Real Estate Bhubaneshwar
The capital city of Orissa - Bhubaneshwar - is known as the temple town of India. Being one of the most important cities of the eastern India, Bhubaneshwar is decently connected with major cities of the country.
Bhubaneshwar's local economy is based on mining industry that has been on resurgence for the past couple of years. Though the development in terms of infrastructure and financial reforms remained quite slow in the past, the city is catching up with the commercial progress of late.
With a view to promote Information Technology (IT) in the city, the Orissa government has given it the status of priority sector. The initiative has been successful too. Software giants like Infosys and Satyam have already been present in the city since 1997 and are in the mode of expansion now.
Setting up of IT specific Special Economic Zones (SEZ) is also going well for the local economy. The one developed by Industrial Development Corporation of Orissa (IDCO)-Infocity I, at Chandrasekharpur has set example for the others.
India’s real estate major DLF has announced plans to set up an IT park at the Chandaka Industrial Estate. Recently, the Business Processing Outsourcing (BPO) major Genpact also declared its plans to build a 25 acre BPO SEZ at Mancheswar Industrial Estate of Bhubaneshwar.
The city is even looking beyond IT and project for a 60-acre biotechnology park is also underway.
Commercial Real Estate in Bhubaneshwar
While more than three-fourth of the land in Bhubaneshwar is under the control of Orissa State Housing Board (OSHB), private real estate players have actively come forward in the picture.
Areas in the northern part of the city like Chandrasekharpur, Patia, Sailashree Vihar and Nandankanan have received significant growth in terms of prices. The southern part on the other hand is also emerging considerably at Khurda and Kalinganagar and extensive construction activities are visible in the areas.
The major business centers of the city are located at Janpath, Ekamra Marg, Cuttack Puri Road and Bapuji Nagar where you will find a number of retail outlets from national and international brands. In fact, Janpath has been accorded as the Central Business District (CBD) of Bhubaneshwar.
As far as government initiatives towards infrastructure are concerned, the Industrial Development Corporation of Orissa (IDCO) has executed successful projects like Tower 2000 at Mancheshwar Industrial Estate, IDCO Towers at Janpath and Forture Towers at Chandrasekharpur.
So far, India’s most prestigious companies like TCS, Tata Teleservices, Reliance Communications, and Essar Steel have opened their offices at these office complexes.
Capital value for shops and office spaces at these locations varies from Rs 2,000 to Rs 7,500 psft.
The development on the economic fronts has been apparently translating into the flourishing retail markets. Several reputed real estate developers have expressed interest in constructing shopping malls. Corporate giants Reliance and Bharti are reportedly looking for land to materialize their retail projects.
The CBD of Janpath boasts of city’s first organized retail market spread in an area of 1.8 lakh sq. ft. The lease rates at the prime locations are at historic highs of Rs 45-60 psft and expected to increase furthermore.
As a centre of the undergoing IT and retail revolution Bhubaneshwar is improving significantly in terms of purchasing power of its residents. The impact is visible on its booming residential sector.
Builders are observing heavy demand for flats and apartments. Until now, there had been only the independent houses being developed in the city but now the multi-storeyed buildings are also coming up fast.
Capital value hovers in the range between Rs 1,600 and Rs 2,500.
Impressive absorption rates are registered at residential locations of Ashok Nagar, Surya Nagar, Rasulgarh Bapuli and Shaheed Nagar.
Construction of integrated townships is also under progress at Chandrasekharpur and Shaheed Nagar. Sahara has also taken giant step and is coming up with a huge township covering an area of about 100 acre near NH5. The project will provide wide options in bungalows and luxury villas.
Projects of IT SEZs, booming retail sector, interest of MNCs and big realty players in Bhubaneshwar would paint a rosy picture for the city in the forthcoming years.
Besides, project proposals for internationalization of airport, development of Agra-Tech Park, Diamond Park, and Air Cargo complex further demonstrate the ambitious roadmap for the city. Consequently, the real estate markets here are looking nice.