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Market Overview

Values trends & opportunities in the Bhubaneswar real estate market

Shanti Stupa at Dhauli

Bhubaneswar Lingaraj Temple Lingaraj Temple

June, 2011

Udaigiri Khandagiri Caves

OFFICE

RETAIL

RESIDENTIAL

LAND

WAREHOUSE


Bhubaneswar Fact Sheet

Bhubaneswar is the capital city of the state of Orissa Total Area(BDA): 393.57 square kilometre Population (BMC): 6,58,220 Population (BDA): 8,57,406

ORISSA

Male Population: 56% Female Population: 44%

ORISSA

Child Population (below 6 years): 10% BHUBANESSWAR

Density of Population: 2,046 per square kilometre Literate Population according to 2001 census: 79% Literate Population according to 2001ensus(Male): 83%

To Cuttack

Literate Population according to 2001 census (Female): 74% To Cuttack

Total number of Wards under BMC: 60 Total number of Revenue Village under BMC: 46

NH5

Bhubaneswar Municpal Area

Road Connectivity:

BMC NH5

Four major roads namely, National

NH203

BDA-Rural

Highway No-5 and 203, State Highway-13 and No-27 make the town accessible

NH5

Khurda

to important places of the town.

tn Ja

i NH203

To Vizag To Chennai To Puri

2

NK Realtors Research


From Heritage City to 2nd Planned City in the country- BDA is spearheading the development BDA-Administrative Area (Urban & Rural)

AREA (SqKm)

Population 1991

Population 2001

Population 2030

Density 2001 (Popn./SqKm)

Bhubaneswar Municipal Corporation (BMC)

146.80

4,11,542

6,58,220

20,00,000

4484

Khurdha Municipality

29.27

30,591

42,695

1,50,000

1463

Jatani Municipality

25.08

50,116

57,957

1,30,000

2252

Rural Area

192.42

95,772

98,534

72,0000

453

Total

3 93.57

5,88,021

8,57,406

30,00,000

2046

To Narag CUTTACK To Kolkata

Mahanadi

NH5

Chudang Garh Forest

Source: VISION-2030,A Perspective Plan for Bhubaneswar Planning Area by IIT, Kharagpur n

ad Ro

an a

B

hubaneswar, the state capital of Orissa, is located on the eastern costal region of India. The city is famous for its historical, cultural and religious background and has many ancient temples. In 1948, Chandaka Bhubaneswar was selected as new capital of Odissa after independence.

dank -N

an

BDA Rural

ka da an Ch

NH5

e Hi gh

(East Kuakhai Area) Pahal

wa y

Roa d

at

ai R

Chandrasekharpur

NH5

K h a n d a g i r i- C h a n d

aka

Mancheswar

NH5

IRC Jaydev Village Vihar

ka R o

ad

Bhubaneswar Municipal Corporation

ha C ha nd a

Kh ur d

NH5 Khandagiri

BMC

NH203

Laxmi Sagar Bapuji Forest Nagar Park Kalpana Square BJB Nagar

Tankapani

R

Biju Patnaik Airport

Aiginia

Rasulgarh

Vani Vihar Sahid Nagar

Nayapalli Baramunda

oad

Bindu Sagar

Dumuduma

Lingaraj Temple

Pratap Sasan

NH5

Sundarpada

NH203

Janla

BDA Rural

h ut So

Ea

rn ste

ilw Ra

BDA Rural

Dhauli

NH203

da

rp

ad

a

Ja

Jatni Municipality

Sun

Khurd h

To Vizag

ay

tn i R oa d

Gangapada

NH5 Jatni Road

categories of the populace.

i ve r

The city was created to function as the administrative headquarters of the state as well as an important centre for education and other institutional activities. Bhubaneswar Development Authority (BDA) was constituted in the year 1983 taking 115 revenue villages of Bhubaneswar, Khurda and Jatni area under its jurisdiction. 58 more revenue villages were added to the area of the authority BDA Rural over the years. At present, the development Tamando area spreads over an area of 393.57 sq.km. During the past two decades, BDA has been in charge of developing Bhubaneswar as a planned city and NH224 providing housing projects and Khurda residential NH5 Municipality plots to all

Patia

Infosys Campus

BDA Rural

St

Kuak h

Bhubaneswar Golf Course

The city consistently grew from temple town to capital from 1948 to 1956, from unorganized sector to organized from 1956 to 1976. Forty years between 1951 and 1991 increased the municipality area from 26.09 sq.km. to 124.70 sq.km.

