Tsirang’s land prices have been soaring at the fastest pace in the last two years. Apart from its favourable climatic conditions, the district’s strategic location near the upcoming Gelephu Mindfulness City is believed to be the driving factor behind the rise in property value. Brokers and land owners report an increase of over 60 per cent in land prices in two years.
Just a few years ago, the cost of a 10 decimal plot in the core Damphu Town was valued at around Nu 5 M. Today, the same plot fetches up to Nu 8 M.
According to a broker, a landlord recently demanded Nu 10 M for his 10-decimal plot in the town.
Land prices in other parts of the town have risen, with landowners demanding over Nu 500,000 per decimal.
Both sellers and buyers attribute the surge to growing interest from investors who see Tsirang as a promising destination, spurred by major developmental projects in nearby Gelephu.
“When people heard about the launch of the Gelephu Mindfulness City, they began looking for land in Tsirang. This could be the reason for rise in land prices in the district,” said Aga Nidhi Acharya, a resident of Maenchhuna, Kilkhorthang Gewog.
“It is too hot in Gelephu and Samdrup Jongkhar, while Thimphu and Bumthang are too cold. The climate here is very moderate and suitable for settlement. This could be one of the reasons why people are rushing for land in Tsirang,” said Sangay Khandu from Gosarling Gewog.
“Three to four years ago, landowners used to charge Nu 30,000-35,000 per decimal in the area. It then rose to Nu 50,000. By last year, it reached Nu 80,000 and starting this year, it has shot up to Nu 150,000 per decimal,” said Tashi Lhamo from Tsholingkhar Gewog.
The trend extends across all 12 gewogs in the district. People say that competition among buyers is driving prices even higher.
Tashi Lhamo said, “Buyers are competing like in an auction. For example, if one buyer buys a plot at Nu 100,000, the other agrees to pay Nu 120,000 for the same land. People say, buyers from Gelephu are paying higher prices.”
Aga Nidhi Archarya said, “Some people call us and ask for land prices in the area. They indicate that they are ready to pay Nu 200,000 for a decimal, which used to be Nu 100,000 earlier. We have not seen this level of interest for land in Tsirang in the past.”
Despite the soaring prices, some landowners fear that the land values may decline amid rumours of a possible bypass road that could divert economic activity away from the district.
However, the Minister for Infrastructure and Transport during the recent Meet the Press session clarified that there are currently no plans to construct any bypass.
Pema Tshewang, Tsirang
Edited by Sangay Chezom
