A recent study on Durgapur property by some of the leading property sites like Magicbricks, 99 acres, Propertywala and others has revealed some stunning facts. Almost all the property experts have opined that property prices in Durgapur have not seen the kind of appreciation it was expected of two years ago.
However things are set to change drastically feels the experts. After remaining almost stagnant for the last one year, property prices in Durgapur are seeing an upward movement.
The recent move of the Bengal government in which it has lowered the threshold that decides property transaction fees in Calcutta and surrounding areas has already started showing a positive impact. The cuts will not only help buyers and some sellers save more but also reflect market trends and remove a disincentive for property deals in a sluggish phase.
In 2009-‘10 Durgapur was outlined as a booming real estate market. Property prices in Durgapur witnessed a sudden upward jump at that time. Many people tried to catch up with the idea of property buying purely from an investment point of view. This saw a sudden spurt in property prices in and around Durgapur city.
If we compare trends in property prices in Durgapur with that of Kolkata, we will find that the scenario is almost the same. In Kolkata too property prices remained more or less subdued and have just started to move upward.
On an average property prices in Durgapur remained in the range of INR 1300 to 1800 per square feet for the last two years or so depending upon the locality. But recently there is a definite movement in the upward direction and is quoting in the range of INR1500 to 2100 per square feet.
Many big names of the Indian real estate sector, as a part of their expansion plan have planned to set up projects in Durgapur. There are already some local developers like the Tanvi Group, Mondal Developers, Dutta Developers etc. who have made a name for themselves by their quality and reliability.
Considering the fact that the growth story of Durgapur is intact and the upcoming airport at Andal near Durgapur is set to socio-economic face of the region, it’s perhaps the best time to invest in Durgapur property.
Most analysts feel that Durgapur will soon be a hot real estate destination and may even compete with Kolkata and Siliguri.