Hills realty rate costlier, real estate prices comparable to Calcutta

A builder in Darjeeling said shops were getting sold at Rs 50,000 per square feet

A remote view of Darjeeling town.: File picture

Vivek Chhetri   |   TT  |  Darjeeling   |  03.01.22  : The queen of the hills is getting pricey with every passing day.

The rates of commercial space in Darjeeling have breached the Rs 50,000/sqft mark at select places. The real estate prices in Darjeeling are now comparable to those in Calcutta and higher than the rates in Siliguri, the second largest town in Bengal.

A builder in Darjeeling said shops were getting sold at Rs 50,000 per square feet. “However, this price is for smaller shops of 100sqft and a little more and in prime areas. At other places, depending on the location of the shops, the range is anything between Rs 20,000 and Rs 30,000 per square feet,” the builder said.

A businessman who is currently developing his own property, however, said he was getting Rs 35,000 per square feet for spaces that face the road in the town. “I think we could have easily sold those spaces for Rs 40,000 but we had to cut down a bit on our prices because of the situation following the Covid-19 pandemic,” he said.

A comparison with prices of commercial spaces in Siliguri suggests that Darjeeling is far more expensive.

Naresh Agarwal, president, Confederation of Real Estate Developers’ Association of India (Credai) in north Bengal, said commercial properties in the Sevoke Road area, a major business hub in Siliguri, command prices between Rs 15,000 and Rs 30,000 per square feet. Other places in Siliguri like the ISCKON mandir area fetches Rs 15,000 per square feet.

“In Darjeeling, it is difficult to get any shop that is less than Rs 20,000 per square feet and most easily go for Rs 40,000. At some good locations in Calcutta, the price is about Rs 50,000 per square feet,” said Agarwal.

Businessmen in Darjeeling maintain that the town is getting expensive because of lack of space for expansion.

“There is no land available in town. Also, there is no scope for expansion in Darjeeling,” said a businessman who added that Siliguri on the contrary was witnessing a lot of expansion.

Areas along Eastern Bypass and even Champasari in Siliguri are now developing commercially, the businessman said.

In the hills, the majority of the land is with tea gardens or the forest department, constricting the development of urban landscape.

Construction prices are also higher in the hills. “Almost everything (building materials) goes to the hills from Siliguri. Smaller vehicles have to be used in the hills and this also escalates construction prices,” said Agarwal.

Builders say properties which can be developed at a rate ranging from Rs 1,500 to Rs 1,800 per square feet in Siliguri cost a minimum of Rs 25,00 in Darjeeling. The rates of flats, sources said, have touched as high as Rs 6,300 per square feet in Darjeeling but at very select places.

“In Siliguri, the maximum cost of flats is currently Rs 6000 per square feet but with more amenities (than in Darjeeling,” said Agarwal.

Generally, the price of flats in Darjeeling currently ranges between Rs 3,500 and Rs 4,500, which is also higher than the average cost in Siliguri. 

(https://www.telegraphindia.com/west-bengal/hills-realty-rate-costlier-real-estate-prices-comparable-to-calcutta/cid/1845889)