Assam is a north eastern state of India which is located south of the eastern Himalayas. The state is surrounded by the remaining Seven Sister States including Nagaland, Meghalaya, Mizoram, Aruncahal Pradesh, Tripura, and Manipur. Dispur, a pat of Guwuhati serves as the capital city of Assam.Assam’s rich reserves of coal, oil and natural gas led to the establishment of perhaps the first integrated township in the country, which has emerged with its stately bungalows, schools, hospitals, commercial spaces and shopping areas. Public sector undertakings in oil and natural gas, coal and fertilizers supported the establishment of the Duliajan, Moran, Margherita, Namrup, Numaligarh, Jorhat, and Bongaigaon townships, integrating residential and commercial spaces in Assam, in harmony with the natural environs.
12.90 % of Assam’s population resides in townships and towns that have grown along the river Brahmaputra. Gauhati is the commercial hub and gateway to the north-east while Dispur is the administrative capital. Sibsagar, the seat of the Ahom kings, Dibrugarh and Tinsukia, commercial hubs in North Assam, Naharkatiya, Silchar, Kokrajhar, Goalpara, Nalbari,, Lakhimpur, Nagaon, Golaghat and Cachar are towns that are linked with either the tea or plywood industry in the state.
Commercial property in Assam has steadily developed around the industrial estates in Bamuni Maidan, Guwahati, and in industrial areas of Banda and North Guwahati. The STPI at Borjhar has provided for built-up space to be used by IT entrepreneurs. A hub at Panbazar, STPI maintains an incubation facility providing ready to use cubicles with computers, furniture, uninterrupted power supply, air-conditioning and Internet connectivity.
The Export Promotion Industrial Park (EPIP) in Amingaon is a highly sophisticated and environment friendly industrial park developed to provide infrastructure facilities of a high order for export oriented units.
As a matter of fact, the growth of the real estate in Assam would depend largely on the success of the Industrial Policy of the Assam Government which encourages private investment in industrial and infrastructure projects.
The North East Industrial Policy has attracted attention from a number of multi-national corporations since the turn of the century. Oil, tea, plywood and some public sector undertakings have been the mainstay of the economy but the New Industrial Policy for the North East offers competitive advantages to foreign direct investment in Assam with the availability of cheap land and labor.
Foreign direct investment in Assam has been made in energy, agriculture, infrastructure, health, flood control, and agro-business through the efforts of the World Bank, Asian Development Bank and the Japanese Bank for International Cooperation.
Upcoming Real Estate Projects in Assam
Guwahati real estate market is also zooming away in the wake of exceptional construction activity with a sizeable investment in various infrastructure projects from the Centre and private investors. Commercial property in Guwahati is picking up from Zoo Road to Paltan Bazaar with the construction of shopping malls. With new malls coming up leasing of retail spaces in Guwahati is going up too. Vishal Megamart at Paltan Bazaar, HUB at Bhangagar and SOHUM at Christian basti opened shop in 2005 and are doing brisk business. Several more high street store and large format quality malls on G.S.Road are in the pipeline.
Residential property in Guwahati is following the trend set by property developers in the rest of the country. Spanish Garden, a block of 150 residential apartments is coming up on Zoo Road at a rate of Rs.2250.00 per sq.ft. Sahara Group also has tentative plans for a mini-township in the city.
Residential projects are also on the anvil near Noonmati and Beltala. Property rates in Guwahati have appreciated sharply from Rs. 10 lakh per cottah on G.S.Road and from Rs. 8 lakh to Rs. 18 lakh on Zoo Road in 2006
Infrastructure projects in Guwahati include the development of Inter State Bus Terminus (I.S.B.T) at Kathabari, a fly over project on G.S. Road near Vangagar, an International Trade Centre, and an Athletics stadium at Saru Sajai.
The Assam Industrial Development Corporation Limited facilitates support to MNCs. Under the Industrial Development Corporation, work on growth centers at Chariduar, Matia, and Integrated Infrastructure Development Center at Bhomoraguri, Dalgaon, is already in progress.
As for infrastructure support, the railways are working on the third and fourth bridges over the Brahmaputra at Jogighopa and Bogibeel in Dibrugarh district. With roads touching all important centres, the river Brahmaputra being declared a National Waterway and Guwahati well connected by air, inter and intra – regional links have been strengthened. The Ministry of Shipping, Road transport and Highways is funding a road improvement project in Assam at an investment of Rs. 111.81 crore. Rs.66 crore will be spent on the widening and reconstruction of NH 152 and Rs. 45.50 crore for NH 153.