Hopes to increase IT exports to Rs 1,000 crore by 2009.
With a view to provide incubation and infrastructure facilities to new and young entrepreneurs in the micro, small and medium enterprise (MSME) sector, the state-owned Orissa Industrial Infrastructure Development Corporation (IDCO) plans to set up an MSME software park.
The proposed hub will function in a multi-story vertical tower, which is one amongst a number of high-tech buildings planned to be built in and around Bhubaneswar by IDCO in the near future.
“Yes, we are planning a number of high rise buildings in the city to provide ready-made office space with all the modern facilities to the industries coming to the state. One such tower will be dedicated to MSMEs in the IT sector,” Vishal Dev, managing director, IDCO, told Business Standard.
The setting up of an MSME software park is currently at a conceptual level and IDCO is in the process of preparing the detailed project report (DPR) for the project.
The corporation may either construct the park itself or it may rope-in a private developer as partner. Three probable locations have been identified for the project and no final decision has been made. IDCO, in all, has plans to build three such towers in different locations in the city.
One of the buildings will come up at Mancheswar, where a 29-acre patch of land has been earmarked. The other two towers will be located adjacent to the Fortune Towers, an existing high-tech office complex and the Orissa Computer Application Centre (OCAC) respectively.
This blueprint to set up an MSME software park in Bhubaneswar follows a plea to this effect by OCAC in the State Level Export Promotion Committee (ELPC) meeting on Assistance to States for Infrastructure Development for Exports (ASIDE) scheme recently.
The meeting, chaired by the Orissa chief secretary, Ajit Kumar Tripathy, accepted the proposal and entrusted IDCO to undertake the project for which Rs 2 crore will be provided from the ASIDE fund after IDCO submits a detailed project report (DPR).
The committee felt it imperative to set up an MSME software park to broaden the export base of the state. While the state’s IT exports are pegged at around Rs 800 crore, about 90 per cent of it is contributed by the big IT companies like Satyam, Infosys, and TCS who have their development centres in the city.
It was felt that the share of the small and medium IT enterprises can be instrumental in raising exports if they are provided with the incubation facility. Basically, the MSME software park will cater to the requirement of the new and young IT professionals willing to walk in and start their business instantly.
Besides, with the available built up office space in Infocity, Fortune Towers and Tower-2000 almost exhausted, the corporation has initiated steps to meet the future requirement of the small companies. As of now, IDCO is providing land to various companies for construction of their own campuses.
However, this is not a sound business proposition for the micro and small units, who require ready-made, built up office space with connectivity to start their business.
Dev said, the proposed towers including the MSME software park, will boast of world-class built-up space, connectivity and social infrastructure like townships, hospitals and schools. However, the total investment is yet to be decided.
“Bhubaneswar Development Authority (BDA) is in the process of revising its Floor Area Ratio (FAR) norms. Once the FAR is revised, we will be able to make the exact estimates,” he said.
He added that apart from the built-up space, the small companies can also take land on outright purchase basis in Infocity-II near Janla. An Info-park being developed by DLF adjacent to Infocity can also meet their space requirement.
“The info park with 1 million square feet of built-up space developed by DLF is expected to be commissioned by January 2008.
It may be noted, that there are more than 300 small and medium enterprises (SMEs) in the state in the IT sector with more than 12,000 software professional engaged in them.
Infocity, considered as the biggest IT park in eastern India, is spread over an area of 350 acres, currently housing big IT companies like Infosys, Wipro, TCS, Mind Tree.
Similarly, Fortune Towers, with a built up space of 0.35 million square feet, is equipped with high speed connections. Besides, IDCO Towers, which is strategically located in the heart of the city, houses a number of IT and IteS companies.
Source: http://www.business-standard.com/sme/storypage.php?leftnm=13&subLeft=2&chklogin=Y&autono=305826&tab=r
Sunday, December 23, 2007
Infinity IT Township planned for Bhubaneswar
Infinity Infotech Parks Ltd. is a high aspiration model of an entrepreneur’s vision. With a perfect combination of new technology and a dedicated customer service Infinity Infotech Park Ltd. has improved business efficiency for its occupants.
Infinity will actively develop the following IT Townships :
• 400 Acres Corporate Township, Bhubaneswar.
• 200 Acres, IT SEZ Township, Diamond Harbour Road, Kolkata.
• 100 Acres, IT SEZ Township, Bantalla, Kolkata.
• 80 Acres, IT SEZ Township, Rajerhat Kolkata.
Project Status: Land under Acquisition with the intent of developing IT Townships.
Source: http://www.infinityitpark.com/townships.html
Infinity will actively develop the following IT Townships :
• 400 Acres Corporate Township, Bhubaneswar.
• 200 Acres, IT SEZ Township, Diamond Harbour Road, Kolkata.
• 100 Acres, IT SEZ Township, Bantalla, Kolkata.
• 80 Acres, IT SEZ Township, Rajerhat Kolkata.
Project Status: Land under Acquisition with the intent of developing IT Townships.
Source: http://www.infinityitpark.com/townships.html
Sunday, August 12, 2007
Carlson plans property in Bhubaneswar
US-based international hotel and resort company Carlson Hotels Worldwide is exploring the possibility of lining up an investment of Rs 500 crore in Orissa, according to state government sources.
The investments would go in for setting up a 5-star hotel, a hotel apartment and a shopping mall.
The hotel chain could not be contacted for confirmation.
Discussions on Carlson investments are currently at the highest levels of the Orissa government.
Carlson representatives recently gave a presentation to Orissa Chief Minister Naveen Patnaik in Delhi.
The government is currently is in the process of identifying land for Carlson.
Orissa government sources pointed out, that in all probabilities land for Carlson would be made available around the Infocity- the Bhubaneswar IT hub. Bhubaneswar, of late, is witnessing a boom in hotel industry with chains like Best Western showing interest in coming to the state.
ITC Welcom Group Sheraton brand of hotels, Lakshmi Franklin Hospitality and real estate major Unitech have also shown their interest on ventures in Orissa. It is for the state government to finally decide and find out land for them.
Says a highly placed state government official, “Carlson had evinced interest to come to Orissa in a big way. For them, we are also ready to roll out the red carpet.”
Carlson Companies, headquartered in Minneapolis, Minnesota, USA is a global leader in hospitality services encompassing more than 1,700 hotels, resorts, restaurants and cruise ship operations in 82 countries employing over 1.9 lakh people across the globe.
The global hotel chains brands include Regent Hotels and Resorts, Radisson Hotels and Resorts, Park Plaza Hotels and Resorts, Country Inns and Suites By Carlson and Park Inn.
Almost three decades into hospitality services Carlson currently have 410 Country Inns and Suites in different parts of the globe.
There are about 15 hotels in India located at various places.
They include Paradeep, Jaipur, Jalandhar, Ludhiana and Hyderabad.
Carlson also has properties at Ahmedabad, Chennai, Goa and Bangalore.
With a view to deliver high value and quality for business and leisure and professional travel, Carlsons global operations are divided into three broad theatres — The Americas, Europe and Middle East and Africa (EMEA).
http://www.business-standard.com/search/storypage_new.php?leftnm=1&leftindx=1&subLeft=1&autono=290203
The investments would go in for setting up a 5-star hotel, a hotel apartment and a shopping mall.
The hotel chain could not be contacted for confirmation.
Discussions on Carlson investments are currently at the highest levels of the Orissa government.
Carlson representatives recently gave a presentation to Orissa Chief Minister Naveen Patnaik in Delhi.
The government is currently is in the process of identifying land for Carlson.
Orissa government sources pointed out, that in all probabilities land for Carlson would be made available around the Infocity- the Bhubaneswar IT hub. Bhubaneswar, of late, is witnessing a boom in hotel industry with chains like Best Western showing interest in coming to the state.
ITC Welcom Group Sheraton brand of hotels, Lakshmi Franklin Hospitality and real estate major Unitech have also shown their interest on ventures in Orissa. It is for the state government to finally decide and find out land for them.
Says a highly placed state government official, “Carlson had evinced interest to come to Orissa in a big way. For them, we are also ready to roll out the red carpet.”
Carlson Companies, headquartered in Minneapolis, Minnesota, USA is a global leader in hospitality services encompassing more than 1,700 hotels, resorts, restaurants and cruise ship operations in 82 countries employing over 1.9 lakh people across the globe.
The global hotel chains brands include Regent Hotels and Resorts, Radisson Hotels and Resorts, Park Plaza Hotels and Resorts, Country Inns and Suites By Carlson and Park Inn.
Almost three decades into hospitality services Carlson currently have 410 Country Inns and Suites in different parts of the globe.
There are about 15 hotels in India located at various places.
They include Paradeep, Jaipur, Jalandhar, Ludhiana and Hyderabad.
Carlson also has properties at Ahmedabad, Chennai, Goa and Bangalore.
With a view to deliver high value and quality for business and leisure and professional travel, Carlsons global operations are divided into three broad theatres — The Americas, Europe and Middle East and Africa (EMEA).
http://www.business-standard.com/search/storypage_new.php?leftnm=1&leftindx=1&subLeft=1&autono=290203
Wipro to recruit 15,000 at Bhubaneswar
Wipro Technologies plans to recruit 15,000 software professionls in itsproposed development centre at Bhubaneswar.
Besides, the company also proposed to set up a Global Training Centre (GTC) in Bhubaneswar.
Laxman Badiga, chief Information officer (CIO) of Wipro, met the Orissa chief minister Naveen Patnaik recently and discussed the progress of the development centre in Bhubaneswar. The company will have a 26 acre campus in the infocity-II and will have four blocks of building.
The design and architecture of the building has been finalized and the construction of the boundary wall has been completed. The construction of the centre is expected to be completed within next 18 months, sources said. Wipro is also looking for setting up a Global Training Centre in Orissa. The company officials have visited a couple of sites to select the location.
The government will take a view after the company intimates the location.
The proposed GTC will be in the pattern of the company's Global Training Centre located at Mysore.
The centre is expected to provide training facility to about 3000 persons. Further, the company has evinced interest to be associated with the development of International Institute of Information Technology (IIIT) in Bhubaneswar.
The chief minister is reported to have discussed the concept of smart city with the Wipro team. Principal secretary to the chief minister B K Patnaik, secretary IT department S N Tripathy and head of the Bhubaneswar Development Centre Surya Mohanty were present during the discussion. After the completion of the Wipro Development Centre, there will be about 40,000 employees working within 200 acres of Infocity. This is expected to lead to severe pressure on the social and civil infrastructure in the IT hub.
http://www.business-standard.com/search/storypage_new.php?leftnm=1&leftindx=1&subLeft=1&autono=293474
Besides, the company also proposed to set up a Global Training Centre (GTC) in Bhubaneswar.
Laxman Badiga, chief Information officer (CIO) of Wipro, met the Orissa chief minister Naveen Patnaik recently and discussed the progress of the development centre in Bhubaneswar. The company will have a 26 acre campus in the infocity-II and will have four blocks of building.
The design and architecture of the building has been finalized and the construction of the boundary wall has been completed. The construction of the centre is expected to be completed within next 18 months, sources said. Wipro is also looking for setting up a Global Training Centre in Orissa. The company officials have visited a couple of sites to select the location.
The government will take a view after the company intimates the location.
The proposed GTC will be in the pattern of the company's Global Training Centre located at Mysore.
The centre is expected to provide training facility to about 3000 persons. Further, the company has evinced interest to be associated with the development of International Institute of Information Technology (IIIT) in Bhubaneswar.
The chief minister is reported to have discussed the concept of smart city with the Wipro team. Principal secretary to the chief minister B K Patnaik, secretary IT department S N Tripathy and head of the Bhubaneswar Development Centre Surya Mohanty were present during the discussion. After the completion of the Wipro Development Centre, there will be about 40,000 employees working within 200 acres of Infocity. This is expected to lead to severe pressure on the social and civil infrastructure in the IT hub.
http://www.business-standard.com/search/storypage_new.php?leftnm=1&leftindx=1&subLeft=1&autono=293474
Tuesday, July 24, 2007
Knowledge City Bhubaneswar
As Infocity is full, Government of Orissa is setting up another IT park called “Knowledge City” over a 450 acre patch of land near Janla Industrial Estate about 15km from Bhubaneswar. IDCO shall be taking up the infrastructure development, which is likely to be completed by December this year. The Knowledge City would comprise an IT SEZ and both industrial as well as social infrastructure like schools, shopping, entertainment complex and, a Central Business Zone.
Friday, May 25, 2007
Oversupply is one of the last worries
If mall developers could move their properties around rather than be stuck with oversupply in some areas, they would surely grab the opportunities in Jharkhand and Orissa, two mineral rich states whose capitals are yet to become retail destinations, let alone crowded ones.
