Realtors pin hope on Siliguri's growth

BINITA PAUL, TT, 27 Aug 2019, Siliguri: The real estate sector in Siliguri is banking on the demand of huge floor areas by commercial companies and also the increase in demand of student housings in the region, representatives of Credai (Confederation of Real Estate developer association of India), said here on Monday.

The north Bengal branch of Credai, in association with the Confederation of Indian Industry (CII), hosted a seminar on the challenges and opportunities of the real estate sector in and around Siliguri that is known for its geographical location, consistent rise in commercial activities and steady increase in population.

According to one real estate consultant, the commercial sector of Siliguri was very down earlier but now, the retail sector has improved.

"Nowadays, real estate is not about building but includes logistics too. Companies like Amazon and Flipcart which are into online selling, have requirement of places having around five to six lakh square feet of area to set up their branches and other facil- ities. Even those who are doing e-businesses, also require places in Siliguri. This is an area which we should explore," said Naresh Agarwal, president, Credai, North Bengal.

He also pointed that Siliguri is fast emerging as an education hub and new educational institutions are coming up across the city. "This creates an opportunity for us to come up with housings for students. Also, as commercial activities are on the rise, we could get a good number of clients who might be interested in buying or renting studio apartments," added Agarwal.

The members of Credai, NB, when told about the recent slump in consumption that has also affected the real estate sector in many cities of the country, said the effect is not felt in Siliguri so far.

"This is because of Siliguri's location and its growing importance. In fact, the scene here is quite contrast in these days. Even a few years back, the average rate was around Rs 3,500 per square feet. That has increased to Rs 5,000 in these days," said a member.