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/
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