............................
Orissa, or rather its capital Bhubaneswar, is better placed than Jharkhand at the moment, since it already has a Big Bazaar retail outlet. In fact, shopping in a market-mall is gradually becoming a fashion statement, and the success of the Big Bazaar outlet has brought in its wake another, Vishal Market Mall.
The Big Bazaar outlet has become a landmark in less than two years, sprawling over 51,000 sq.ft. It has already started posting a profit even though it is yet to complete its third year. While local officials were reticent about the investments or the profit figures, it is learnt that the store needs sales of Rs 2.80 crore a year to break even.
Forget oversupply. Big Bazaar is also facing problems in getting space for expansion. Initially, it had taken a major portion of Forum Mart, not sure if its model would click in a small city like Bhubaneswar.
The second Big Bazaar outlet has come up in Cuttack, about 28km away from Bhubaneswar. It is also planning to set up a second outlet in Bhubaneswar city, at Patia. ”The market malls in Orissa are coming up according to the customers demand,” says Priyadarshi Mishra, the president of Super Bazaar, a government controlled market mall in the co-operative sector. After Big Bazaar, majors like Shopper’s Stop and C3 are also eyeing locations in Bhubaneswar.
So, whether it is Bihar, Jharkhand or Orissa, oversupply is the last worry for mall developers or promoters!
http://www.financialexpress.com/fe_full_story.php?content_id=145594
............................
Orissa, or rather its capital Bhubaneswar, is better placed than Jharkhand at the moment, since it already has a Big Bazaar retail outlet. In fact, shopping in a market-mall is gradually becoming a fashion statement, and the success of the Big Bazaar outlet has brought in its wake another, Vishal Market Mall.
The Big Bazaar outlet has become a landmark in less than two years, sprawling over 51,000 sq.ft. It has already started posting a profit even though it is yet to complete its third year. While local officials were reticent about the investments or the profit figures, it is learnt that the store needs sales of Rs 2.80 crore a year to break even.
Forget oversupply. Big Bazaar is also facing problems in getting space for expansion. Initially, it had taken a major portion of Forum Mart, not sure if its model would click in a small city like Bhubaneswar.
The second Big Bazaar outlet has come up in Cuttack, about 28km away from Bhubaneswar. It is also planning to set up a second outlet in Bhubaneswar city, at Patia. ”The market malls in Orissa are coming up according to the customers demand,” says Priyadarshi Mishra, the president of Super Bazaar, a government controlled market mall in the co-operative sector. After Big Bazaar, majors like Shopper’s Stop and C3 are also eyeing locations in Bhubaneswar.
So, whether it is Bihar, Jharkhand or Orissa, oversupply is the last worry for mall developers or promoters!
http://www.financialexpress.com/fe_full_story.php?content_id=145594
State capital set for a total makeover
- Plan to form State Capital Region Authority
- Naveen launches webiste with details of projects
- An integrated industrial township mooted
BHUBANESWAR:
After making waves in attracting investment proposals during last half-decade, Orissa is now all set to give its capital city a complete makeover by shaping it to a vibrant metro centre by 2030.
An outline on State's industrial scenario brought out by `Team Orissa', a body that facilitates industrial development and investment promotion, said the State Government was actively considering forming State Capital Region Authority (SCRA).
Website launched
A website with details of different project proposals and policies of the state, was launched by Chief Minister Naveen Patnaik on the occasion of inauguration of the Entrepreneurships' Week, 2007 here on Monday.
The State Capital Region would be directly linked with Paradip, an important port town and state's premier industrial hub, through an alternative 91-kilometre road with an estimated cost of Rs 700 crores.
Similarly, an investment to the tune of Rs 900 crores had been estimated for the Capital Region Ring Road (Khurda-Bhubaneswar-Cuttack). The ring road would see growth of a knowledge industry township, which would provide integrated facilities to working and living.
Knowledge township
"The knowledge township would be developed in two phases.
For first phase, we have identified 1500 acres and about 4,000 acres have been identified for the second phase," Managing Director of Industrial Promotion and Investment Corporation of Orissa Limited (IPICOL) Ashok Meena said.
Besides, a 784-acre integrated township comprising special economic zone on information technology, residential, educational, commercial and business zones has been conceptualised.
Apart from this, the Team Orissa declared that a number of projects, which would be developed on Public Private Partnership mode, had been lined up.
Several corridors dedicated for different sectors have been planned to create opportunities for development.
The State Government is planning a landmark in the capital region by erecting a commercial and recreational complex over 11 acres at a cost of Rs 200 crores.
Residential complex
Moreover, a residential complex over 25 acres area had been contemplated for which the State Government proposed to spend Rs 400 crores.
It said that detail project reports for comprehensive multi-modal transportation plan and sewerage system had already been prepared.
The State Government hoped to put a world-class infrastructure in place in Bhubaneswar by investing Rs 3,300 crores in seven years under Jawaharlal Nehru National Urban Renewable Mission (JNNURM).
http://www.hindu.com/2007/03/06/stories/2007030614540300.htm
- Naveen launches webiste with details of projects
- An integrated industrial township mooted
BHUBANESWAR:
After making waves in attracting investment proposals during last half-decade, Orissa is now all set to give its capital city a complete makeover by shaping it to a vibrant metro centre by 2030.
An outline on State's industrial scenario brought out by `Team Orissa', a body that facilitates industrial development and investment promotion, said the State Government was actively considering forming State Capital Region Authority (SCRA).
Website launched
A website with details of different project proposals and policies of the state, was launched by Chief Minister Naveen Patnaik on the occasion of inauguration of the Entrepreneurships' Week, 2007 here on Monday.
The State Capital Region would be directly linked with Paradip, an important port town and state's premier industrial hub, through an alternative 91-kilometre road with an estimated cost of Rs 700 crores.
Similarly, an investment to the tune of Rs 900 crores had been estimated for the Capital Region Ring Road (Khurda-Bhubaneswar-Cuttack). The ring road would see growth of a knowledge industry township, which would provide integrated facilities to working and living.
Knowledge township
"The knowledge township would be developed in two phases.
For first phase, we have identified 1500 acres and about 4,000 acres have been identified for the second phase," Managing Director of Industrial Promotion and Investment Corporation of Orissa Limited (IPICOL) Ashok Meena said.
Besides, a 784-acre integrated township comprising special economic zone on information technology, residential, educational, commercial and business zones has been conceptualised.
Apart from this, the Team Orissa declared that a number of projects, which would be developed on Public Private Partnership mode, had been lined up.
Several corridors dedicated for different sectors have been planned to create opportunities for development.
The State Government is planning a landmark in the capital region by erecting a commercial and recreational complex over 11 acres at a cost of Rs 200 crores.
Residential complex
Moreover, a residential complex over 25 acres area had been contemplated for which the State Government proposed to spend Rs 400 crores.
It said that detail project reports for comprehensive multi-modal transportation plan and sewerage system had already been prepared.
The State Government hoped to put a world-class infrastructure in place in Bhubaneswar by investing Rs 3,300 crores in seven years under Jawaharlal Nehru National Urban Renewable Mission (JNNURM).
http://www.hindu.com/2007/03/06/stories/2007030614540300.htm
Monday, May 21, 2007
Bhubaneswar's successful realty story
If the real estate market in Bhubaneswar is taking giant leaps today, it's because investment is coming in with IT gaining a firm footing in the capital to lay the foundation for growth in the near future.
Most big IT majors like TCS, Infosys and Wipro have entered the city to tap into the city's trained manpower. One hears that real estate major DLF is also looking at developing an IT Park on 54 acres of land which will house other IT companies like Accenture and IBM as well. Posco is another driver here.
Of course, as disposable incomes and incomes in general have gone up over the years, there is better demand for retail and higher-end residential spaces.
Rahul Saraf, MD, Forum (a Kolkata-based company), recalls that when they started operating Bhubaneswar's first mall, also called Forum, about four years ago, they faced a problem of handling the kind of footfalls they were getting.
"Sometimes people would treat the airconditioned mall as a picnic spot while there were others who even walked in with their tiffins to have lunch in the mall's atrium," he says.
Thankfully, the situation today is quite different. Forum has managed to organise footfalls and even launched small format stores in the mall which didn't do too well initially, but are now making progress in terms of sales.
Saraf says that while most customers who ventured into Forum headed straight to Big Bazaar for value shopping, today the situation is changing.
"Now we see customers moving beyond Big Baazar," says Saraf. In the last 18 months, he says, sales for these smaller retailers have grown at least three times.
Abhijit Das, regional director at property consultants Trammell Crow Meghraj, informs that there are 4-5 malls being planned in the city, most of them in the newly developing Chandrashekharpur area.
The upcoming suburbs in the city include Chandrashekharpur in the north, Khurda, Jatni, and Choudwar towards the south, and along Cuttack-Bhubaneswar Road which is on NH-5.
Looking at the maturing consumer, Saraf is planning a 5,00,000 sq ft mall on 5.5 acres of land which in all probability will include the city's first multiplex, a large plaza and a 100-room, three-star hotel on top. "We intend to fill the big gap in the retail segment here," explains Saraf.
Another retail mall project, also on the larger side, is the 6,00,000 sq ft Junction Mall from Bengal Shrachi Housing Development (another Kolkata-based company), coming up in the Jaidev Vihar area en route to Infosys City.
The company's MD, Rahul Todi, says this will be the city's "first organised retail" destination. Set to cost around Rs 120 crore (Rs 1.2 billion), it will launch later this year (October-November). South Africa's Bentel will be the architects on this project, and it will boast of a two-level car parking in the basement.
But retail is not the only area which interests developers coming to the city. There is quite a bit of short supply in the quality residential segment in Bhubaneswar, according to Anup Mohapatra, president, Real Estate Developers Association (REDA).
He points out that over the last two years, rates in the city have increased at least four-fold. "There is demand for high-end residential property in the city, most of which is coming up towards the new IT developments taking place near Chandrashekharpur. If, for instance, the demand today is for 100 homes, the supply is lagging far behind at only 10-12 at the moment," he says.
For some Kolkata-based companies, Bhubaneswar is almost like an extension of their home ground and makes an attractive investment alternative. No wonder that apart from just malls, Todi is also planning to launch a high-rise, high-end residential project with 550-600 apartments spread over 14 acres. Situated on the Cuttack-Bhubaneswar National Highway, Neo City will have a club, swimming pool, and other lifestyle amenities.
The Sureka Group, which bought a 10-acre plot in Bhubaneswar recently, is also looking at a high-end residential development. Its MD, Pradeep Surekha, informs that the company is trying to procure more land at the same place.
"We are looking at a total of 20 acres for the Rs 400 crore residential project," he confirms. He is also eyeing the growing organised retail demand in the city. The Surekha Group is planning a 5,00,000-6,00,000 sq ft mall but if it gets suitable land at the right place (at least 10 acres), a mall might be developed on 1 million sq ft space. "Such is the scope for retail in the city," he explains.
Big townships, though, still haven't hit the Bhubaneswar market. "One of the reasons for this is that local builders do not have the strength to invest Rs 200-400 crore in a project. Also, larger national players are only now coming in and there might be plans for larger townships in the near future," says Mohapatra of REDA.
Land acquisition too is a big problem in the city. Being the capital, 70 per cent of the land here belongs to the state government. There is a mad rush for the balance 30 per cent of which 50 per cent has already been developed.
A consortium of local builders have joined together to start a new company, Arcon, which is planning a residential-cum-commercial complex with 200 high-end apartments on three acres of land close to Chandrashekharpur.
There's also news that Unitech has bid for a 10.5 acre plot at a prime locality (it is being processed at the moment) and the tender conditions put it as a mixed use development - residential, commercial as well as a retail mall.
The 54-acre IT Park being developed by DLF will also be a mixed use development with, sources tell us, as much as 30 per cent dedicated for just residential development. Most of it is likely to cater to the IT personnel within the park.
The developments at the moment are muted but there is reason to believe that there will be continued progress in the near future. Mohapatra informs that IIT Kharagpur is preparing a perspective development plan for the city which will be unveiled in the next couple of months.
Based on this, a new master plan will be developed and there are chances that new areas will be opened in this document. Meanwhile, the city's residents, we learn, are already buying property in these newer areas.
Perhaps they're hoping that these areas will be developed in the near future. From what we see, all of Bhubaneswar might be readying for a facelift.
http://www.rediff.com/money/2007/may/19spec.htm
Most big IT majors like TCS, Infosys and Wipro have entered the city to tap into the city's trained manpower. One hears that real estate major DLF is also looking at developing an IT Park on 54 acres of land which will house other IT companies like Accenture and IBM as well. Posco is another driver here.
Of course, as disposable incomes and incomes in general have gone up over the years, there is better demand for retail and higher-end residential spaces.
