West Bengal: Land prices soar in Garia, Howrah & Madhyamgram

KOLKATA: In Greater Kolkata, land prices have appreciated the most in Garia, Howrah and Madhyamgram, a study on land price rise over three years in seven Indian cities has revealed.
In Garia, the average land price has shot up from Rs 19.7 lakh per cottah to Rs 24.5 lakh per cottah since 2019, an increase of 24%. Similarly, the average land price increase in Howrah is from Rs 13.3 lakh per cottah to Rs 16.1 lakh per cottah, an increase of 20%.The Barasat-Madhyamgram belt has seen land prices go up from Rs 15 lakh per cottah to Rs 18.4 lakh per cottah, a rise of 18%.
NK Realtors vice-president Biplab Kumar said the price of land at any place depends on multiple factors, including proximity to the main road and the neighbourhood. “In Garia, the price is currently hovering around Rs 15-Rs 50 lakh per cottah; that of Madhyamgram around Rs 7-Rs 20 lakh per cottah and Howrah around Rs 10-Rs 45 lakh per cottah,” he said.
“There is a very strong pull in the affordable housing segment that all developers want to get into. Naturally, there is high demand for plots that is pushing up the land price,” said Credai Bengal chapter president Nandu Belani.
Credai West Bengal president Sushil Mohta agreed that there is continued demand for affordable housing projects in the Madhyamgram-Barasat belt as well as Garia — where the extension of EM Bypass has opened up opportunities in the affordable housing segment. For Howrah though, he cited the rise of micro, small and medium enterprises (MSME) that has led to demand for machinery units, logistics parks and industrial parks.
Santhosh Kumar, vice-chairman of Anarock Group that released the report, said: “Plots have become a hot ticket for property investors on the post-pandemic marketplace. Undoubtedly, well-chosen land offers higher returns on investment when compared to apartments. Average plot prices across India’s major cities rose considerably over the last two-and-a-half years.”