West Bengal Property

A generation of huge revenues clearly represents the rapid growth of economy, and the West Bengal Real estate industry pretty much symbolizes the same. The growth can be attributed to an array of factors that contribute to economic avalanche too. Effective assistance of Housing Ministry along with the manifestation of IT industry has given the extra boost too. Increase in number of investors has also played an important role in improving the circumstances.

Off-late, West Bengal has become a flourishing ground for various real estate organizations. Better still, you get the best housing solutions at competitive prices.

Several Projects Paused in West Bengal – What Next?

Real estate projects were steady for the past good 34 years, but after a quick change in government, developers and investors in West Bengal had to face a series of problems that led the projects to a steep downward slope. Several projects in West Bengal have been delayed continuously due to issues related to approval and clearance terms.

Developers are expecting the market to improve over next three to six months. Supplies in the residential segment have been terribly low in the year 2011, but you can expect things to improve in the current year 2012.

Realty market in India has experienced price hikes of around 15 to 20 percent, but that’s not the case with West Bengal property rates. Plenty of developers have got big plans (real good plans, we mean!) and several projects lined up, offering ample of choices to investors willing to put in huge money in real estate projects in the state that is flourishing the most in the east India.

Property Prices in West Bengal

While low demands and high supply have prevented a sharp increase in the overall prices, things are just the contrary in selected regions. For instance, there has been a steep price hike in properties located in Ballygaunje. Property rates have shot up high here. Land rates have increased from Rs 16000 to 17000 per square feet. In the year 2010, a land in the same area costed Rs .12000 to 13000 psf. A hike of approximately four thousand rupees per square feet is certainly not revelry for someone interested in buying property. For someone willing to invest with business on mind, the hike surely looks good enough to put in huge money!

Upcoming Projects in West Bengal

West Bengal has always been a centre of hubbub. The esteemed Tata Motors recently launched a new one lakh car production unit in West Bengal, which has given great hopes to West Bengal property developers for chalking out new residential as well as commercial projects.

You’ll see the property prices skyrocketing in Singur, particularly, as well as in the adjoining cities. It is just the right time to make an investment – wait no more, or it may be a little too late.

West Bengal government and the real estate giant DLF have entered into an agreement to furnish an industrial hub as well as a township at Dankuni. They have named it as Dankuni World Township.

Public-private partnership projects will be built on 4,840 acres land, and the estimated cost of the land is around Rs 330 billion. The company is planning to recruit around 4,00,000 employees for this particular project. So, this is yet another great investment opportunity, which is a safe bet too.

New SEZ Coming Up!

To boost the economy, the government has granted land and permission for a multi-product SEZ (Special Economic Zone) that would be spread over a huge area of 400 acres, at Siliguri, with an estimated price of Rupees 100 crores.

In order to offer universal residential complexes to personalized apartments, the real estate wagon is in full swing to provide world class amenities like clubs, swimming pools, gardens and shopping complexes.

Gone are the days of simple houses and flats in Kolkata; all these amenities have now become common construction traits of all Real Estate agencies in West Bengal. Prices of primary markets have boosted from 10 to 15 percent, whereas the secondary market has witnessed only a meagre five percent rise.

Latest Residential Projects

The latest residential properties in West Bengal are –

1. Diamond Residency

2. Sai Deeshari Estate

3. Heritage Srijan Park

4. Sherwood Estate

5. Srijan Midlands with 2 BHK, 3 BHK flats, and residential apartments.