Rahul Saraf, MD, Forum (a Kolkata-based company), recalls that when they started operating Bhubaneswar's first mall, also called Forum, about four years ago, they faced a problem of handling the kind of footfalls they were getting.
"Sometimes people would treat the airconditioned mall as a picnic spot while there were others who even walked in with their tiffins to have lunch in the mall's atrium," he says.
Thankfully, the situation today is quite different. Forum has managed to organise footfalls and even launched small format stores in the mall which didn't do too well initially, but are now making progress in terms of sales.
Saraf says that while most customers who ventured into Forum headed straight to Big Bazaar for value shopping, today the situation is changing.
"Now we see customers moving beyond Big Baazar," says Saraf. In the last 18 months, he says, sales for these smaller retailers have grown at least three times.
Abhijit Das, regional director at property consultants Trammell Crow Meghraj, informs that there are 4-5 malls being planned in the city, most of them in the newly developing Chandrashekharpur area.
The upcoming suburbs in the city include Chandrashekharpur in the north, Khurda, Jatni, and Choudwar towards the south, and along Cuttack-Bhubaneswar Road which is on NH-5.
Looking at the maturing consumer, Saraf is planning a 5,00,000 sq ft mall on 5.5 acres of land which in all probability will include the city's first multiplex, a large plaza and a 100-room, three-star hotel on top. "We intend to fill the big gap in the retail segment here," explains Saraf.
Another retail mall project, also on the larger side, is the 6,00,000 sq ft Junction Mall from Bengal Shrachi Housing Development (another Kolkata-based company), coming up in the Jaidev Vihar area en route to Infosys City.
The company's MD, Rahul Todi, says this will be the city's "first organised retail" destination. Set to cost around Rs 120 crore (Rs 1.2 billion), it will launch later this year (October-November). South Africa's Bentel will be the architects on this project, and it will boast of a two-level car parking in the basement.
But retail is not the only area which interests developers coming to the city. There is quite a bit of short supply in the quality residential segment in Bhubaneswar, according to Anup Mohapatra, president, Real Estate Developers Association (REDA).
He points out that over the last two years, rates in the city have increased at least four-fold. "There is demand for high-end residential property in the city, most of which is coming up towards the new IT developments taking place near Chandrashekharpur. If, for instance, the demand today is for 100 homes, the supply is lagging far behind at only 10-12 at the moment," he says.
For some Kolkata-based companies, Bhubaneswar is almost like an extension of their home ground and makes an attractive investment alternative. No wonder that apart from just malls, Todi is also planning to launch a high-rise, high-end residential project with 550-600 apartments spread over 14 acres. Situated on the Cuttack-Bhubaneswar National Highway, Neo City will have a club, swimming pool, and other lifestyle amenities.
The Sureka Group, which bought a 10-acre plot in Bhubaneswar recently, is also looking at a high-end residential development. Its MD, Pradeep Surekha, informs that the company is trying to procure more land at the same place.
"We are looking at a total of 20 acres for the Rs 400 crore residential project," he confirms. He is also eyeing the growing organised retail demand in the city. The Surekha Group is planning a 5,00,000-6,00,000 sq ft mall but if it gets suitable land at the right place (at least 10 acres), a mall might be developed on 1 million sq ft space. "Such is the scope for retail in the city," he explains.
Big townships, though, still haven't hit the Bhubaneswar market. "One of the reasons for this is that local builders do not have the strength to invest Rs 200-400 crore in a project. Also, larger national players are only now coming in and there might be plans for larger townships in the near future," says Mohapatra of REDA.
Land acquisition too is a big problem in the city. Being the capital, 70 per cent of the land here belongs to the state government. There is a mad rush for the balance 30 per cent of which 50 per cent has already been developed.
A consortium of local builders have joined together to start a new company, Arcon, which is planning a residential-cum-commercial complex with 200 high-end apartments on three acres of land close to Chandrashekharpur.
There's also news that Unitech has bid for a 10.5 acre plot at a prime locality (it is being processed at the moment) and the tender conditions put it as a mixed use development - residential, commercial as well as a retail mall.
The 54-acre IT Park being developed by DLF will also be a mixed use development with, sources tell us, as much as 30 per cent dedicated for just residential development. Most of it is likely to cater to the IT personnel within the park.
The developments at the moment are muted but there is reason to believe that there will be continued progress in the near future. Mohapatra informs that IIT Kharagpur is preparing a perspective development plan for the city which will be unveiled in the next couple of months.
Based on this, a new master plan will be developed and there are chances that new areas will be opened in this document. Meanwhile, the city's residents, we learn, are already buying property in these newer areas.
Perhaps they're hoping that these areas will be developed in the near future. From what we see, all of Bhubaneswar might be readying for a facelift.
http://www.rediff.com/money/2007/may/19spec.htm
Thursday, May 10, 2007
Now....SAHARA CITY HOME in Bhubaneswar and Berhampur
Bhubaneswar Location - (South West of main city on 45.00 m wide road)
Distance from: Main City (Kms.) 10
Distance from: Railway Stn. (Kms.) 13
Distance from: Airport (Kms.) 10
Distance from: Main City (Kms.) 10
Distance from: Railway Stn. (Kms.) 13
Distance from: Airport (Kms.) 10
Distance from: Bus Stn. (Kms.) 07
Wednesday, May 9, 2007
Prices For Skyscrapers Going Through The Roof
Increasing interest rates on home loans have resulted into squeezing of the customer base. Today, a middle class person can hardly think about owning a home through loan options or if he does, he requires to be prepared to break his bank. Close on the heels of metros are smaller cities which are equally threatening to become the costliest in near future.
Talking about the East, Kolkata is one of the fast developing real estate destinations in the country today. It is the better quality of life that the city now offers attracting the buyers. However, comfort never comes cheap. A three-bedroom apartment in Kolkata’s posh New Town is no less than Rs. 20-25 lakh, the same in Bhubaneshwar would go for Rs. 30 lakh and upwards.
A large part of land in Bhubaneshwar is under Government’s control. In majority of areas, it is as much as 70%. Since the remaining part is too little, the developers end up paying whatever the owner asks for a good deal. However, the ultimate sufferers are the consumers who need to bear the entire amount.
Lack of availability of private land to construct housing segments with a spiraling demand for up-scale apartments featuring an array of amenities has made the prices unaffordable.
While a two-three bedroom flat in Chandrashekharpur ranges between Rs 32.56 lakh, a similar flat in Surya Nagar in vicinity to Raj Bhavan costs Rs. 37.25 lakh, in up-scale BJB Nagar could cost anywhere around Rs 35.90 lakh. Unsurprisingly, the rates of bungalows and duplexes are going through the roof. Every home enthusiast seems to have their own woes regarding the sky hitting real estate market and home loan. The increase in either of them pushes a hike in the other segment.
http://www.indianrealtynews.com/category/real-estate-india/page/3/
Talking about the East, Kolkata is one of the fast developing real estate destinations in the country today. It is the better quality of life that the city now offers attracting the buyers. However, comfort never comes cheap. A three-bedroom apartment in Kolkata’s posh New Town is no less than Rs. 20-25 lakh, the same in Bhubaneshwar would go for Rs. 30 lakh and upwards.
A large part of land in Bhubaneshwar is under Government’s control. In majority of areas, it is as much as 70%. Since the remaining part is too little, the developers end up paying whatever the owner asks for a good deal. However, the ultimate sufferers are the consumers who need to bear the entire amount.
Lack of availability of private land to construct housing segments with a spiraling demand for up-scale apartments featuring an array of amenities has made the prices unaffordable.
While a two-three bedroom flat in Chandrashekharpur ranges between Rs 32.56 lakh, a similar flat in Surya Nagar in vicinity to Raj Bhavan costs Rs. 37.25 lakh, in up-scale BJB Nagar could cost anywhere around Rs 35.90 lakh. Unsurprisingly, the rates of bungalows and duplexes are going through the roof. Every home enthusiast seems to have their own woes regarding the sky hitting real estate market and home loan. The increase in either of them pushes a hike in the other segment.
http://www.indianrealtynews.com/category/real-estate-india/page/3/
Thursday, May 3, 2007
MindTree centre in city by 2008
BHUBANESWAR:
MindTree Consulting Limited, an IT and R and D Services Company, will be setting up its sixth development centre in Bhubaneswar by the end of 2008, said company's Chief Operating Officer Subroto Bagchi here on Wednesday.
"Construction of the development centre is proceeding at a fast pace. By the end of the 2008, we shall be able to set up our sixth development centre, which would be a world class campus," Mr. Bagchi said here after conducting an induction programme for 200 new employees from the State.
MindTree has increased its staff strength to 4162 by adding 1034 during the last financial year.
Mr. Bagchi said C&T Architects of Bangalore had been entrusted with the task of designing the campus, which would be coming up in the Infocity here.
The company has opened offices in Dallas, Munich, Stockholm and Sydney, bringing the total number of worldwide offices to 18 while it has just started its operation in Chennai and acquired 20 acres of land in Bhubaneswar.
It launched its Infrastructure Management and Tech Support Practice (IMTS) and 17 new customers were added during the recently completed quarter, bringing the current active customer base to 155.
Company's profit after tax grew by 66.1 per cent while revenue by 31.5 per cent during the last fiscal.
http://www.hindu.com/2007/05/03/stories/2007050308780500.htm
MindTree Consulting Limited, an IT and R and D Services Company, will be setting up its sixth development centre in Bhubaneswar by the end of 2008, said company's Chief Operating Officer Subroto Bagchi here on Wednesday.
"Construction of the development centre is proceeding at a fast pace. By the end of the 2008, we shall be able to set up our sixth development centre, which would be a world class campus," Mr. Bagchi said here after conducting an induction programme for 200 new employees from the State.
MindTree has increased its staff strength to 4162 by adding 1034 during the last financial year.
Mr. Bagchi said C&T Architects of Bangalore had been entrusted with the task of designing the campus, which would be coming up in the Infocity here.
The company has opened offices in Dallas, Munich, Stockholm and Sydney, bringing the total number of worldwide offices to 18 while it has just started its operation in Chennai and acquired 20 acres of land in Bhubaneswar.
It launched its Infrastructure Management and Tech Support Practice (IMTS) and 17 new customers were added during the recently completed quarter, bringing the current active customer base to 155.
Company's profit after tax grew by 66.1 per cent while revenue by 31.5 per cent during the last fiscal.
http://www.hindu.com/2007/05/03/stories/2007050308780500.htm
Wednesday, May 2, 2007
Tech Giants Eye Big Plans In Orissa
Saturday, April 28, 2007:
Bhubaneswar:
Orissa would soon become another IT hub in the eastern region of India. Today, the state took another giant leap in information technology with IT giants like Wipro and Aricent Technology announcing their plans to come up with global training centres in Bhubaneswar. Anil Ambani’s Dhirubhai Ambani IT Centre, too, is all set to launch its software development centre in the state.
Upbeat over a strong IT export growth of 58 per cent during the 2006-07 fiscal, the state government said it would set up a second Infocity over an area of 671 acres and apply for its SEZ status. The decision was taken at the first meeting of the IT taskforce chaired by chief minister Naveen Patnaik.
Export earnings from the IT sector in Orissa leapt to Rs 732 crore during 2006-07, up from Rs 465 crore in 2005-06. Attracted by the state’s IT policy, 14 new companies had registered themselves with Software Technology Parks of India, Bhubaneswar, in the 2005-06 fiscal, while 19 companies did so in the last fiscal.Surya Patro, IT minister and vice-chairman, taskforce, said, ”Wipro has proposed to set up a global training centre with a capacity to train 3,000 IT professionals toeing the line of the company’s centre at Mysore in Karnataka. The state government would provide about 100 acres of land along the Puri-Konark marine drive.” Aricent Technology has also asked for 30 acres land along the Puri-Konark sea beach for establishing a similar global training centre with a capacity of 1,500 professionals. Mumbai-based Dhirubhai Ambani IT Centre, too, has offered to open its branch over an area of 40 acres of land somewhere near Jatni, around 15 km from Bhubaneswar. With Bhubaneswar turning into a major IT hub, the state government is planning to build a satellite city over 300 acres of land between Bhubaneswar and Khurda to provide residential accommodation to the growing IT population.Besides, around 25 acres of land is being identified near Infocity–I in Chandka industrial estate on the outskirts of the capital for construction of a housing complex for IT professionals.
Patnaik also asked Khurda collector to hand over 671 acres of land identified for the second Infocity to the Industrial Infrastructure Development Corporation (IIDCO) within a fortnight. The corporation would then apply for a SEZ status after developing basic infrastructures like road connectivity, water and power supply, said the IT minister.IIDCO will also build up a knowledge park over an area of 92 acres adjacent to the site of Indian Institute of Information Science, the foundation stone of which was laid by President A.P.J. Abdul Kalam on the outskirts of Bhubaneswar last year.
