Orissa is a northern Indian state located in the eastern coastal region of India. The neighboring states of Orissa are West Bengal, Jharkhand, Andra Pradesh, and Chhatisgarh. Bhubneswar is the capital city of Orissa which is also known as the "Temple city of India". The state is famous for its historical temples which have been attracting large number of tourists from all parts of the world every year. Some popular temples are Jagannath Temple, Sun Temple, and Lingraja Temple. Puri is a popular holy city of Orissa. This littoral state occupy a long coastline and is a depot of mineral wealth. The state is rich in important minerals and it helps to attract major investment in important sectors, like refineries, aluminum, infrastructure, steel, and power. The IT/ITes sector is also rapidly spreading throughout the state and thus helping the state to become one of the future outsourcing hubs.
Real Estate ScenarioOrissa has been an important north Indian Estate from industry point of view. The industries from different sectors like power, refineries, infrastructure etc are already well established and certain other sectors are in progress to establish there. Though the residential real estate scenario in Orissa is yet to see a major upsurge yet slowly and steadily the state is making his presence felt. The commercial real estate sector is also suffering from its transition phase. The overall real estate scenario in Orissa is very bright and likely to grow in coming time.
Industrial Real EstateOrissa has been an important industrial state and some major industrial groups like Tata, Birla etc have established their plants. Industrialization of the city is propelling the rates of spaces and properties to rise. Some major projects in the state are:
- 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.
- 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).
Residential Real Estate The urban regions of Orissa have been witnessing high demand for residential spaces either in the form of land or fully prepared apartments. In the most important cities, like Bhubneswar, Bahrampur, and Puri, the demand for residential properties is very high. Due to continuous rise in demand the price of residential properties is rising continuously. The prices of residential properties in the cities like Puri and Bhubneswar are also very high because these cities are attracting large number of tourists per year from the different parts of India as well as from outside. This makes them important places for real estate developers to invest. Some major residential projects which are either running or are about to start in different cities of Orissa are mentioned here:
- Indraprastha mega housing project, one of the largest housing projects in the private sector in Orissa, will be developed by the well known Apollo Consultancy & Constructions Ltd, a Bhubaneshawar based builder. It will have individual two and three bedroom houses added with full fledged modern facilities.
- Pradeep Sureka group, a leading realty developers of Bhubneswar, has purchased a 10-acre plot to construct a swanky residential complex. It will comprise of exclusive residential units with all modern amenities.
Commercial Real Estate The important cities of the state is witnessing a boom in commercial real estate sector. The mall culture is reaching to the major urban areas and small towns too. The rising income of middle class people has increased their purchasing capacity, thus pushing the commercial sector to grow in the state. The demand for spaces in top areas of different cities, like Bhubneswar, Berhampur, Cuttack, Puri, Rourkela are going higher day by day and so the prices of the properties. The real estate developers are hugely investing in commercial sector and are getting good profits.