Pipili aJ

atn iP

Daya River ipil iR

oa d

NH203

To Chennai

Bhubaneswar Municipal Corporation (BMC) Area Bhubaneswar Rural Area

Khurdha Municipality Area

Jatani Municipality Area To Puri

NK Realtors Research BDA Area

3


Information Technology and Education are Spearheading the Real Estate Growth in BBSR

G

rowth in the real Estate sector in Bhubaneswar was phenomenal over the past couple of years. Huge investment from across all industries like IT, technology, steel, aluminium, tourism, health and education sectors have been driving the real estate growth in and around Bhubaneswar. The following are the major growth drivers: The growing population of the city 19, 00,000 making it the 22nd largest urban centre in the country and the rising disposable incomes of its denizens led to high demand of residential property. In the year 2009 Odisha was second top Domestic Investment destination with Gujarat first and Andhra Pradesh in third place according to an analysis of ASSOCHAM Investment Meter (AIM) Study on Corporate Investments. Orissa's share was 12.6 percent in total investment in the country. Steel and power were among the sectors which attracted maximum investments in the state. Major players like Arcelor-Mittal($12 billion), Vedanta Resources($2.1 billion), Tata Steel(Rs.15,400crore) , POSCO($12 billion), NTPC ($12.65 billion), Mesco Steel($12.8 billion) and Bhushan Steel(Rs.5,828 crore) intended to invest. Bhubaneswar has emerged as an IT / ITES powerhouse with presence of Infosys, Satyam, Wipro, TCS, Mindtree, Genpact etc. The city has emerged as a knowledge hub in Eastern India with several new public and private universities such as NISER, IIT, IIIT, National University, National Law University, AIIMS, Vedanta University, Sri Sri University, NIPER, and several other new institutions. Bhubaneswar recorded a surge of 42.2% in total employment generation amongst 17 major Tier II cities of India according to a study conducted by ASSOCHAM during the period of April 2010-March 2011. Creating as many as 2,53,702 jobs the Tier II cities registered a rise of 38.8 % during 2010-11 and of these 1,89,756 employment avenues were generated by Tier II cities of Bhubaneswar. Constantly growing two major sectors such as IT & ITeS and Academics/Educational sectors were the major employment contributor.

4

NK Realtors Research

More IT in the offing Special Economic Zones (IDCO Projects) Knowledge Park SEZ SEZ (Info Valley) for IT/ITES/BPO industries in Gaudakasipur, Bhubaneswar , Land Area: 251.55 acres

Other Infrastructure Projects under Implementation stage Info Park at Bhubaneswar Mindspace IT Park with K Raheja Corp

INFO Park, Bhubaneswar 54 acres state-of-the-art IT PARK opposite Infocity in Chandaka IE for IT, ITES industries. Project to offer over 40 lakh sft. of quality built-up space out of which 60% would be IT space To be developed by DLF

To accommodate future development in IT sector, an ITIR is proposed to be developed on the southern part of Bhubaneswar. IT Investment region shall have both software and hardware units within it. The proposed ITIR shall cover an area of approximately 10,000 Acres 40 % processing Area 60 % non processing Area It shall generate 2.3 lakhs jobs and shall accommodate around 5.4 Lakh population. Total investment envisaged in development of ITIR is USD 3974 million. More than 75 % of the investment shall be made by PPP and will be fully operational by 2020.


Real Estate Trend - Residential

B

hubaneswar residential market is witnessing a strong growth in terms of new construction as well as steep price growth over the past three to four years. This is mainly due to the high demand of modern budget as well as high-end apartments both from owner occupiers and investors. In the last five years, the city has witnessed tremendous growth in all segments of real estate. More and more new IT parks, hotels, world class educational institutions, medical colleges and hospitals have been added to the existing establishments. Growing employment and rising disposable income due to the continued growth in the states economy, supported by the education & IT sectors booming growth together with the influx of huge investments in mining, steel, power, port and other infrastructure projects have all led to the present real estate boom. This also has attracted many leading real estate companies in the country. At present residential real estate developments in and around Bhubaneswar are taking place at a faster pace with the increasing construction activities by small as well as large organised local and national developers. The city has been witnessing a rapid development of many apartment communities - small standalone to luxury gated communities, townships and duplex bungalows. With the arrival of real estate players like Assotech, Vipul, Ashiana, Trident, Mani Group and Space Group, the choice of the consumers has widened. At present, around 3,200-3,500 high-end residential units (mostly apartments) are being developed by these outside developers which constitutes 25% of the total residential supply of Bhubaneswar.

