Siliguri, a city in West Bengal, India, is becoming a hub for real estate development in recent years. With its important location, growing economy, and growing population, Siliguri offers a promising market for real estate developers.
In this blog, we will explore the scope of real estate development in Siliguri, focusing on the residential and commercial sectors.
Residential Projects in Siliguri
Siliguri’s population has been increasing rapidly, resulting in an ever-growing demand for residential properties. Real estate developers are responding to this demand by launching a range of residential projects, including apartments, villas, and gated communities. The needs of different buyers are catered for by these projects.
The city’s proximity to major urban centres like Kolkata and Guwahati makes it an attractive destination for people looking for affordable yet comfortable living options. The development of infrastructure, such as highways, flyovers, and bridges, has further improved connectivity within the city and with neighbouring areas.
Commercial Projects in Siliguri
Siliguri is also witnessing a surge in demand for commercial spaces. The city’s growing economy, fueled by the tea, tourism, and agriculture industries, is attracting businesses of all sizes. Real estate developers are responding to this demand by launching commercial projects, such as shopping malls, office spaces, and hotels.
The development of the city’s transportation network, such as the Bagdogra Airport and the New Jalpaiguri Railway Station, has further contributed to the growth of the commercial sector. The city’s strategic location, near the borders of Nepal, Bhutan, and Bangladesh, makes it an ideal location for businesses looking to expand their operations in the region.
Estimated Real Estate Development value in Siliguri
According to a report by property consultancy firm, Knight Frank, the real estate market in Siliguri is expected to grow at a compound annual growth rate (CAGR) of 12% by 2022.
The report also suggests that the residential sector accounts for the majority of the real estate market in Siliguri, followed by the commercial and retail sectors.
In 2018, a report by Cushman & Wakefield estimated the overall real estate market value in Siliguri to be around INR 5,000 crore (approximately USD 700 million), with the residential sector accounting for around 80% of the total market value.
Real estate development is a key driver of the real estate market in Siliguri, and it contributes significantly to the overall market value.
The exact market value of real estate development in Siliguri may vary based on several factors, including the current economic conditions and real estate trends.
However, it is safe to say that the real estate development market in Siliguri has immense potential for growth and development, given the city’s strategic location, growing population, and improving infrastructure.
It is difficult to estimate the market value of real estate development in Siliguri, but it is expected to significantly contribute to the overall real estate market value.
The real estate development market in Siliguri is expected to continue growing in the years to come, providing numerous opportunities for developers and investors alike.
Conclusion
The real estate development sector in Siliguri offers immense opportunities for investors and developers. The city’s growing population, growing economy, and strategic location make it an attractive destination for both residential and commercial real estate projects. As the city continues to grow and develop, the demand for real estate is expected to increase, providing a promising market for real estate developers for years to come.
