncertain. As a result, land registration deals have slowed to a trickle. Singur locals fear the worst, both in the short term and beyond. Most of them had sold their land to the developers, hoping to use the proceeds from the sale in start-up ventures that would ride on the expected surge in the pace of development around the car plant. Even Trinamool leaders have admitted that Singur would be impacted if the Tatas leave, but not too much. “I want the Tata plant too but I am not too desperate — the problems of the locals have to be solved and the future of the unfortunate people who lost their land has to be secured,” said Shefali Malik, a Trinamool leader and a panchayat office bearer.
Singur town itself displayed all the signs of sudden prosperity with many huts converted into two-storied buildings. In Kolkata, Abhijit Das, regional head, Jones Lang LaSalle Meghraj, said there might be about 8-10 real estate developers who have aggregated land in Singur, but are holding back their decision before legally registering the property. The land transactions have reduced by four-five times beginning this year, said Das. “Prices may see some correction but because of excellent connectivity provided by the National Highway, and industrial development in Asansol and Bardhamaan, land prices might not fall despite a 100 per cent increase in the last three years,” said Das.
More than big real estate developers, small investors had bigger stakes in Singur, as many had taken loans to buy land in the area. “We had bought small piece of land opposite the Tata Motor’s factory site. We had plans either to build warehouse, hotel or residential complex. We even had talks with auto-ancillary vendors here for building a housing complex and had paid Rs 2 lakh to an architect. Now we will be ruined if Tatas walk out of the project,” said Biswajit Lahiri, manager, Aparna International Ltd.
News Published Under: Real Estate Developers |
|
Add to Favourite:
:
|
Related News:
