Real Estate Developments in Guwahati
Guwahati is opening up from its core residential areas to once distant locations like the Zoo-Narengi road, Noonmati, Khanapara, Beltala and Basistha. As in the case of other metros and emerging cities, Guwahati is also witnessing a shift from independent homes to apartments. Much of such development is visible along R.G.Baruah Road and G.S.Road. The flyover between Ganeshguri and G S Road has been instrumental in the growth of the latter as one of Guwahati’s premium locations.
Ulubari and Bhangagarh are Guwahati’s nerve centres, housing the offices of public and private corporations, while Fancy Bazaar, Pan Bazaar and Paltan Bazaar are host to the city’s traditional markets.
Bamuni Maidan, Banda and North Guwahati are the focus of industrial activity, while the stretch between Zoo Road and Paltan Bazaar is drumming with the construction of shopping malls.
Guwahati’s real estate has grown steadily, affected to some extent by the Government’s regulations on the Floor Area Ratio.
Food and beverage brands are popular with the residents, and Pantaloon Retail is planning its Big Bazaar store shortly. Stand-alone stores have mushroomed along the GS Road, between Paltan Bazar and Six-Mile, catering to the upmarket residents in the neighbourhood.
Vishal Megamart at Paltan Bazar and the Hub at Bhangagarh set the trend for organized retail in the city, and a number of shopping malls are under construction on GS Road. The Dona Planet multiplex opened with much fanfare earlier this year, and the Divine Plaza in Ganeshguri is understood to have roped in Club City for its Food Court.
Appreciation
Observations by Knight Frank have noted significant increase in real estate prices over the last year. Residential property in Guwahati showed an increase of upto 60% in some locations, with apartment rates falling within the Rs.1,500 to Rs.2,200 per sq. ft bracket. Apartments at the Games Village range between Rs.15 to Rs.20 lakh for 2 and 3 bedroom units respectively. Zoo Road apartments carry a price tag of Rs.1600 to Rs.2200 per sq. ft, while Beltala and Rehabari properties are available between Rs.1500 to Rs.1800 per sq. ft.
Rental values of commercial and office spaces in Guwahati prevail between Rs.25 to Rs.40 per sq. ft per month in Paltan Bazaar, and between Rs.30 to Rs.60 per sq. ft on G.S.Road Retail space in malls follows the practice of lease, which again ranges between Rs.40 to Rs.70 per sq. ft. per month.
Capital values in Paltan Bazaar are within the Rs.1500 to Rs.4000 per sq. ft. range, while properties on G.S.Road range between Rs.2,500 to Rs.5,000 per sq. ft.
As for land rates in Guwahati, a cottah on G.S.Road fetches Rs. 10 lakh while Zoo Road plots cost between Rs. 8 lakh to Rs. 18 lakh. a cottah.
NRI Real Estate Trends in Guwahati
Non-resident Assamese planning to return home have a choice between independent bungalows and apartments at very affordable rates. Apartments come equipped with the latest fittings and a range of facilities are tagged to the complex for the convenience of the residents.
One such exclusive property is the Spanish Garden, a block of 150 residential apartments on Zoo Road available at a rate of Rs.2250.00 per sq.ft. Sahara Group also has tentative plans for a mini-township in the city.
In Ganeshguri, Syndicate Orchids, 2 and 3 bedroom apartments are under construction on Hengrabari Road by Sun Syndicate Builders, with facilities like a club, jogging track and a multipurpose hall available for the use of residents.
Other properties which can be explored are:
- Shree Enclave at Rs.1800 per sq. ft with apartments measuring 1250 to 1550 sq. ft area.;
- Jagdishwar Enclave on Zoo Road, offering 3 bedroom apartments of 1272 to 1572 sq. ft area
- Saante Tirtha at Rs.1450 per sq. ft near Beltola by Namsim Developers. Swimming pool and other amenities have been added to the complex.
- Merilyn Apartments at Rs.1650 per sq. ft by Nescon Projects with all conveniences provided for.
