West Bengal realty sector on a rapid growth phase

- Monday, June 04, 2012 8:16:06 PM

Realty is one the fastest growing sectors in Bengal's otherwise depressing economy.

Best Western, the world's largest hotel chain, which is optimistic about the state's real estate outlook.

The hotel business estimate to grow by 10-15 per cent pan-India this year and eastern India is expected to post a faster growth.

The realty sector in Bengal is expected to grow at a handsome rate of 15-20 per cent in 2012. Best Western too plans to open a 150-room hotel near the airport by March next year. It is also looking for properties in Bengal's smaller cities - Siliguri, Darjeeling and Durgapur.
The Bagaria Group of Kolkata, which is into steel, tea and real estate, sees a boom in demand for luxury housing. The group recently bought a two-acre plot from the Kolkata Municipal Corporation paying Rs. 57.5 crore (around $10.4 million) per acre - one of the highest amounts paid for a plot in the city.

The group would set up a residential property on the land, spending Rs. 100 crore (around $18 million) and out of the Rs. 500 crore (around $90 million) the company plans to invest this year across India, Rs. 300 crore (around $54.4 million) would only be spent in Bengal.

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