Around 1.5 lakh sq ft space available at the Toshali Plaza, a multi-storied office complex built by Orissa State Housing Board years ago, will be allotted to various BPO companies for opening development centres, Patro further said. In a meeting, the state government also decided to submit a proposal to the Union HRD ministry for establishment of another Indian Institute of Information Technology (IIIT) in Bhubaneswar. Recently, the HRD ministry has decided in principle to set up 20 IIITs across the country.
http://www.efytimes.com/efytimes/fullnews.asp?edid=18604
Bhubaneswar:
Orissa would soon become another IT hub in the eastern region of India. Today, the state took another giant leap in information technology with IT giants like Wipro and Aricent Technology announcing their plans to come up with global training centres in Bhubaneswar. Anil Ambani’s Dhirubhai Ambani IT Centre, too, is all set to launch its software development centre in the state.
Upbeat over a strong IT export growth of 58 per cent during the 2006-07 fiscal, the state government said it would set up a second Infocity over an area of 671 acres and apply for its SEZ status. The decision was taken at the first meeting of the IT taskforce chaired by chief minister Naveen Patnaik.
Export earnings from the IT sector in Orissa leapt to Rs 732 crore during 2006-07, up from Rs 465 crore in 2005-06. Attracted by the state’s IT policy, 14 new companies had registered themselves with Software Technology Parks of India, Bhubaneswar, in the 2005-06 fiscal, while 19 companies did so in the last fiscal.Surya Patro, IT minister and vice-chairman, taskforce, said, ”Wipro has proposed to set up a global training centre with a capacity to train 3,000 IT professionals toeing the line of the company’s centre at Mysore in Karnataka. The state government would provide about 100 acres of land along the Puri-Konark marine drive.” Aricent Technology has also asked for 30 acres land along the Puri-Konark sea beach for establishing a similar global training centre with a capacity of 1,500 professionals. Mumbai-based Dhirubhai Ambani IT Centre, too, has offered to open its branch over an area of 40 acres of land somewhere near Jatni, around 15 km from Bhubaneswar. With Bhubaneswar turning into a major IT hub, the state government is planning to build a satellite city over 300 acres of land between Bhubaneswar and Khurda to provide residential accommodation to the growing IT population.Besides, around 25 acres of land is being identified near Infocity–I in Chandka industrial estate on the outskirts of the capital for construction of a housing complex for IT professionals.
Patnaik also asked Khurda collector to hand over 671 acres of land identified for the second Infocity to the Industrial Infrastructure Development Corporation (IIDCO) within a fortnight. The corporation would then apply for a SEZ status after developing basic infrastructures like road connectivity, water and power supply, said the IT minister.IIDCO will also build up a knowledge park over an area of 92 acres adjacent to the site of Indian Institute of Information Science, the foundation stone of which was laid by President A.P.J. Abdul Kalam on the outskirts of Bhubaneswar last year.
Around 1.5 lakh sq ft space available at the Toshali Plaza, a multi-storied office complex built by Orissa State Housing Board years ago, will be allotted to various BPO companies for opening development centres, Patro further said. In a meeting, the state government also decided to submit a proposal to the Union HRD ministry for establishment of another Indian Institute of Information Technology (IIIT) in Bhubaneswar. Recently, the HRD ministry has decided in principle to set up 20 IIITs across the country.
http://www.efytimes.com/efytimes/fullnews.asp?edid=18604
Tuesday, April 10, 2007
Software firm to set up offshore learning development centre
Thursday February 8 2007 11:23 IST
US-based software firm Digiblitz Technologies is set to establish an offshore learning development centre here soon. The centre would mould students into efficient professionals by making them work on live projects and gain critical learning experience before scouting for job in major tech firms.
Account director of the company Praful Mayekar, citing a recent NASSCOM report, said software firms find 75 percent of the graduates in the State unfit to handle projects. Most of the candidates, they state, lack the expertise despite years of training. As a result, only 25 percent get recruited.“Our objective will, therefore, be to address the problem and reorient the skills of the pass-outs as per the needs of the market,” he said.The unique programme will be known as ‘Live project learning programme’ and will be conducted by professionals. It will be of 300 hours duration and will cost a student Rs 20,000. However, the aspirants will have to undergo a rigorous test before being selected, he said. The company proposes to train 400 candidates every year and develop their soft skills.The programme has many advantages. The students will not only get to work on real-time software projects from USA, Europe etc., but also an opportunity to hone their skills at the company’s base in the USA or at its Chennai offshore development centre.Digiblitz has also established contacts with colleges and technical institutes in the city to offer this programme using its infrastructure. Besides, it has forged ties with software firms for student placement.He said the reason behind setting up shop here was to feed the increasing number of qualified manpower that the city would require in the coming years. Today tier-II cities like Bhubaneswar, Nagpur and Chandigarh are emerging as major IT destinations and are attracting several tech firms to set up development centres. Digiblitz is an Oracle and Microsoft certified partner.
http://www.newindpress.com/NewsItems.asp?ID=IEQ20070208010204&Page=Q&Title=ORISSA&Topic=0&aDate=2%2F8%2F2007
US-based software firm Digiblitz Technologies is set to establish an offshore learning development centre here soon. The centre would mould students into efficient professionals by making them work on live projects and gain critical learning experience before scouting for job in major tech firms.
Account director of the company Praful Mayekar, citing a recent NASSCOM report, said software firms find 75 percent of the graduates in the State unfit to handle projects. Most of the candidates, they state, lack the expertise despite years of training. As a result, only 25 percent get recruited.“Our objective will, therefore, be to address the problem and reorient the skills of the pass-outs as per the needs of the market,” he said.The unique programme will be known as ‘Live project learning programme’ and will be conducted by professionals. It will be of 300 hours duration and will cost a student Rs 20,000. However, the aspirants will have to undergo a rigorous test before being selected, he said. The company proposes to train 400 candidates every year and develop their soft skills.The programme has many advantages. The students will not only get to work on real-time software projects from USA, Europe etc., but also an opportunity to hone their skills at the company’s base in the USA or at its Chennai offshore development centre.Digiblitz has also established contacts with colleges and technical institutes in the city to offer this programme using its infrastructure. Besides, it has forged ties with software firms for student placement.He said the reason behind setting up shop here was to feed the increasing number of qualified manpower that the city would require in the coming years. Today tier-II cities like Bhubaneswar, Nagpur and Chandigarh are emerging as major IT destinations and are attracting several tech firms to set up development centres. Digiblitz is an Oracle and Microsoft certified partner.
http://www.newindpress.com/NewsItems.asp?ID=IEQ20070208010204&Page=Q&Title=ORISSA&Topic=0&aDate=2%2F8%2F2007
Infrastructure: Dept wants IT in city
Sunday February 25 2007 09:21 IST
The State Government is boasting to turn the Capital into an IT hub but the infrastructure available is too inadequate to meet the basic needs of the sector.
While drawing the attention of Chief Minister Naveen Patnaik to the infrastructure shortcomings of the city, the IT Department suggested that the Government should identify suitable locations and invite reputed real estate developers like Ansal, DLF, Raheja Group to develop high quality residential accommodation to woo IT companies and professionals in the high-end income group.
Even as IT majors like Infosys, Satyam and TCS have put up development centres in the city, Orissa is far behind other states so far as growth of IT industries is concerned.While space is a constraint for IT companies, thanks to the unplanned growth of the city, a lot needs to be done to attract top-end professionals to the State, an officer involved in IT promotion said.
The city has neither quality accommodation for the highly paid staff nor educational institutions of international standard and recreational facilities that are available in cities like Bangalore, Pune, Hyderabad and Gurgaon, the sources rued. The quality of accommodation available in the city is not even suitable for mid-segment and high-end IT professionals.Korean steel major Posco, which is keen to set up a steel project near Paradip, is reportedly scouting for a bungalow equipped with all the modern facilities. The Posco plant would help attract more investment, including in IT sector, to the State. Besides, the State Government should focus on better health-care, facilitate setting up more multiplex, amusement parks and auditoria in public-private mode, the Department felt.
http://www.newindpress.com/NewsItems.asp?ID=IEQ20070224225945&Page=Q&Title=ORISSA&Topic=0&aDate=2%2F25%2F2007
The State Government is boasting to turn the Capital into an IT hub but the infrastructure available is too inadequate to meet the basic needs of the sector.
While drawing the attention of Chief Minister Naveen Patnaik to the infrastructure shortcomings of the city, the IT Department suggested that the Government should identify suitable locations and invite reputed real estate developers like Ansal, DLF, Raheja Group to develop high quality residential accommodation to woo IT companies and professionals in the high-end income group.
Even as IT majors like Infosys, Satyam and TCS have put up development centres in the city, Orissa is far behind other states so far as growth of IT industries is concerned.While space is a constraint for IT companies, thanks to the unplanned growth of the city, a lot needs to be done to attract top-end professionals to the State, an officer involved in IT promotion said.
The city has neither quality accommodation for the highly paid staff nor educational institutions of international standard and recreational facilities that are available in cities like Bangalore, Pune, Hyderabad and Gurgaon, the sources rued. The quality of accommodation available in the city is not even suitable for mid-segment and high-end IT professionals.Korean steel major Posco, which is keen to set up a steel project near Paradip, is reportedly scouting for a bungalow equipped with all the modern facilities. The Posco plant would help attract more investment, including in IT sector, to the State. Besides, the State Government should focus on better health-care, facilitate setting up more multiplex, amusement parks and auditoria in public-private mode, the Department felt.
http://www.newindpress.com/NewsItems.asp?ID=IEQ20070224225945&Page=Q&Title=ORISSA&Topic=0&aDate=2%2F25%2F2007
Coming up: Fortune Tower II
Tuesday March 6 2007 13:59 IST
BHUBANESWAR: With more IT companies scouting for space and horizontal growth of the temple city is no more possible, the Information Technology Department has planned a second Fortune tower.
A seven-acre land between Satyam Development Centre and Fortune Tower has been identified for the proposed Fortune Tower-II which will be 17 storeys.The Fortune Tower-II will have two lakh square feet usable area apart from parking slot and other recreational facilities. Construction of the building has been handed over to the State-owned Infrastructure Development Corporation of Orissa Limited (IDCO), a senior officer of the IT Department told this paper.According to preliminary estimate, the Fortune Tower-II will cost about Rs 20 crore. The IT Department has already placed Rs 3 crore with IDCO for construction of the tower. IDCO has been asked to give special emphasis on the architectural aspect of the building.
IT majors like Tata Consultancy Services (TCS) has acquired 36,000 sq.ft in Fortune Tower for its development centre and 20 percent extra space for front office staff and managers.A number of IT companies are approaching the Government for land within the city limits to set up their facilities. With no space in the Infocity, the Government has acquired 154 acres at Gothapatna to develop another IT hub. About 24 acres of land from Infocity-II has been allotted for an International Institute of Information Technology (IIIT). The Government has also allotted one wing of the Toshali Plaza in Satyanagar to the IT Department for IT purpose.While another wing of the massive building which is lying unutilised since its completion will be housing the office of Information Commissioner, the General Administration Department has already instructed all the administrative departments to shift their offices working from rented building in the city to Toshali Plaza.Although Toshali Plaza located almost in the heart of the city, this is not suitable for IT companies keen to set up their facilities because of lack of parking space. Besides, as the approach roads to the Plaza are too narrow, it will create a lot of inconvenience to the local residents, the officer admits.
http://www.newindpress.com/NewsItems.asp?ID=IEQ20070306033801&Page=Q&Title=ORISSA&Topic=0&aDate=3%2F6%2F2007
BHUBANESWAR: With more IT companies scouting for space and horizontal growth of the temple city is no more possible, the Information Technology Department has planned a second Fortune tower.
A seven-acre land between Satyam Development Centre and Fortune Tower has been identified for the proposed Fortune Tower-II which will be 17 storeys.The Fortune Tower-II will have two lakh square feet usable area apart from parking slot and other recreational facilities. Construction of the building has been handed over to the State-owned Infrastructure Development Corporation of Orissa Limited (IDCO), a senior officer of the IT Department told this paper.According to preliminary estimate, the Fortune Tower-II will cost about Rs 20 crore. The IT Department has already placed Rs 3 crore with IDCO for construction of the tower. IDCO has been asked to give special emphasis on the architectural aspect of the building.
