𝐋𝐚𝐧𝐝 𝐏𝐫𝐢𝐜𝐞𝐬 𝐢𝐧 𝐆𝐞𝐥𝐞𝐩𝐡𝐮 𝐒𝐨𝐚𝐫 𝐚𝐬 𝐆𝐌𝐂 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐆𝐚𝐢𝐧𝐬 𝐌𝐨𝐦𝐞𝐧𝐭𝐮𝐦, 𝐛𝐮𝐭 𝐀𝐬𝐭𝐮𝐭𝐞 𝐋𝐚𝐧𝐝𝐨𝐰𝐧𝐞𝐫𝐬 𝐇𝐨𝐥𝐝 𝐎𝐮𝐭 𝐟𝐨𝐫 𝐅𝐮𝐭𝐮𝐫𝐞 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬

…𝒘𝒉𝒊𝒍𝒆 𝒔𝒐𝒎𝒆 𝒍𝒂𝒏𝒅𝒐𝒘𝒏𝒆𝒓𝒔 𝒄𝒂𝒑𝒊𝒕𝒂𝒍𝒊𝒛𝒆 𝒐𝒏 𝒓𝒊𝒔𝒊𝒏𝒈 𝒅𝒆𝒎𝒂𝒏𝒅, 𝒐𝒕𝒉𝒆𝒓𝒔 𝒂𝒓𝒆 𝒉𝒐𝒍𝒅𝒊𝒏𝒈 𝒐𝒏, 𝒃𝒆𝒕𝒕𝒊𝒏𝒈 𝒐𝒏 𝑮𝒆𝒍𝒆𝒑𝒉𝒖’𝒔 𝒑𝒓𝒐𝒎𝒊𝒔𝒊𝒏𝒈 𝒇𝒖𝒕𝒖𝒓𝒆 𝒂𝒔 𝒂 𝒔𝒖𝒔𝒕𝒂𝒊𝒏𝒂𝒃𝒍𝒆, 𝒔𝒎𝒂𝒓𝒕 𝒄𝒊𝒕𝒚.

By Kezang Choden

As Gelephu prepares to embrace its future as the centerpiece of Bhutan’s Gelephu Mindfulness City (GMC) project, land prices in the region are soaring, signaling the start of a transformative era. The once-sleepy town is experiencing a wave of investment and optimism as residents, businesspeople, and investors alike rush to secure land in anticipation of the growth and economic opportunities that the GMC project promises. With its cutting-edge infrastructure and sustainable development vision, the GMC initiative is reshaping not only the landscape of Gelephu but also the economic prospects of Sarpang Dzongkhag.

The Land Transaction Statistical Report reveals that Sarpang Dzongkhag recorded 348 urban and 1,063 rural land transactions in the fiscal year 2022-2023. In the subsequent fiscal year, 2023-2024, the figures dropped to 197 urban and 919 rural transactions. However, the decrease is not a reflection of diminishing demand; rather, it is due to a moratorium on land transactions imposed by the Dzongkhag from July 14, 2023, to June 10, 2024. Despite this restriction, the volume of land transactions in the region still shows a remarkable level of sustained interest.

The GMC project has been a catalyst for this shift, with land prices rising dramatically in anticipation of the area’s growth. In the core urban areas of Gelephu, land prices now range between Nu 700,000 and Nu 850,000 per decimal, a sharp increase from the Nu 50,000 to Nu 60,000 per decimal seen just nine years ago. The price for land in pedestrian zones ranges from Nu 500,000 to Nu 600,000 per decimal, while rural areas are seeing prices between Nu 150,000 and Nu 200,000 per decimal. Despite these increases, both buyers and sellers remain actively engaged in the market, indicating strong demand and an optimistic outlook for the region’s future.

Dhan Raj Rai, the owner of T-Rank Estate in Gelephu, has witnessed the transformation in the real estate sector firsthand. “Before the announcement of the GMC project, the real estate market in Gelephu was relatively dormant. Transactions were limited to local residents and a few external investors, which resulted in stagnation,” Rai said. “But the arrival of the GMC initiative has completely changed the dynamic. We’re seeing an influx of buyers, not just from Gelephu but from other dzongkhags as well. This is especially true for investors from outside the country, who are now eyeing Gelephu as a prime location for both residential and commercial ventures.”

The boost in interest is not just a fleeting trend. Rai is optimistic that the sustained demand for land in the region will continue, especially as the project’s benefits begin to materialize. “The optimism surrounding the GMC project is tangible. There is growing confidence in the area’s future, and the infrastructure development promised by the project will only strengthen that confidence,” he explained. Rai is convinced that Gelephu, as part of the larger GMC vision, will soon become a thriving hub of economic activity, offering new opportunities for business and residential growth.

