Real estate sector witnesses growth in Assam

The north-east is not far behind the rest of the country when it comes to growth in the real estate sector. Guwahati is fast emerging as an investment hotspot with a growing demand for real estate resulting in huge expansion in both commercial and residential complexes.

Guwahati, like most of the other bigger cities in the country, has in the recent years witnessed a sharp increase in the demand for flats, both for residential and commercial purposes.

Vimal, a State Bank of India (SBI) official here, said there is a huge demand for flats in Guwahati.

"There is huge demand for flats in Guwahati because of limited land availability whereas in other parts of Assam the demand is greater for private housing construction. There is a greater demand in Guwahati because it is the gateway of the north-east, so people from every part come here and build houses. So, the demand is really good," Vimal said.

A large number of real estate developers from India and abroad are eying to develop housing and commercial infrastructure in Assam. They participated in the recently concluded four-day long 'Realty Summit'.

Organized by the Assam Real Estate and Infrastructure Developers' Association (AREIDA), the 'Realty Summit' invited experts from various infrastructure development related fields to discuss wide range of issues.

The exhibition gave a chance to the public to know about the various housing projects and home development items, besides a chance to avail loans from a number of banks.

Satyam Khandelwal, a dealer for a German company, said that his company will gradually expand to other the north-eastern states

"We will take care of the entire north-east. We have started with Guwahati, which has the biggest market for this right now. Then we will slowly go to Meghalaya and other parts of the north-east as per the requirements and need," Khandelwal said.

A gradual decline in insurgency related activities over the past few years has given impetus to socio-economic growth and infrastructure development.

The real estate market is one among the many sectors that is witnessing a tremendous growth in the north-east region.