IT majors like Tata Consultancy Services (TCS) has acquired 36,000 sq.ft in Fortune Tower for its development centre and 20 percent extra space for front office staff and managers.A number of IT companies are approaching the Government for land within the city limits to set up their facilities. With no space in the Infocity, the Government has acquired 154 acres at Gothapatna to develop another IT hub. About 24 acres of land from Infocity-II has been allotted for an International Institute of Information Technology (IIIT). The Government has also allotted one wing of the Toshali Plaza in Satyanagar to the IT Department for IT purpose.While another wing of the massive building which is lying unutilised since its completion will be housing the office of Information Commissioner, the General Administration Department has already instructed all the administrative departments to shift their offices working from rented building in the city to Toshali Plaza.Although Toshali Plaza located almost in the heart of the city, this is not suitable for IT companies keen to set up their facilities because of lack of parking space. Besides, as the approach roads to the Plaza are too narrow, it will create a lot of inconvenience to the local residents, the officer admits.
http://www.newindpress.com/NewsItems.asp?ID=IEQ20070306033801&Page=Q&Title=ORISSA&Topic=0&aDate=3%2F6%2F2007
BDA will keep city interests in mind
Monday March 26 2007 11:45 IST
BHUBANESWAR: Bhubaneswar Development Authority vice-chairman Arun Kumar Panda has said that details of the contours of the multi-hundred crore residential-cum-commercial complex at Chandrasekharpur are yet to be finalised.Saying that it is too premature to jump to any conclusion about the project, he said whatever will be done, BDA will have the interests of the city and its denizens uppermost on its mind. He said the development authority was aware of its responsibilities towards pro-people housing programmes in the Capital and allayed apprehensions of an unrealistic rise in land prices.
Similarly, any speculation on a change in building regulations to raise the permissible height of buildings in the city due to this project are preposterous, the BDA vice-chairman explained.
http://www.newindpress.com/NewsItems.asp?ID=IEQ20070326012355&Page=Q&Title=ORISSA&Topic=0&aDate=3%2F26%2F2007
BHUBANESWAR: Bhubaneswar Development Authority vice-chairman Arun Kumar Panda has said that details of the contours of the multi-hundred crore residential-cum-commercial complex at Chandrasekharpur are yet to be finalised.Saying that it is too premature to jump to any conclusion about the project, he said whatever will be done, BDA will have the interests of the city and its denizens uppermost on its mind. He said the development authority was aware of its responsibilities towards pro-people housing programmes in the Capital and allayed apprehensions of an unrealistic rise in land prices.
Similarly, any speculation on a change in building regulations to raise the permissible height of buildings in the city due to this project are preposterous, the BDA vice-chairman explained.
http://www.newindpress.com/NewsItems.asp?ID=IEQ20070326012355&Page=Q&Title=ORISSA&Topic=0&aDate=3%2F26%2F2007
Resort facility for you to unwind
Thursday March 29 2007 11:08 IST
BHUBANESWAR: Residents of the twin cities can now look forward to spending some quality time and unwind themselves, away from the hustle and bustle at Amrapali resorts.It was inaugurated by Tourism Minister Debiprasad Mishra and Information and Public Relations Minister Debashish Nayak on Tuesday.The club-cum-resort facility is about 20 km from here and 10 km from Niali. Spread over five acres of land, the resort has facilities like banquet halls, marriage ‘mandaps’, cottages and air-conditioned restaurants. The promoter of the establishment, Aswini Kumar Mohapatra also intends to establish a water and amusement park in the next phase.Other features like lawn tennis, basketball courts, honeymoon cottage, children video games room, family theatre and shopping centre would be added soon, he said.
http://www.newindpress.com/NewsItems.asp?ID=IEQ20070329004659&Page=Q&Title=ORISSA&Topic=0&aDate=3%2F29%2F2007
BHUBANESWAR: Residents of the twin cities can now look forward to spending some quality time and unwind themselves, away from the hustle and bustle at Amrapali resorts.It was inaugurated by Tourism Minister Debiprasad Mishra and Information and Public Relations Minister Debashish Nayak on Tuesday.The club-cum-resort facility is about 20 km from here and 10 km from Niali. Spread over five acres of land, the resort has facilities like banquet halls, marriage ‘mandaps’, cottages and air-conditioned restaurants. The promoter of the establishment, Aswini Kumar Mohapatra also intends to establish a water and amusement park in the next phase.Other features like lawn tennis, basketball courts, honeymoon cottage, children video games room, family theatre and shopping centre would be added soon, he said.
http://www.newindpress.com/NewsItems.asp?ID=IEQ20070329004659&Page=Q&Title=ORISSA&Topic=0&aDate=3%2F29%2F2007
Monday, April 9, 2007
Bengal Shrachi looks beyond Bengal
In terms of geographical diversification, Bengal Shrachi has embarked upon two projects in neighbouring Orissa. The `Bhubaneswar Neo City' project was being set up on 14 acres of land on the Cuttack-Bhubaneswar National Highway. Work on the Rs 120-crore project is expected to begin soon after the receipt of necessary approvals.
A 4.5 lakh sq.ft shopping mall would also be set up in the Jaydev Vihar area of the city at an estimated investment of Rs 100 crore, Mr Todi said, adding that Bentel of South Africa has been engaged for doing the architecture of the Bhubaneswar mall.
http://www.thehindubusinessline.com/2007/04/04/stories/2007040402311100.htm
A 4.5 lakh sq.ft shopping mall would also be set up in the Jaydev Vihar area of the city at an estimated investment of Rs 100 crore, Mr Todi said, adding that Bentel of South Africa has been engaged for doing the architecture of the Bhubaneswar mall.
http://www.thehindubusinessline.com/2007/04/04/stories/2007040402311100.htm
Five-star hotel boom reaches Bhubaneswar
Bhubaneswar April 03, 2007
The Orissa government has received five proposals entailing an investment of Rs 300 crore for setting up four five-star and one four-star facility hotel in the capital over the next two years.
The national and international promoters are ITC-Welcom Group Sheraton brand of hotels, Delhi-based real estate giant Unitech, BPR Hotels Limited in tie up with the Best Western Group of International chain of hotels and Lakshmi Franklin Hospitality Pvt Ltd.
The city-based Royal Mid-Town Hotel has also given a definite proposal for setting up a four-star facility hotel.
According to government conditions the hotels will have to be set up within 20 months from the approval of land given by the Bhubaneswar Development Authority (BDA). Land for the projects have almost been finalised and distribution is currently underway.
Out of the total investment of Rs 300 crore proposed to be made for setting up the hotels by the national and international chains, the five-start hotels would account for Rs 260 crore and the balance would go for the four-star hotel.
The city currently has two five-star hotels of the total 280 odd hotels spread in the higher, middle and lower segments.
When contacted the Orissa Director of Tourism Santosh Sarangi confirmed the development while pointing out that speedy action was being taken by the government in bringing the national and international chain of hotels to the city.
The hotel business in the city currently hovers at Rs 750-800 crore and is likely to surge to over Rs 1,500 crore in the next two years once the 5-star chains start operations.
According to sources, the biggest investment for setting up 5-star facility hotels is being made by Unitech. The real estate major will invest Rs 110 crore in the project. This is possibly the first venture where the realty major is making forays into hotel industry.
Unitech will set up the five-star property in Bhubaneswar, Paradip and Satpada, the considered tourist destinations of the state. The government of Orissa has already allotted five acres for the project at Rasulgarh in Bhubaneswar. Land for Paradip and Satpada would shortly be finalised.
Unitech recently made the highest bid of Rs 211 crore for setting up a residential and commercial complex on a 11.5 acre of land offered by the Bhubaneswar Development Authority (BDA), thereby fuelling price war in the city's growing real estate business.
Sources said, ITC Welcom group with its Sheraton brand of hotels has given a proposal to invest Rs 50 crore for setting up a five star. This would be another feather in ITC Sheraton's cap, which already has 80 Sheraton brand of hotels spread out in 50 destinations of India.
The Orissa government has offered land to the premier hotel chain at Doomdooma near Bhubaneswar in Khurdha district. The deal would shortly be struck. A similar proposal for five-acres at Doomdooma has also been given to BPR Hotels Limited which has tied-up with one of world's largest chain of hotels - the Best Western Group of International Hotels. Best Western would invest Rs 50-crore for setting up the 5-star property.
Best Western currently has 4,200 hotels in 80 countries worldwide with presence in Dehradun, Varanasi, Khajuraho, Kolkata, Mumbai, Hyderabad, Chennai and Kovalam in India.
Land for setting up the 5-star facility by Lakshmi Franklin Hospitality Pvt Ltd is currently being decided by the government.
Tourism department officials are confident of clinching the land deal within a few days. As for the city-based Royal Mid-Town Hotel the government had offered them 1.8 acres of land at the Infocity, the current hub of IT companies flowing into the Temple City.
http://www.business-standard.com/common/storypage_c.php?leftnm=10&autono=279773
The Orissa government has received five proposals entailing an investment of Rs 300 crore for setting up four five-star and one four-star facility hotel in the capital over the next two years.
The national and international promoters are ITC-Welcom Group Sheraton brand of hotels, Delhi-based real estate giant Unitech, BPR Hotels Limited in tie up with the Best Western Group of International chain of hotels and Lakshmi Franklin Hospitality Pvt Ltd.
The city-based Royal Mid-Town Hotel has also given a definite proposal for setting up a four-star facility hotel.
According to government conditions the hotels will have to be set up within 20 months from the approval of land given by the Bhubaneswar Development Authority (BDA). Land for the projects have almost been finalised and distribution is currently underway.
Out of the total investment of Rs 300 crore proposed to be made for setting up the hotels by the national and international chains, the five-start hotels would account for Rs 260 crore and the balance would go for the four-star hotel.
The city currently has two five-star hotels of the total 280 odd hotels spread in the higher, middle and lower segments.
When contacted the Orissa Director of Tourism Santosh Sarangi confirmed the development while pointing out that speedy action was being taken by the government in bringing the national and international chain of hotels to the city.
The hotel business in the city currently hovers at Rs 750-800 crore and is likely to surge to over Rs 1,500 crore in the next two years once the 5-star chains start operations.
According to sources, the biggest investment for setting up 5-star facility hotels is being made by Unitech. The real estate major will invest Rs 110 crore in the project. This is possibly the first venture where the realty major is making forays into hotel industry.
Unitech will set up the five-star property in Bhubaneswar, Paradip and Satpada, the considered tourist destinations of the state. The government of Orissa has already allotted five acres for the project at Rasulgarh in Bhubaneswar. Land for Paradip and Satpada would shortly be finalised.
Unitech recently made the highest bid of Rs 211 crore for setting up a residential and commercial complex on a 11.5 acre of land offered by the Bhubaneswar Development Authority (BDA), thereby fuelling price war in the city's growing real estate business.
Sources said, ITC Welcom group with its Sheraton brand of hotels has given a proposal to invest Rs 50 crore for setting up a five star. This would be another feather in ITC Sheraton's cap, which already has 80 Sheraton brand of hotels spread out in 50 destinations of India.
The Orissa government has offered land to the premier hotel chain at Doomdooma near Bhubaneswar in Khurdha district. The deal would shortly be struck. A similar proposal for five-acres at Doomdooma has also been given to BPR Hotels Limited which has tied-up with one of world's largest chain of hotels - the Best Western Group of International Hotels. Best Western would invest Rs 50-crore for setting up the 5-star property.
Best Western currently has 4,200 hotels in 80 countries worldwide with presence in Dehradun, Varanasi, Khajuraho, Kolkata, Mumbai, Hyderabad, Chennai and Kovalam in India.
Land for setting up the 5-star facility by Lakshmi Franklin Hospitality Pvt Ltd is currently being decided by the government.
Tourism department officials are confident of clinching the land deal within a few days. As for the city-based Royal Mid-Town Hotel the government had offered them 1.8 acres of land at the Infocity, the current hub of IT companies flowing into the Temple City.
http://www.business-standard.com/common/storypage_c.php?leftnm=10&autono=279773
Monday, April 2, 2007
Emerging Centres Growth - Bhubaneswar
Bhubaneswar, the capital of Orissa and the "Temple Town of India", is an important metropolis of eastern India. The city is well connected with the rest of the country and has the potential to emerge as an important growth centre.
Being the seat of administration in the state, Bhubaneswar has attracted a huge worker population, mostly from the neighbouring locations, and has seen its population growth surge by 57% over the decade. The prime economic drivers of the city have been trade and tourism. With the growth of IT/ITES prospects in the city and the resurgence of the mining industry, Bhubaneswar is expected to evolve as a significant urban centre of the country in the forthcoming years.
Though the infrastructure development in the city has been rather slow, there has been steady
development in the real estate sector of the city. A number of national level developers have expressed interest to set up their projects in the city. With Janpath, the CBD of the city, facing paucity of land, new commercial developments in the city are coming up in the north and southwest locations of the city.
