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Singur Properties Bring ‘Smile Time’ For Property Developers
A real estate broker is in talks with a Mumbai based company regarding a deal for a 65 acres land. The plot is located around Singur, 40 km away from Kolkata, at Rs 22.5 lakh per acre.
The last deal he did fetched Rs 4.5 lakh per acre. The project that had drawn such a large attention for protests over land acquisition for development of Tata’s car project has become the cynosure of local property developer’s eyes who are desperately waiting to make a killing in on increasing interest of corporate players in land deals in the area.
Land prices around Tata Motors’ 997 acre factory and vendor park are now twice or thrice the per acre compensation the state government has paid to farmers. The same chunk of land now costs Rs 22-24 lakh per acre.
Consequently, new industrial units have brought a sharp appreciation in the prices in the land which are believed to be available for Rs 3 lakh per acre.
However, there are at once the twists in the situation when the controversy over land acquisition Tata Motors’ project subsided. There are more investors who are eyeing the land at Singur than companies waiting to develop their projects, says the Kolkata’s real estate broker.
Most speculators made cash by selling projects to the government for the Tata Project. Interestingly, these speculators were earlier jostling hard to purchase the land directly from farmers at low rates ahead of the land acquisition drive for Tata Motors’ project. The reason behind was their low key activities and the land could not attract any political interest, unlike the state’s government.
Near about 500 deals had been closed in Singur before the Tata Motors’ announced its project. However, such a tentative rise in land prices may, finally, prove futile. A number of companies from other parts of India, Indonesia, and West Asia had shown interest in the site around Tata Motors’ to take up the construction of their ancillary projects. But high land prices are what putting them off.
Property prices are not just high in Singur, It stretches from Dankunj, 12 km away, where Delhi based property developer DLF is setting up a near 5,000 acre mega residential complex.
News Published Under: Kolkata | 1 Comment »
Such is a magic of brand name. The name of Tatas was enough to bring a hike in land prices in Singur.