Residential Sale Rates: Location Nakhara Pahal Hanspal

Rs./Sq.ft. 1800 - 2500 1800 - 3000 1800 - 3000

Rasulgarh Mancheswar Patia Chandrasekharpur

2000 - 3000 2200 - 2800 2500 - 3300 2500 - 3500

North

Laxmisagar Jharpara

3000 - 4000 2000 - 2800

East-Central

Chandaka Sunderpur

1500 - 1800 1800 - 2500

North-West

Baramunda Ghatikia Khandagiri

2500 - 3200 2500 - 3200 3000 - 3500

West

Sahid Nagar Satya Nagar Acharya Vihar Nayapalli Jaydev Vihar

3500 - 4000 3200 - 3800 2800 - 3500 2800 - 3500 2800 - 3500

Central

Gautam Nagar BJB Nagar

3000 - 4000 2800 - 3200

South-Central

Brhameswar Patna Satyabhamapur

2200 - 3200 1600 - 2000

South-East

Sundarpada Pipli

1800 - 2200 1500 - 1700

South

Dumuduma Tamando Janla

2000 - 3500 1600 - 2000 1500 - 2200

South-West (on NH-5)

BHUBANESWAR North-East (East Kuakhai)

% Sharing by Residential Development Activity in BBSR

70%

80% 70%

Local developers are also involved in building high-end residential projects. Utkal Builders, Metro Builders, Panda Developers are some of the renowned local builders who have many ongoing high-end residential projects in different parts of Bhubaneswar. Another trend is observed where local developers bring projects in association with the national developers. Royal Lagoon is such a project where S.J. Developer and Delhi based Ashiana Group are the joint developers of the project.

60%

HIG

50% 40%

30%

HIG-14% MIG-56%

30% 20% 10% 0%

HIG

MIG

Developer’s from outside of Bhubaneswar

Developer’s of Bhubaneswar Source: NK Realtors Research

NK Realtors Research

5


Real Estate Trend - Residential

T

he pie chart on the right shows the percentage break up of house price points of the ongoing residential projects in and around Bhubaneswar. With around 56% share, the apartment prices below Rs. 2500 per square foot has had the largest volume of new supply. Flats prices above Rs. 2500 per square foot and below 3500 per square foot constitutes around 36% share of the total supply. Flats prices in the range between 3500-4000 per square foot has had around 7% of new supply. With around 1% of new supply Bhubanewswar has had a few super premium supply above Rs. 4000 per square foot price.

Percentage Share of House Price Points (Bhubaneswar)

Rs 3500 - 4000 Rs 3000 - 3499

Above Rs 4000

1%

Below Rs 2000

7% 28%

18%

18% 28%

Rs 2500 - 2999

Residential property prices in the city have gone through the roof due to huge demand supply miss match. Projects have witnessed price rises ranged from 20% to 25% across the micro markets over the past twelve months. The types of housing being constructed in Bhubaneswar are changing over time and the proportion of newly built detached houses have fallen, whilst the proportion of flats are increasing day by day due to the huge construction of modern flats allover the city. An apartment always scores over a detached house because of the amenities and facilities it offers. Majority of the current large high-end residential projects in Bhubaneswar offer specious three sides open high standard flats with various recreational amenities and modern day facilities such as landscaped garden, club, yoga centre, gymnasium, Jogging track, swimming pool, health cub, Indoor game room, tennis court, basket ball court, kids play area, community hall, 24x7 security, filtered drinking water supply, power backup etc.

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NK Realtors Research

Rs 2000 - 2499

Variation of Average House Prices - HIG (2007-2011)

Year 2011

3000/SF 2500/SF

2010

2300/SF

2009

Overall Growth, nearly 65% over the last 4 years

2000/SF

2008 2007

1800/SF 0

Rate /Sq.ft.

1500

3000 Source: NAI NK Realtors Research


Real Estate Trend - Residential Demand:

Supply:

The housing requirement in the Bhubaneswar Development Area (BDA) is estimated to be 3,66,295 dwelling units in the year 2030 according to a report prepared by Department of Urban Planning of IITKharagpur. Chandrasekharpur, East Kuakhai, Aigania,Tamando and Gangapada have been earmarked for extensive development and hence will have a shortage of about 2,68,059 dwelling units, which is about 73% of the quantitative shortage.

Based on detailed market assessments it is estimated that around 12,000 MIG and HIG apartment will be ready in the coming two to three years. Most of the premium supply is coming up at Patia, Chandrasekharpur, Ghatikia and Khandagiri area. Areas of new residential developments include Nakhra, Hanspal, Satyabhanapur, Sundarpada, Dumuduma Tamando, Janla, Jatni, Sundarpur, Chandka etc.

