Land value near new secretariat to hit roof
The value of land and flats along the Kona Expressway, Andul Road, GT Road and Shibpur will go up with the shifting of 28 departments, including the chief minister’s office, to Mandirtala’s HRBC Building in Howrah from Writers’ Buildings, feel ministers, city planners and developers.kolkata Updated: Aug 12, 2013 11:54 IST
The value of land and flats along the Kona Expressway, Andul Road, GT Road and Shibpur will go up with the shifting of 28 departments, including the chief minister’s office, to Mandirtala’s HRBC Building in Howrah from Writers’ Buildings, feel ministers, city planners and developers.
Many real estate companies are planning set up swanky towers on Andul Road and College Road, close to the Bengal Engineering Science University (BESU) campus, after the chief minister Mamata Banerjee decided to shift the state secretariat to Mandirtala and proposed to set up an annex building of the state legislative assembly near the Doomurjala sports complex.
“Our chief minister’s decision is a historic step that will revive the socio-economic condition of Howrah. It was a neglected city for decades. Now, businessmen and developers will set sights on land along the Kona Expressway or other big roads. I think value of land and apartments will also go up in the city,” Arup Ray, state agriculture marketing minister, a resident of the town, told HT.
“The government also plans to build an annex building of the Bidhansabha Bhaban at Doomurjala. We feel several others offices should also come up in Howrah for real estate revival,” Ray said.
“It’s obvious that there will be an immediate impact on the socio-economic development in the town if several offices come to Howrah. There will be a sharp rise in the value of land, commercial establishments and flats in Howrah with the sifting of the state administrative headquarters even for only one year or more,” said Ratan Chowdhary, owner of a premier real-estate agency.
Several promoters have already decided to hike the rates of apartments coming up in the areas like Mandirtala, Shibpur, Andul Road, GT Road, Kona Expressway, GT Road etc. The existing average rate is R4,000 per sq ft for a residential flat in the Mandirtala area. The average price of one cottah of residential land in these areas is around R10 lakh.
“We have a plan to build three separate complexes with four-storey each on Shibpur Road hardly 1 km away from the HRBC building. The price of the flat will shoot up by at least R500 per sq ft. After six months the land price will also be sky-high by at least a hike of minimum R5 lakh per cottah,” a promoter said.
An official of the building department of Howrah Municipal Corporation said that two top real estate companies have already started their housing projects along the Kona Expressway. Two others have also plans to set up huge housing apartments close to BESU. Now they are planning to start the process for their projects.