Residential property in the city mostly comprises independent units in prime locations of Ashok Nagar, Forest Park, Jaidev Vihar and Bapuji Nagar with a few multi-storied apartments in Rasulgarh. Demand for apartments and flats are expected to pick up with increasing preference shown by the HIG population of the city.
A prime tourist destination of the country, Bhubaneswar has an active retail scenario. At present, retailing in the city is largely unorganised and are located at Janpath, Cuttack-Puri Road, Ekamra Marg and Bapuji Nagar. Several major brands have their outlets in the city with most of them concentrated in and around Janpath.
Current Scenario
The Bhubaneswar real estate market is government regulated with almost 70-75% of the land holding vested with the state owned Orissa State Housing Board. Lack of space within the city has led to the emergence of locations like Chandrasekharpur, Sailashree Vihar, Nandankanan and Patia in the north of Bhubaneswar. Kalinganagar and Khurda are the other emerging locations in the southern part of the city.
The commercial real estate in the city at present comprises mixed-use development - office space in the upper floors with retail on the ground and first floor. A few stand-alone office structures have been developed by the local government to attract IT/ITES companies. Some of the major developments by the State Government through Industrial Development Corporation of Orissa (IDCO) are the Tower 2000 in Mancheswar Industrial Estate, IDCO Towers in Janpath and Fortune Towers in Chandrasekharpur which houses prominent companies like TCS, Reliance Infocomm, Tata Teleservices, POSCO and Essar Steel.
The Orissa Government has accorded ‘Priority Sector’ status to the IT sector to attract investment in to the region.
Being the seat of administration in the state, Bhubaneswar has attracted a huge worker population, mostly from the neighbouring locations, and has seen its population growth surge by 57% over the decade. The prime economic drivers of the city have been trade and tourism. With the growth of IT/ITES prospects in the city and the resurgence of the mining industry, Bhubaneswar is expected to evolve as a significant urban centre of the country in the forthcoming years.
Though the infrastructure development in the city has been rather slow, there has been steady
development in the real estate sector of the city. A number of national level developers have expressed interest to set up their projects in the city. With Janpath, the CBD of the city, facing paucity of land, new commercial developments in the city are coming up in the north and southwest locations of the city.
Residential property in the city mostly comprises independent units in prime locations of Ashok Nagar, Forest Park, Jaidev Vihar and Bapuji Nagar with a few multi-storied apartments in Rasulgarh. Demand for apartments and flats are expected to pick up with increasing preference shown by the HIG population of the city.
A prime tourist destination of the country, Bhubaneswar has an active retail scenario. At present, retailing in the city is largely unorganised and are located at Janpath, Cuttack-Puri Road, Ekamra Marg and Bapuji Nagar. Several major brands have their outlets in the city with most of them concentrated in and around Janpath.
Current Scenario
The Bhubaneswar real estate market is government regulated with almost 70-75% of the land holding vested with the state owned Orissa State Housing Board. Lack of space within the city has led to the emergence of locations like Chandrasekharpur, Sailashree Vihar, Nandankanan and Patia in the north of Bhubaneswar. Kalinganagar and Khurda are the other emerging locations in the southern part of the city.
The commercial real estate in the city at present comprises mixed-use development - office space in the upper floors with retail on the ground and first floor. A few stand-alone office structures have been developed by the local government to attract IT/ITES companies. Some of the major developments by the State Government through Industrial Development Corporation of Orissa (IDCO) are the Tower 2000 in Mancheswar Industrial Estate, IDCO Towers in Janpath and Fortune Towers in Chandrasekharpur which houses prominent companies like TCS, Reliance Infocomm, Tata Teleservices, POSCO and Essar Steel.
The Orissa Government has accorded ‘Priority Sector’ status to the IT sector to attract investment in to the region.
IT majors Infosys and Satyam who had set up their development centre in Bhubaneswar in 1997 are contemplating expansion plans. An important development by IDCO has been the Infocity-I, the IT SEZ in Chandrasekharpur.
Adjacent to Infocity-I Delhi-based DLF Group is coming up with their IT Park in Chandaka Industrial Estate. Genpact has also announced plans of setting up a BPO SEZ on 25-acres of land in the Mancheswar Industrial Estate of the city. Apart from IT, a 60-acre biotechnology park is also planned in the city.
On the residential property front, the government had been the major provider of housing in terms of land and built up space. However, deficient supply from the government has prompted the city's residents to turn towards the private developers to meet their housing demand. A number of township developments have been proposed to come up in the suburban and peripheral locations. These include a 100-acre township by Sahara India along the NH-5, the Club Town project in Chandrasekharpur and anotherlarge-scale joint development by Bhubaneswar Municipal Corporation in Shaheed Nagar. Most of the residential projects in the city are witnessing high absorption rates and the demand for residential units has increased in the city in prime residential locations of Ashok Nagar, Bapuji Nagar, Shaheed Nagar and Surya
Nagar.
Bhubaneswar is also currently witnessing a perceptible change on the retail front. The 180,000 sq.ft. Forum Mart off Janpath was the first organised retailing development in the city. According to industry sources, retailers like Reliance and Bharti are scouting for land in the CBD. Besides this, several local developers have plans for setting up large format malls through joint venture in the city.
On the residential property front, the government had been the major provider of housing in terms of land and built up space. However, deficient supply from the government has prompted the city's residents to turn towards the private developers to meet their housing demand. A number of township developments have been proposed to come up in the suburban and peripheral locations. These include a 100-acre township by Sahara India along the NH-5, the Club Town project in Chandrasekharpur and anotherlarge-scale joint development by Bhubaneswar Municipal Corporation in Shaheed Nagar. Most of the residential projects in the city are witnessing high absorption rates and the demand for residential units has increased in the city in prime residential locations of Ashok Nagar, Bapuji Nagar, Shaheed Nagar and Surya
Nagar.
Bhubaneswar is also currently witnessing a perceptible change on the retail front. The 180,000 sq.ft. Forum Mart off Janpath was the first organised retailing development in the city. According to industry sources, retailers like Reliance and Bharti are scouting for land in the CBD. Besides this, several local developers have plans for setting up large format malls through joint venture in the city.
Rental and Capital Values
In the last few years there has been an annual appreciation of almost 50% in office space values. Office space in Janpath has lease values in the range of Rs.35-60/sq.ft. per month and capital values in this location vary between Rs.4,000-7,500/sq.ft. The average lease rates for office space in other locations vary between Rs.20-30/sq.ft. per month and the capital values range between Rs.2,400-4,000/sq.ft.
In the last few years there has been an annual appreciation of almost 50% in office space values. Office space in Janpath has lease values in the range of Rs.35-60/sq.ft. per month and capital values in this location vary between Rs.4,000-7,500/sq.ft. The average lease rates for office space in other locations vary between Rs.20-30/sq.ft. per month and the capital values range between Rs.2,400-4,000/sq.ft.
Presently, the residential market in terms of apartments in Bhubaneswar is driven primarily by investor demand. As a result, prices in prime high-end residential locations have increased substantially over the past year and are currently at a range of Rs.1,650-2,500/sq.ft. while mid-end apartments are at Rs.1,600-1,800/sq.ft. Locations like Khurda, Patia and Nandankanan which have been promoted as the growth corridors of the city, comprise duplex bungalows with high resale value. The residential developments in these peripheral locations are witnessing very high absorption and prices are in the range of Rs.1,500-1,800/sq.ft.
The retail lease rates in key highstreets of the city are estimated at Rs.45-60/sq.ft. per month while the capital values are in the range of Rs.5,500-7,000/sq.ft. In secondary highstreets of Cuttack-Puri Road, rental values are at Rs.35-45/sq. ft. per month and capital values are quoted at Rs.4,000-5,500/sq.ft.
Outlook
The state government has been actively promoting Bhubaneswar as an upcoming IT/ITES destination. Recently, to give further push to the sector, an International Institute of Information Technology (IIIT) was launched at Gothapatna by the state government with support from the IT industry. There are also plans to set up a 100-acres IT Park adjacent to the institute to house the IT companies.
The state government has been actively promoting Bhubaneswar as an upcoming IT/ITES destination. Recently, to give further push to the sector, an International Institute of Information Technology (IIIT) was launched at Gothapatna by the state government with support from the IT industry. There are also plans to set up a 100-acres IT Park adjacent to the institute to house the IT companies.
Real estate prices are expected to rise further with demand arising from various MNCs and IT/ITES companies. Besides, with a number of SEZs coming up in the neighbouring districts, including a 4,000-acre SEZ by POSCO, the economy of the city will be further strengthened.
The government has called for participation from the private sector in industrial estates like Agro-tech Park and Diamond Park in the region. The administration has also taken up major infrastructure projects to improve connectivity between key cities, viz. Cuttack-Bhubaneswar and Sambalpur-Rourkela. Moreover, work on airport expansion and modernisation is also underway. Besides these, a proposal for International Airport and Air Cargo Complex is under consideration. All these developments are anticipated to augment the overall attractiveness of the city and thereby draw investors in various sectors to the city.
Orissa Real Estate Reaching New Highs
With space for real estate development becoming scarce and work on to make Gopalpur Port set to be completed by the next year, property in Orissa have begun to zoom. The major real estate appreciation can be seen in Berhampur, one of the biggest cities in Orissa and is popular for manufacturing silks. The city is to witness an influx of some potential real estate projects which would trigger large interest from prospective investors. The list includes an upcoming Software Technology park, construction of several residential units, and other socio economic trends and events.
The announcement by the Tata group to take up the work on its mega steel plant project near Gopalpur has given a new momentum to the property rates here.
A number of layouts have got a nod from Berhampur Development Authority (BDA). They are being built towards Ambapua, Dura Junction, Pothara and Kalinga Vihar, close to the national highway and Gopalpur/Berhampur. Plots are being sold at Rs.120 to Rs.400 per sft, depending on their location.
Once known to be a marshy and swamp region, Bhubaneswar now wears a vivid look of a newly developed city because of the ongoing development activities in and around the fence.
Although, moving at snail’s pace but apartment culture in the state is picking up. However, the escalation in residential property prices in Orissa is sure in the wake of increasing demand for accommodation units. Taking advantage of low land rates and an expected realty boom, most property developers are being bullish on constructing independent duplex houses featuring an array of top notch amenities such as drainage, street lights, and proper water supply.
In the layout in proximity to Aska road and Gatebazar, a three-bedroom house having a plot area of 1800 sq.ft is being sold for Rs.18 lakh. Four-bedrom houses with a built-up area of 2300 are sold at Rs.19.5 lakh.
Some upcoming Real Estate Projects in Orissa
Indraprastha Mega Housing Project: It is to be developed by the famous Apollo Consultancy & Constructions Ltd, a Bhubaneshawar based builder. It boasts to be one of the biggest housing projects in the private sector in Orissa and will have individual two and three bedroom houses with an array of top notch facilities.
Special Economic Zone (SEZ): The Orissa government has entered into a joint venture with DLF, a prominent builder to establish the state’s first SEZ which would be dedicated to Information Technology (IT).
SEZ for Electro-Metallurgical business: The Tata Group is drawing plans to develop an SEZ for Electro-Metallurgical business. The project will come over an area of 2,500 acres of land that the group owns in Gopalpur, Orissa.
Residential Complex: Pradeep Sureka, one of the South City real estate partners has purchased a 10-acre plot in Bhubaneswar, where he plans to construct a high-end residential complex featuring exclusive residential units.
http://www.indianrealtynews.com/indian-states/orissa/
The announcement by the Tata group to take up the work on its mega steel plant project near Gopalpur has given a new momentum to the property rates here.
A number of layouts have got a nod from Berhampur Development Authority (BDA). They are being built towards Ambapua, Dura Junction, Pothara and Kalinga Vihar, close to the national highway and Gopalpur/Berhampur. Plots are being sold at Rs.120 to Rs.400 per sft, depending on their location.
Once known to be a marshy and swamp region, Bhubaneswar now wears a vivid look of a newly developed city because of the ongoing development activities in and around the fence.
Although, moving at snail’s pace but apartment culture in the state is picking up. However, the escalation in residential property prices in Orissa is sure in the wake of increasing demand for accommodation units. Taking advantage of low land rates and an expected realty boom, most property developers are being bullish on constructing independent duplex houses featuring an array of top notch amenities such as drainage, street lights, and proper water supply.
In the layout in proximity to Aska road and Gatebazar, a three-bedroom house having a plot area of 1800 sq.ft is being sold for Rs.18 lakh. Four-bedrom houses with a built-up area of 2300 are sold at Rs.19.5 lakh.
