Siliguri 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:
- 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, near Siliguri.
- 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.
Residential Real Estate 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 project.