Land Prices Soar in Kolkata's Western Suburbs
Land prices have witnessed a staggering six-fold increase in the past four years on Kona Expressway and stretches of National Highway-2 (NH-2) and National Highway-6 (NH-6), largely attributed to the ripple effect of upcoming projects in the region.
Key Factors Influencing Price Surge
- DLF Township Project in Dankuni: Contributed significantly to the price escalation
- Tata Motors Small Car Plant in Singur: Although stalled, its impact on prices remains
- Kolkata West International City and Logistic Hub on Kona Expressway: Ventures that have transformed the industrial landscape
Price Appreciation
- An acre of land, previously valued at Rs 24 lakh just five years ago, now fetches approximately Rs 2 crore
- Even in 2001, the price per acre on Kona Expressway was Rs 12 lakh per acre, indicating a substantial long-term appreciation
Insights from Industry Experts
“With projects like Tata Motors, DLF township, Kolkata West International City, and the logistic hub coming up, it’s obvious that property prices would soar. But the delay in these projects and the Singur stalemate are a matter of concern for many,”
— Ram Ratan Chowdhury, Managing Director, Panchadeep Constructions Ltd (PCL)
“The price of real estate does not change overnight... If the Tatas stay, the price of land is bound to shoot up. Even if they leave, real estate prices will still go up but at a slower pace and rate,”
— Sumit Dabriwala, Managing Director, Riverbank Holdings Private Ltd.
The Future of Real Estate in the Region
The area's attractiveness to realtors is underscored by its improved infrastructure, reduced commuting times, and excellent connectivity. The resolution of the Singur stalemate and the future of the Tata project will be crucial in determining the pace of real estate price growth in this burgeoning industrial belt.