is one of the important cities of West Bengal located at the foothills of
the Himalayas in North Bengal. It serves as a commercial hub for
transactions between the north east states and the main stream economy of
the state and the country as well. The city is also the exit point to the
neighboring countries, such as Nepal, Bhutan and Bangladesh. The business of
Siliguri mainly depends on Three "T's" (Tea,Timber and Transport).
Real Estate Scenario
The real estate industry in the city is having a good time. Being a central
hub of business, a large number of national organizations and companies have
set up their offices in the city. So the industrial realty sector has a good
prospect. Also, several multiplexes and shopping complexes and retail
outlets are being planned to be opened in Siliguri. This makes a good ground
for future prospects of commercial real estates. In recent years, many high
quality hotels has mushroomed up in the city and some big hoteliers are in
search of good options to open three and four stars hotels. So the overall
real estate prospects are very good and it is the right time for investors
to invest their money in different sectors.
Commercial Real Estate
The commercial real estate is slowly and steadily rising in Siliguri. The
retail sector is among the fast growing sectors brightening the commercial
prospects for the realty developers. Siliguri is attracting enormous
business and tourist traffic, due to which the property developers are
interested to venture into hospitality sector. The opening of call centers
and BPO have set the trend for IT industry to groom and boom in Siliguri.
Some of the working, ongoing, and upcoming projects in Siliguri are:
Residential Real Estate
- Siliguri-Jalpaiguri Development Authority (SJDA) is constructing an
IT Park at Matigara.
- The SJDA has decided to provide 1000 acres of land at Fulbari, 12 kms
from Bagdogra airport for an SEZ. The proposed SEZ will be very
beneficial with the opening of trade through Nathu-La, Sikkim. It will
push up the business across the border and will be fruitful for the
state's and country's economy.
- An Inland Container Depot to facilitate trade between sea/river ports
of Haldia and Paradip, and land check posts with China, Bangladesh,
Nepal and Bhutan has also been taken up by the Government of West Bengal
in partnership with the private sector.
- A Food Park spread over 230 acres will be developed at Leusipukri,
- Sumeru Estates has proposed for an industrial park in Siliguri.
- The Tea Board has proposed a Tea Processing Park, covering a 100 acre
plot, to push up tea exports.
- Some investors are very keen to invest in hospitality sector as well.
The Panoramic Group is looking for good options in Siliguri and
Darjeeling to invest in hotels. Another group, Forum Projects also has a
four-star hotel project, which is soon likely to come on ground.
- The business hotel project of Ambuja Realty group in Siliguri will be
completed by 2008.
- The retail sector is likely to see a sudden influx of projects and
developments. The big bosses of retail industry, such as Pantaloons, Big
Bazaar, and Spencer are searching for commercial spaces to open their
outlets in different parts of the city.
The demand of residential spaces around the city has created pronounced
opportunity for realty investors in residential sector. Based on the demand
from end users, Siliguri is the fastest growing city next only to Kolkata.
In recent years the city has been a favored destination for realty investors
and the trends are likely to continue for coming years. The city has got
some beautiful and well planned townships.
- Uttarayon, a mega township project developed by Bengal Ambuja, is
built on 400 acres at 3 Kms from Siliguri. Developed on an abandoned tea
state, the project consists of 1600 high end apartments and 300 middle
and lower income group units.
- The Asian Group is planning to develop a 2 lakh sq. ft. township
project on Sevok Road. The project will comprise of housing
apartments-cum-commercial complexes including Multiplex theaters,
shopping malls, entertainment and commercial spaces.
- The Sureka group has also finalized a housing project in
collaboration with a partner group in Siliguri.
- Sahara Housing has also revealed its plans to develop a City Home