Kezang Tashi, the proprietor of Yellow Real Estate, has also noticed a shift in the demand for land in Gelephu. “The demand for land has increased significantly, especially for long-term investments. We’re seeing more people- especially investors-looking at Gelephu as a place where they can stake their future,” said Tashi. “With the GMC project’s promise of enhanced infrastructure and economic development, people are now seeing Gelephu as a place that will offer sustainable growth and opportunities. It’s no longer just a quiet border town; it’s a growing economic center.”

Tashi pointed out that the increased interest isn’t limited to urban areas. “Even rural land is seeing more attention. Investors are looking to secure land not just for residential or commercial use but also for agricultural ventures, as they see the GMC project as a means to bolster the region’s agricultural sector as well,” he noted. This sentiment reflects the broader belief that the GMC project will serve as a comprehensive growth driver for the entire region, encompassing everything from infrastructure to agriculture to commerce.

For many local residents, the GMC project represents a unique opportunity to secure a stable future. Pabitra Maya Ghimirey, a resident of Drangchhu village in Chhudzom Gewog, is one such example. Ghimirey owns seven acres and 50 decimals of ancestral land, and despite the rising land prices and lucrative offers to sell, she has decided to hold onto her property. “This land was given to me by my parents, and I can’t imagine selling it. It carries the legacy of my family, and I see its value growing in the future,” Ghimirey said. Rather than selling, Ghimirey is planning to expand her land holdings, believing that the GMC project will open up even greater economic opportunities in the future.

Ghimirey, who currently focuses on cultivating cash crops, is looking to scale up her agricultural activities. “At the moment, we are prioritizing crops that have shown good returns,” she explained. “But in the future, we plan to diversify our crops to take full advantage of the economic opportunities that the GMC project will bring. We see this as a way to not only preserve our heritage but also to ensure our family’s financial stability moving forward.”

Ghimirey’s sentiment is shared by others in her village. Many residents see the GMC project as a positive force for local economic development, and rather than selling their land, they are expanding their holdings and investing in more sustainable agricultural practices. This is particularly true for Dhan Bahadur Monger, a resident of Jigmecholing Gewog. Monger, who currently manages three acres of land, plans to increase his agricultural output to meet the growing demand expected as a result of the GMC project. “I see great potential in agriculture and livestock activities to secure a better future for my children,” Monger said. He emphasized that selling his land is not an option. “By expanding my fields, I can ensure a better livelihood for my family and contribute to the local economy.”

Monger’s plans to diversify his agricultural activities include expanding his cash crop production and investing in livestock farming. “Agriculture has the power to transform lives. By increasing my production, I hope to create a more sustainable future for my children and make a positive impact on the community,” he said, expressing his firm belief in the potential of the agriculture sector in the wake of the GMC project.

Meanwhile, in Dekiling Gewog, another landowner has chosen to retain his property, despite receiving lucrative offers. This landowner, whose property is located in the heart of Gelephu’s core area, recognizes the immense long-term value of holding onto his land. “This land has significant value in the future, and I want to ensure it benefits my family for generations,” he stated. He has plans to develop infrastructure on the property, including hotels and apartments to meet the anticipated demand for housing and accommodation once the GMC project begins to transform the region. In addition, he intends to grow organic crops, aligning with the national push for sustainable farming practices. “The GMC project is going to change the entire landscape of Gelephu, and I want to make sure that my family is positioned to benefit from it in the long term,” he said.

The commitment of these landowners to retain and expand their holdings reflects a broader trend in the region. While many people are eager to sell, recognizing the rising land prices, there is a growing number of residents who see the GMC project as an opportunity for long-term prosperity. The project, which promises improved infrastructure, a boost to the local economy, and new employment opportunities, is being viewed as a major driver of sustainable growth—not just for urban Gelephu but for the surrounding rural areas as well.

As the GMC project moves forward, the optimism surrounding it continues to grow. Gelephu is rapidly transitioning from a quiet border town to an economic hub, attracting investors and residents alike who believe in its potential. The increasing land prices and the growing number of transactions-both urban and rural- serve as clear indicators that the region is on the verge of a transformative period.

With the successful implementation of the GMC project, Gelephu and the surrounding areas are expected to experience long-term growth in both the residential and commercial sectors. The surge in land prices, coupled with the influx of investment, signals that the region’s economic prospects are stronger than ever. For those who have invested in land in the area, whether through purchase or expansion, the GMC project represents a future full of potential. And for those like Ghimirey, Monger, and others who have chosen to retain their land, the vision of a brighter tomorrow is beginning to take shape-one that promises prosperity, stability, and growth.

As the development of Gelephu into a major urban center continues to unfold, it is clear that the GMC project will be a key driver of change, offering not just new economic opportunities, but also ensuring that the region retains its connection to its rich heritage. With strong community involvement and a focus on sustainable growth, the future of Gelephu and Sarpang Dzongkhag is poised for success, and the optimism around the GMC project only reinforces this promising outlook.