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
Tuesday, April 10, 2007
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/
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