Real Estate gets pricey in Bhubaneswar
Bhubaneswar- Cuttack- Puri, DLF, IDCO projects, Koraput, REAL ESTATE, Satellite and Residential townships August 31st. 2008, 10:35amFollowing is an excerpt from a report in Economic Times by Nageshwar Patnaik.
… With the state attracting around Rs 6,00,000-crore investments, including two biggest FDI proposals from ArcelorMittal and Posco, property prices in the city have jumped 4-8 times in five years.Rapid urbanisation coupled with positive developments in sectors like information technology, biotechnology and mega investments in airport, steel, aluminium, mining, power, railways, road, port, hospitality and manufacturing has given a boost to realty in the state capital. A 1,200 square feet apartment in an up market area such as Kharabela Nagar, Forest Park and Saheed Nagar now costs between Rs 30 lakh and Rs 40 lakh.
“There is a mismatch between demand and supply, leading to steep hike in property prices in Bhubaneswar. Against a demand of 2,0000 houses in the medium and upper housing categories, the supply is mere 1,000 houses only. …
In the last five years, the city has witnessed tremendous growth in all segments,IT park, BPO, call centres, hotels, technical institutes, medical colleges and hospitals. In fact, the rise in number of world-class educational institutes has put the pressure on the city. This also has attracted many leading real estate companies in the country, which have taken the land for different projects.
But confusion is writ large among both the developers and customers with the government owning around 80% of land. “The state government is yet to come out with a clear policy on real estate for the capital city. Besides, land consolidation policy is conspicuous by its absence. …
The state government owns about 80% of the land in the state capital while 10% of private land is under legal dispute and the rest 10% is in the hands of landlords. The leading real estate companies from the country have taken land from the government to put up huge properties.
DLF has taken 54 acres of land from the state government owned IDCO near Infocity at Chandrasekharpur where it is coming up with 40 lakh square feet floor space to accommodate an IT Park, shopping, hotels, retail and residential apartments. Similarly, Unitech emerged as a successful bidder for 11 acres of land leased out by the Bhubaneswar Development Authority to develop commercial properties like multiplexes, retail and office space.
Vipul Group is developing a 19-acre township in a public private partnership mode with Orissa State Housing Board (OSHB). Similarly, Mumbai-based K Raheja Corp proposes to set-up a Mindspace IT Park here through a joint venture with the government or any of its agencies over 30 acres in three years at an investment of Rs 250 crore.
Industrial Infrastructure Development Corporation of Orissa (IIDCO) will acquire land for the project. FIRE (First Indian Real Estate) Capital Fund, a global PE Fund, is eyeing major investments in Bhubaneswar. …
October 10th, 2012 at 1:25 am
It is the great opportunity for Odisha. In the last 10 years I have not seen this type of plan of actions for developing the major cities of Odisha. Several developers and corporates are creating many actions. Also Acrux Realcon Pvt. Ltd. has taken huge areas where it is coming up with many flats, apartments, duplex,etc.
December 7th, 2012 at 12:48 am
Acrux Realcon Pvt. Ltd. deals with premium Real Estate in Bhubaneswar offering life style and luxury apartments, flats, villas condominiums and more. A platter of unmatched properties with world class amenities and facilities, where you can live your dream in premium urban dwellings.