Some upcoming Real Estate Projects in Orissa
Indraprastha Mega Housing Project: It is to be developed by the famous Apollo Consultancy & Constructions Ltd, a Bhubaneshawar based builder. It boasts to be one of the biggest housing projects in the private sector in Orissa and will have individual two and three bedroom houses with an array of top notch facilities.
Special Economic Zone (SEZ): The Orissa government has entered into a joint venture with DLF, a prominent builder to establish the state’s first SEZ which would be dedicated to Information Technology (IT).
SEZ for Electro-Metallurgical business: The Tata Group is drawing plans to develop an SEZ for Electro-Metallurgical business. The project will come over an area of 2,500 acres of land that the group owns in Gopalpur, Orissa.
Residential Complex: Pradeep Sureka, one of the South City real estate partners has purchased a 10-acre plot in Bhubaneswar, where he plans to construct a high-end residential complex featuring exclusive residential units.
http://www.indianrealtynews.com/indian-states/orissa/
Thursday, March 29, 2007
Easing The Bottleneck - Cuttack Road is all set for expansion and improvement to help tackle traffic congestion
Ask anyone which is the busiest and congested road in the city and the reply will be the road connecting Kalpana Square to Rasulgarh, commonly referred to as Cuttack Road.
“It takes me about an hour to reach Kalpana from Rasulgarh during rush hours,” said Pramod Biswal, a government employee who frequently commutes on the road. An hour for covering a five-km stretch is certainly not what the capital city denizens deserve, but traffic chaos is something which is quite common on this congested thoroughfare. Unrestrained growth in encroachments, water leakages from overflowing and dilapidated drains and continuous movement of heavy vehicles have been disreputed to be the main reasons for the traffic woes. “There are over 400 encroachments including four temples, a cable factory, two vegetable markets and numerous big and small garages,” pointed out an official of Bhubaneswar Municipal Corporation.
If these were not enough, two shopping malls are slated to be inaugurated soon near Laxmi Sagar along the road, compounding the misery of the commuters. Nobody knows for sure what kind of parking arrangement these malls have planned.
Believe it or not, this road (NH-203) that has been granted national highway status in 1999 has been neglected since then. “But now we are planning expansion,” said executive engineer, NH, Orissa division, Bijay Kumar Sahu. According to him, a sum of Rs 46 lakh would be spent in three phases on the construction of drains between Kalpana Square and Rasulgarh Square. National Highway Authority of India (NHAI) sources disclosed the road would comprise four-lanes after encroachments are removed and drain work is completed. “We need around 15 metres width to construct a four-lane road,” sources said. “The feasibility report is under preparation,” sources added.
The NHAI has also chalked out a plan to ease traffic pressure on this road by building by-passes connecting Samantrapur to Palasuni directly, so that all heavy vehicles can go through the road without disturbing the general traffic, an official said. Bhubaneswar mayor Mihir Mohanty, admitted that traffic on the road is a cause for concern. “We will surely take action on removing hindrances or resistance if the NHAI approaches us. We are also planning to install high-mast lights to help vehicular movement,” he assured.
http://www.twincityplus.com/fullStory.asp?articleID=TCP6ART322200735957
“It takes me about an hour to reach Kalpana from Rasulgarh during rush hours,” said Pramod Biswal, a government employee who frequently commutes on the road. An hour for covering a five-km stretch is certainly not what the capital city denizens deserve, but traffic chaos is something which is quite common on this congested thoroughfare. Unrestrained growth in encroachments, water leakages from overflowing and dilapidated drains and continuous movement of heavy vehicles have been disreputed to be the main reasons for the traffic woes. “There are over 400 encroachments including four temples, a cable factory, two vegetable markets and numerous big and small garages,” pointed out an official of Bhubaneswar Municipal Corporation.
If these were not enough, two shopping malls are slated to be inaugurated soon near Laxmi Sagar along the road, compounding the misery of the commuters. Nobody knows for sure what kind of parking arrangement these malls have planned.
Believe it or not, this road (NH-203) that has been granted national highway status in 1999 has been neglected since then. “But now we are planning expansion,” said executive engineer, NH, Orissa division, Bijay Kumar Sahu. According to him, a sum of Rs 46 lakh would be spent in three phases on the construction of drains between Kalpana Square and Rasulgarh Square. National Highway Authority of India (NHAI) sources disclosed the road would comprise four-lanes after encroachments are removed and drain work is completed. “We need around 15 metres width to construct a four-lane road,” sources said. “The feasibility report is under preparation,” sources added.
The NHAI has also chalked out a plan to ease traffic pressure on this road by building by-passes connecting Samantrapur to Palasuni directly, so that all heavy vehicles can go through the road without disturbing the general traffic, an official said. Bhubaneswar mayor Mihir Mohanty, admitted that traffic on the road is a cause for concern. “We will surely take action on removing hindrances or resistance if the NHAI approaches us. We are also planning to install high-mast lights to help vehicular movement,” he assured.
http://www.twincityplus.com/fullStory.asp?articleID=TCP6ART322200735957
Tuesday, March 20, 2007
Reality Bites
Posh properties in Bhubaneswar have suddenly become rare commodity, thanks to soaring prices.
Prafulla Mishra and his family have been hunting for an apartment or a plot in the state capital for the last five years. But all his efforts went up smoke, the prohibitive costs of landed property in Bhubaneswar have put everything out of Mishra’s reach. With four years left for his superannunation, the law professor at Utkal University is gradually realising that a small garden house at Bhubaneswar where he can spend his twilight years is almost impossible. "I am losing hope. I don’t think I can afford it. The prices are becoming exorbitant,"regrets Mishra.
Mishra is just a case in point. Rapid urbanisation coupled with positive developments in sunrise sectors like information technology and biotechnology have jacked up property prices at the state capital. A 1200 square feet apartment in an up market area, for instance, now costs between Rs 15 lakh to Rs 18 lakh. This could still be termed as ’cheap’ by metro standards, but for Orissa’s state capital, which was all these years considered a ’pensioner’s’ city’, it is nothing sort of a boom for realtors and builders.
Real estate prices, according to market sources, have spiralled during the last two years, with builders creating a panic-buying situation. "A couple of years back, a 1200 square feet apartment was available for around Rs 10 lakh. But now it has increased by 40 to 60 per cent depending on the locality besides the look, fittings and et al," says builder Basant Sahu of Mahanagar Services and Constructions. The rates range between Rs 1100 to Rs 1800 per sq feet. So, for a 1200sq ft apartment the cost would be about Rs 16 lakh, including registration charges," he pointed out. "There is a sense of urgency as availability of land is on the down slide. No builder wants to lose out on a good patch, hence willing to pay heavy amounts for a suitable plot. Moreover, integrated projects, better furnishing and amenities have added to the costs," points out Sambit Kar of Manorama Properties. "
The price rise is not restricted to residential complexes alone. More and more brands are hunting for space to set up shop in Bhubaneswar. This is a new trend. A decade back leading brands did not have their outlets here, but now almost all are available or are about to enter the market. The concept of shopping malls, too, has been introduced through Forum Mart and it is now catching up. Ergo, commercial space, be it for offices or retail units, has become costlier with the price hovering around Rs 3000 for each sq ft compared to around Rs 2200 two years back," disclosed another builder, preferring anonymity. Recently, an eight-storey condominium in posh Sahid Nagar area was sold for Rs 1800 per sq ft, industry sources said. "The city is growing fast and requires10,000 to 12,000 houses a year," states chairman of Orissa Chamber ofHousing Developers Association R N Kar.
Paucity of suitable land within the city as well as Bhubaneswar Development Authority’s restrictions on construction of multi-storey buildings has added to customers’ woes. "Anybody and everybody in Orissa who can afford seem keen to invest in Bhubaneswar. Some, obviously, want property for residence purposes, but the majority is doing it for investment. Many non-resident Oriyas (NROs) are buying apartments or plots in the state capital. So also are affluent families hailing from smaller towns in Orissa," revealed G C Biswal, marketing manager of a city-based property dealer.
Crore-plus deals, which are commonplace in metros, are however still a far cry for Bhubaneswar. "Duplexs are selling for up to Rs 35 lakh. But standard housing plots (2400 sq ft) or apartments are available for much less. In future, Bhubaneswar will certainly witness crore-plus transactions," hopes Sahu. The real estate industry in Bhubaneswar is dominated mostly by home-bred proprietors.
But, of late, Sahara has made forays and started developing a big patch for housing along the Bhubaneswar-Cuttack road.Kolkata-based Bhabani Constructions, also, has started constructing a big shopping complex in Sahid Nagar area, while talk of the Ambuja group entering the market through a tie-up with state-owned Orissa State Housing Board has been doing the rounds for quite sometime. With the boom already evident, entry of the big players could only take the real estate prices higher up.
Thursday, March 15, 2007
Big names in Bhubaneswar info-park race
The top names in construction industry, DLF, Unitech and L & T have shown interest to build a Info Park in Bhubaneswar.
Info Park, will come up over 54 acres opposite Info-city on north side of the city.The Orissa Industrial Infrastructure Development Corporation (IDCO) had initiated the process of setting up the park on PPP basis and invited bids for the project sometime back.Five companies namely DLF, Unitech, L & T, Saporjee Pallonjee and Vascon had initially expressed interest to develop the park. However, later the first three companies namely DLF, Unitech and L & T had submitted their technical and financial bids for the project.
Info Park will comprise of 4.2 million sft of built-up space which will be used for the IT/ITES sectors.The Info Park once built, will meet the need of built-up space required by the IT/ITES, BPOs and other related industries, said L N Gupta, chairman and managing director of IDCO.IDCO had already earmarked the land for the park and put up a boundary wall around it. The land is opposite Info-city where the IT major Infosys has set up a development centre. Gupta said, "The bid response from the top IT and real estate developers in the Info Park project indicate their confidence in Bhubaneswar as a destination for IT/ITES industries in Orissa".
The bids for the Info Park are likely to be screened and finalized shortly.
Besides the Info Park, IDCO has also taken the initiative to acquire 227 acres at Goudakasipur near Janla Industrial estate and 72 acres at Anlapatna, Chandaka for development of land and infrastructure for IT and ITES industries.
Courtesy: Business Standard
Info Park, will come up over 54 acres opposite Info-city on north side of the city.The Orissa Industrial Infrastructure Development Corporation (IDCO) had initiated the process of setting up the park on PPP basis and invited bids for the project sometime back.Five companies namely DLF, Unitech, L & T, Saporjee Pallonjee and Vascon had initially expressed interest to develop the park. However, later the first three companies namely DLF, Unitech and L & T had submitted their technical and financial bids for the project.
Info Park will comprise of 4.2 million sft of built-up space which will be used for the IT/ITES sectors.The Info Park once built, will meet the need of built-up space required by the IT/ITES, BPOs and other related industries, said L N Gupta, chairman and managing director of IDCO.IDCO had already earmarked the land for the park and put up a boundary wall around it. The land is opposite Info-city where the IT major Infosys has set up a development centre. Gupta said, "The bid response from the top IT and real estate developers in the Info Park project indicate their confidence in Bhubaneswar as a destination for IT/ITES industries in Orissa".
The bids for the Info Park are likely to be screened and finalized shortly.
Besides the Info Park, IDCO has also taken the initiative to acquire 227 acres at Goudakasipur near Janla Industrial estate and 72 acres at Anlapatna, Chandaka for development of land and infrastructure for IT and ITES industries.
Courtesy: Business Standard
City of paradoxes!
BHUBANESWAR: Despite the fact that more number of investment agreements have been signed in Bhubaneswar than any other Indian city in recent years, the World Bank has identified it as a place where one takes the longest time to start a business.
The latest World Bank report on `Doing Business in South Asia 2007' places Bhubaneswar along with national capital New Delhi, where starting a business takes as long as 52 days. Within the country, the shortest time to start a business is 35 days in Mumbai.
In 12 major cities, which have been analysed in the study, Kolkata follows both Bhubaneswar and New Delhi where it takes about 51 days to start a business. The other cities covered in the study are Chennai, Patna, Jaipur, Lucknow, Hyderabad, Ranchi, Bangalore and Chandigarh.
Bhubaneswar has witnessed signing of a plethora of memoranda of understanding (MoU) involving projected investment of Rs 3,00,000 crores between the Orissa Government and private companies since the beginning of this millennium.
Citing example of delay in obtaining Permanent Account Number (PAN) and Tax deduction Account Number (TAN), the report says, "In Mumbai it takes 8 days to complete both procedures, where in New Delhi and Bhubaneswar it takes between 15 and 20 days. "
To register a property, Bhubaneswar is the costliest place as 14 per cent of property cost goes on account of stamp duty and transfer charges. The city has been clubbed with New Delhi, Patna, Ranchi and even Kolkata where most paperwork (11 documents) is needed for import and export.
