INDIA  :   Real Estate

Guwahati: Housing hub of the Northeast

Saturday , 05 March 2016

The city of Guwahati has grown tremendously in terms of real estate over the past few years

Guwahati, the capital of Assam, is the biggest city in the Northeast. Like many of India’s Tier I cities, it is also witnessing a lot of development, on all fronts. Easy accessibility and a number of educational, medical and social facilities make Guwahati a fine city to reside in. It is also blessed with an abundance of natural beauty; the mighty Brahmaputra River and the Nilachal Hill add to its charm. The city is getting a makeover under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). Here is a bit of info about the city and its realty market.

IIT, Assam Engineering College, Guwahati

City overview

Guwahati has seen a lot of development in recent years, especially in terms of education and lifestyle. It is a hub for people from all across the Northeast. The city also has a sizeable Bengali population. Connectivity to the city is excellent. The airport is located at Borjhar, which is 20 km from the city. There are international flights to places like Bangkok and Paro in Bhutan. The Guwahati junction is a bustling one, with trains to all parts of the country. The city has some renowned educational institutions like Gauhati University, Cotton College, Indian Institute of Technology, Assam Engineering College, Gauhati Medical College and Hospital, National Law University and Judicial Academy and the Institute for Pharmaceutical Education and Research. It has a few good schools as well. Guwahati has sports arenas like Nehru Stadium, Kanaklata Indoor Stadium, Gauhati Town Club and the upcoming Barsapara Cricket Stadium. It has a number of malls, multiplexes and restaurants. GS Road, Pan Bazaar and Fancy Bazaar are the three commercial and retail hotspots of the city.

Real estate

Shristinagar Township in Guwahati

The real estate market has been flourishing considerably, over the past ten years. There are a number of developers operating in the market in both commercial and residential real estate. According to a report released by National Housing Bank in February 2014, Guwahati had registered a steady rise in prices of residential properties at the end of 2013. It came second only to Nagpur, which is far ahead in terms of development. In Nagpur it was around 8% while it was 7.4% in Guwahati. The growth of real estate is linked to infrastructural growth and Foreign Direct Investment that’s flowing into the state. Luxury real estate has also gone up. The market was around Rs 1,500 crore in 2012, and has picked up considerably, recently. Some of the players in the luxury home market are Gajpati Homes, Protech, Subham and Infinity. The concept of green buildings is also catching up in Guwahati with facilities like rainwater harvesting and solar power. There are townships near the Brahmaputra River, which have amenities at par with any lifestyle project. Shristi Housing Development is coming up with a township that’s spread over 250 acres at Ramsa Hills near Brahmaputra River. It is Guwahati’s first integrated township project. It has villas, apartments, row houses, schools, hotels, hospitals etc. The real estate hubs of the city are Chandmari, Kharghuli Road, Ambari and GS Road. Realty rates in Chandmari start from Rs 4,000 per sq ft while it’s above Rs 5,000 per sq ft on GS Road. If one is looking for an elite address in the heart of the city, then Pan Bazaar is the best bet. It has a host of entertainment options for residents. The Guwahati-Shillong Road, known as GS Road, is one of the biggest realty hubs of the city. It has a number of wholesale, retail and commercial offices. The bylanes of GS Road are full of residential colonies. The University area of Guwahati is also popular with home-buyers. Places like Jalukbari, Adabari and Maligaon are extremely popular with middle class home-buyers. The rates here are upwards of Rs 2,500 per sq ft. One of the positives of the real estate market in Guwahati is the variety of properties on sale. From a simple 1BHK to a spacious 3,500 sq ft 3BHK to a villa or row house, there are a number of choices. Many of the buildings have shops and office spaces on the ground floor. A lot of development is taking place at Kahilipara, which is close to Dispur, another investment hotspot. The realty rates here are around Rs 2,500 per sq ft for an apartment. Paltan Bazaar is the nearest railway station from here. The localities in the neighbourhood, Ganeshguri and Lalganesh are also witnessing a surge in realty development. Many important institutes like the Directorate of Public Instruction, Jyoti Chitraban Film Studio and Special Branch (SB) Assam Police are situated here. Uttarayan Residency is an upmarket residential project in Kalihipara. If someone is looking at buying land plots, then Airport Road and Six Mile are the best spots for investment. The Don Bosco Junior College is on the Airport Road, while Six Mile is popular with young people due to its restaurants and shops. One of the localities nearby is Khanapara, which is also a residential colony.