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Tagore's land turns resort town
Published on Thu, May 18, 2006 at 12:14, Updated on Thu, May 18, 2006 at 12:24 in Business section
Tags: Real-estate, Property , Kolkata
Kolkata: Tagore's town is changing fast. Shantiniketan in West Bengal is now known not only for its Visva Bharati University but for the new age villas coming up.
With property prices rising by 60 per cent over the past year, the quaint town has become an attractive investment destination.
The last thing associated with this picturesque town of Shantiniketan is construction frenzy.
But a rush to build American style bungalows and villas by a host of builders has pushed property prices in the region from Rs 750 per sq foot to Rs 1200 per sq ft in a span of 12 months.
Each of the bungalows in the recently completed project by Bengal peerless group has been sold out.
But, for people who still want to cash in there's more in the pipeline, Upoban a nine acre residential project by Bengal Ambuja group is expected to come up with a similar priced development.
Real-estate consultants confirm that Tagore's getaway has become an investment hotspot.
"Shantiniketan is one destination where excess cash from Kolkata is parked , so it’s an investment destination and a weekend getaway," says Head of consulting & land agency (east) Trammell crow meghraj, Nirav Khotary.
"With a couple of city based developers intrested in exploring Shantiniketan, the Shantiniketan Sriniketan Development Authority (SSDA) has been set up to allot land."
Developer Bengal Greenfield too is said to be making a foray here, while local builder multiple group, have plans of a resort.
Consultants say fringe areas like Shantiniketan, Durgapur, Asansol and Bhardhwan are the upcoming tier-two areas of Kolkata.
And they too are all set to see a considerable price escalation in the short to medium term.
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