Benchmark practices
Bhubaneswar, however, is the cheapest place to start a business. While it costs 41.3 per cent of income per capita in the city, Mumbai is spotted as the costliest place with 74 per cent of income per capita requiring for the purpose. Bhubaneswar is ranked five among all 12 cities where doing business has become easier.
The State capital, however, has been chosen for imbibing benchmark practices on licensing, contract enforcement and taxes.
Stating that obtaining the necessary licence to construct a warehouse remains extremely costly in India, at 606 per cent of income per capita, the World Bank report says, "it takes 159 days to fulfil all regulatory requirements to build a warehouse in Bhubaneswar— the shortest within the country. At the other end of the spectrum it takes 522 days in Ranchi." The number of procedures for starting business is lowest in Bhubaneswar (16) and highest in Patna and Ranchi (25), it adds.
Similarly, commercial dispute resolution (enforce a contract) takes shortest time in Bhubaneswar (610 days), while it is 1420 days in Mumbai.
Doing Business in South Asia 2007 is the third report in a series of South Asia regional reports based on the methodology of the annual global Doing Business report prepared by International Finance Corporation (IFC), a private arm of the World Bank.
http://www.hindu.com/2007/02/17/stories/2007021710320300.htm
The latest World Bank report on `Doing Business in South Asia 2007' places Bhubaneswar along with national capital New Delhi, where starting a business takes as long as 52 days. Within the country, the shortest time to start a business is 35 days in Mumbai.
In 12 major cities, which have been analysed in the study, Kolkata follows both Bhubaneswar and New Delhi where it takes about 51 days to start a business. The other cities covered in the study are Chennai, Patna, Jaipur, Lucknow, Hyderabad, Ranchi, Bangalore and Chandigarh.
Bhubaneswar has witnessed signing of a plethora of memoranda of understanding (MoU) involving projected investment of Rs 3,00,000 crores between the Orissa Government and private companies since the beginning of this millennium.
Citing example of delay in obtaining Permanent Account Number (PAN) and Tax deduction Account Number (TAN), the report says, "In Mumbai it takes 8 days to complete both procedures, where in New Delhi and Bhubaneswar it takes between 15 and 20 days. "
To register a property, Bhubaneswar is the costliest place as 14 per cent of property cost goes on account of stamp duty and transfer charges. The city has been clubbed with New Delhi, Patna, Ranchi and even Kolkata where most paperwork (11 documents) is needed for import and export.
Benchmark practices
Bhubaneswar, however, is the cheapest place to start a business. While it costs 41.3 per cent of income per capita in the city, Mumbai is spotted as the costliest place with 74 per cent of income per capita requiring for the purpose. Bhubaneswar is ranked five among all 12 cities where doing business has become easier.
The State capital, however, has been chosen for imbibing benchmark practices on licensing, contract enforcement and taxes.
Stating that obtaining the necessary licence to construct a warehouse remains extremely costly in India, at 606 per cent of income per capita, the World Bank report says, "it takes 159 days to fulfil all regulatory requirements to build a warehouse in Bhubaneswar— the shortest within the country. At the other end of the spectrum it takes 522 days in Ranchi." The number of procedures for starting business is lowest in Bhubaneswar (16) and highest in Patna and Ranchi (25), it adds.
Similarly, commercial dispute resolution (enforce a contract) takes shortest time in Bhubaneswar (610 days), while it is 1420 days in Mumbai.
Doing Business in South Asia 2007 is the third report in a series of South Asia regional reports based on the methodology of the annual global Doing Business report prepared by International Finance Corporation (IFC), a private arm of the World Bank.
http://www.hindu.com/2007/02/17/stories/2007021710320300.htm
Development in Puri
..............
Beach tourism is another important item in the agenda of the department, which has initiated measures to develop the beaches in the State such as Puri, Chandipur and Gopalpur.
Tata Consultancy Services, which was entrusted with the task of preparing a development plan for the Puri beach, has since submitted its feasibility report to the government. An international tourism complex will be set up on a large patch of land between Puri and Chilika. This complex will have integrated infrastructural facilities such as an airport, hotels, a golf course, convention centres, a health resort and water sports facilities.
http://www.hinduonnet.com/fline/fl1924/stories/20021206002208600.htm
Beach tourism is another important item in the agenda of the department, which has initiated measures to develop the beaches in the State such as Puri, Chandipur and Gopalpur.
Tata Consultancy Services, which was entrusted with the task of preparing a development plan for the Puri beach, has since submitted its feasibility report to the government. An international tourism complex will be set up on a large patch of land between Puri and Chilika. This complex will have integrated infrastructural facilities such as an airport, hotels, a golf course, convention centres, a health resort and water sports facilities.
http://www.hinduonnet.com/fline/fl1924/stories/20021206002208600.htm
SEVEN HILLS - Puri
This is another eye-catching international standard lavish service apartment coming up in Puri.
It is a 5 star studio aprtment complex with a delux hotel status and prestige with all international modern ameneties very close to sea beach and tourist spost of great holy place puri,orissa.it is all within 1 km like famous lord jagannath temple,lokenath temple,swarga dwar,sea beach etc.here one will get swimming pool,gym,discotheque,suana,jaquazzi,park,jogging track,cafe,restuarant, 3-tier security,reception,shopping plaza of brand companies,all type of guides etc.it is simply the best for any sort long term handy return base investment and as well for tourism point of view.it is idealy developing for international standard peoples interest in mind and the complete project is approved by icici bank and one can buy it by very easy smooth installment besis for three years.don't west time to grab this golden opportunities for investment which is even more lucrative than banking interest also.
It has all international ameneties generaly oner can see in any Delux 5 Star hotel or resort. Very lucrative value offered by easy smooth installments for 3 Years and ICICI bank approved. Very close to sea beach and famous Lord Jagannath Temple within 1 Km each. It is exclussively suitable for lodge system or guest house , personal leasure centre from the city haulings and close to healthy hygenic periphery.
It has all international ameneties generaly oner can see in any Delux 5 Star hotel or resort. Very lucrative value offered by easy smooth installments for 3 Years and ICICI bank approved. Very close to sea beach and famous Lord Jagannath Temple within 1 Km each. It is exclussively suitable for lodge system or guest house , personal leasure centre from the city haulings and close to healthy hygenic periphery.
SEVEN HILLS SANDS IS DESIGENED TO CATER FOR A FIVE STAR LIFE. IT'S ABOUT A LIFE EXPERIENCE AND NOT ABOUT AN APARTMENT FLAT......... A MEGA LIFE STYLE FILLED WITH FUN COMFORT, FITNESS AND A FANTASTIC SOCIAL LIFE WHERE ONE GETS TO MEET THE BEST.
Covered Area = 450 Sft.
TOTAL LAND AREA = 5 Acers.( 300 Units )
Price: Rs. 700,000.00
Covered Area = 450 Sft.
TOTAL LAND AREA = 5 Acers.( 300 Units )
Price: Rs. 700,000.00
Advertisement provided by the project:
For centuries now, the beach at Puri has been the venue of countless pilgrims taking the traditional purification dip for Puri is the abode of Lord Jagannath and considered one of the most important Hindu pilgrimage destinations. However, for decades now, both Indian and foreign beach lovers have made it their special haunt.
The fine white sands of Puri beach and the roar of the breakers rolling in from the Bay of Bengal have fascinated visitors throughout the ages. As it is with all the beaches of Orissa, overcrowding is never a problem and the sight of holiday-makers having entire
stretches of the beach to themselves is not uncommon.
The local fishermen, with their catamarans and wide brimmed cane hats are welcomed by tourists for they not only provide you with a ride on their boats but also act as lifeguards if you wish. And yes, they are also expert masseurs.
You can own a Studio Apartment in Puri with all 5 star facilities just for Rs. 7 Lakhs Only!!(US$15,600/- ONLY)
If you are interested in owning this low investment high return property then you may call on 9831078587 / 033-22803299 OR E-MAIL: advanirajan@gmail.com for the application forms and booking.
You may click on the URL TO SEE THE PROJECT DETAILS
http://i90.photobucket.com/albums/k272/major2major/GOA%20LAND/SEVENHILLSSpecificationRajAdvani.jpg
http://i90.photobucket.com/albums/k272/major2major/GOA%20LAND/SEVENHILLSADRajAdvani.jpg
If you wish to have more details that contact the builders at 09831078587/ +91-33-2280-3299
Or E-mail: advanirajan@gnmail.com
Rajan.advani@gmail.com
The fine white sands of Puri beach and the roar of the breakers rolling in from the Bay of Bengal have fascinated visitors throughout the ages. As it is with all the beaches of Orissa, overcrowding is never a problem and the sight of holiday-makers having entire
stretches of the beach to themselves is not uncommon.
The local fishermen, with their catamarans and wide brimmed cane hats are welcomed by tourists for they not only provide you with a ride on their boats but also act as lifeguards if you wish. And yes, they are also expert masseurs.
You can own a Studio Apartment in Puri with all 5 star facilities just for Rs. 7 Lakhs Only!!(US$15,600/- ONLY)
If you are interested in owning this low investment high return property then you may call on 9831078587 / 033-22803299 OR E-MAIL: advanirajan@gmail.com for the application forms and booking.
You may click on the URL TO SEE THE PROJECT DETAILS
http://i90.photobucket.com/albums/k272/major2major/GOA%20LAND/SEVENHILLSSpecificationRajAdvani.jpg
http://i90.photobucket.com/albums/k272/major2major/GOA%20LAND/SEVENHILLSADRajAdvani.jpg
If you wish to have more details that contact the builders at 09831078587/ +91-33-2280-3299
Or E-mail: advanirajan@gnmail.com
Rajan.advani@gmail.com
Puri - 1000 Sands
One of the international standard posh residential complexes in Puri on the sea beach.NEO CITY - BBSR by Bengal Shrachhi
An exclusive G+17, international lifestyle, on 15 acres of lush greenery and ultra-modern residential architecture, in a most upcoming neighbourhood. Welcome to Neo City. Where nature meets hi-tech amenities, grand scale meets meticulous detailing. And there's every conceivable modern facility to bring you the thrill of 5 star living, while its verdant, unspoilt surroundings - the joy of living.
GENERAL FEATURES
On the Bhubaneswar - cuttack highway NH5
7 Kms from Bhubaneswar Railway Station
15Kms from Bhubaneswar Airport
1.5Kms from Hi-Tech Medical College & Hospital
Delhi Public School coming up 2 Kms away
15 acres project, the biggest in Bhubaneswar
70% open space
Gardens
Jogging Track
Club with Gym & Health club
Intercom
24 hr. security
Elevator
Water filtration plant
Modern fire fighting and detection system
Modern Waste Management system
Ample car parking space
Across the road is a state-of-the-art Recreation and Health Club with Multiplex, Shopping Mall, Community Hall, Banquet Hall etc.
Home loan approval from major banks
Hi-end specification, quality materials
Time bound delivery
2 bedroom and 3 bedroom apartment available
7 Kms from Bhubaneswar Railway Station
15Kms from Bhubaneswar Airport
1.5Kms from Hi-Tech Medical College & Hospital
Delhi Public School coming up 2 Kms away
15 acres project, the biggest in Bhubaneswar
70% open space
Gardens
Jogging Track
Club with Gym & Health club
Intercom
24 hr. security
Elevator
Water filtration plant
Modern fire fighting and detection system
Modern Waste Management system
Ample car parking space
Across the road is a state-of-the-art Recreation and Health Club with Multiplex, Shopping Mall, Community Hall, Banquet Hall etc.
Home loan approval from major banks
Hi-end specification, quality materials
Time bound delivery
2 bedroom and 3 bedroom apartment available
Orissa hopes code jocks will come in droves to DLF Park
DLF is building a 4.2 million sq ft, 54 acre infotech park in Orissa. The first phase of the project, which is worth over Rs lOOO crore, will cover 41akh sq ft and will be completed by 2009.
The park is expected to boost the presence of IT companies in the state, where today Infosys, TCS, Wipro and Satyam have a small presence. Mind Tree Consulting is also readying a development centre.
Speaking on the sidelines of the recent Nasscom summit, A K Panda, head, IT department, Orissa, said, “Big foreign companies are not willing to invest in land and develop the IT infrastructure, they all need readymade space. Hopefully this park will attract the multinationals and help the state emerge as a major IT destination.”
The park is expected to boost the presence of IT companies in the state, where today Infosys, TCS, Wipro and Satyam have a small presence. Mind Tree Consulting is also readying a development centre.
Speaking on the sidelines of the recent Nasscom summit, A K Panda, head, IT department, Orissa, said, “Big foreign companies are not willing to invest in land and develop the IT infrastructure, they all need readymade space. Hopefully this park will attract the multinationals and help the state emerge as a major IT destination.”
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