Dwelling Unit (DU) Required by 2030 (In Bhubaneswar Development Planning Area) Zone Name Chandrasekharpur East Kuakhai

Population Household Population 2030 HH Total DU 4.5 HH Size Requirement by 2030 2030 2001 2001 170859

37682

700000

155556

49223

11050

2456

220000

48889

44445

Aigania

34875

549

300000

66667

51450

Tamando

25350

4602

500000

111111

101893

Gangapada Bhubaneswar New Town

11968

2251

110000

24444

21048

327391

72711

450000

100000

12889

Khurda

39625

8326

150000

33333

21041

Jatani

57957

11265

130000

28889

15164

Sensitive and Restricted Zone Total BDPA

178331 857406

40119

440000

97778

49142

175696

3000000

666667

366295

Source: VISION-2030, A Perspective Plan for Bhubaneswar Planning Area by IIT, Kharagpur

Residential Product Segments: Apartments (1-2-3 BHK) Luxury Apartments/Penthouses (2-4 BHK) Duplex Houses Duplex houses in gated community Townships with apartments and duplex houses Residential Product Sizes: Apartments (1 BHK): 620 - 880 SF Apartments (2 BHK): 900 - 1500 SF Apartments (3 BHK): 1100 - 2350 SF Luxury Apartments (3 BHK): 1500 SF to 2000 SF Luxury Apartments (4 BHK): 2000 SF to 2600 SF Duplex Houses (4 BHK): 2500+ SF to 3500 SF

70-90% of the projects have been sold out in the areas such as, Chandrasekharpur, Patia, Laxmisagar, Khandagiri etc. based on the importance of the projects which will be ready by 2011-12. NRI’s, High-salaried people from MNC’s, Software professionals, top level executives from private companies such as telecom, insurance, mining etc. high Government officials such as railway, central exise, police etc., Businessman, other professionals, teachers and people from other small towns within the state are more active in Bhubaneswar residential market particularly in the HIG segment.

Forecast: Continued improvement in employment will likely boost up the housing demand in the coming quarters. Bhubaneswar residential sector particularly the HIG segment is likely to see more completion of projects in the next two to three years as most of the large ongoing and upcoming premium projects will be completed in this period. Launching of new residential project will be more in the fringe areas such as Pahal, Tamando, Janla, Jatni Road, Gangapada, Sundarpada etc.

NK Realtors Research

7


Real Estate Trend - Residential (Growth Areas)

T

he residential development is expanding from the central areas to suburbs where there is availability of land. Residential activities are taking place in all areas of Bhubaneswar from Nakhra on Cuttack Road (NH5) in the north to Pipli in the south (Puri Road), Chandrasekharpur, Patia and Raghunathpur on Nandan Kanan Road, from Khandagiri to Chandaka on the NorthWest on Chandaka-Khandagiri Road and from Khandagiri to Janla in the West-the NH5 stretch, from Sundarpada to Jatni on Sundarpada-Jatni Road, and in some pockets such as Tankapani Road, Jatni Road etc.

East Kuakhai (Cuttack Road) High rise residential complexes and township projects are coming up in areas like Nakhra, Pahal, Hanspal etc. which falls within the East Kuakhai region. Availability of land and good connectivity through NH5 with Cuttack and Bhubaneswar and nearby some good educational institutes have made this region one of the fastest growing residential zones in Bhubaneswar.

Nandan Kanan Road At Jayadev Vihar, the Nandankanan road branches out of the NH 5 and moves in the North West direction. This stretch is among the fastest growing corridor in Bhubaneswar. Areas such as Chandrasekharpur, Patia and Raghunathpur considered as the most sought after residential area and having the maximum number of newly built as well as ongoing residential projects. The massive housing growth in this corridor can be attributed to various supporting factors like... Chandrasekharpur consists of many government housing schemes like Niladri Vihar, Lumbini vihar, Maitri Vihar, Samanta Vihar, Venu Vihar, Tulshi Vihar, Sailashree Vihar, Arya Vihar etc. This housing schemes have given a major boost to various private housing prospects. The location has emerged as an favoured destination for IT and educational institutions and is already a home to India’s all the major IT companies such as Infosys, TCS, Mahindra Satyam, WIPRO and Mind Tree etc. Presence of a number of world class educational institutions and health care centres have been leading a spurt in construction activity to these areas. Good connectivity to the airport and main city area, presence of good hotels, schools, markets, shopping malls have also boosted the residential growth.

Construction work is on at “Utkal Height” Project Utkal Heights, the 22 storeyed tallest ever residential project in Bhubaneswar at Pahal by Utkal Group is the major residential project in this region.

“Royal Lagoon” (509 units), a super premium residential project is coming up at Raghunathpur. SJ developers and Delhi based Ashiana Group are jointly developing this project. “Mani Tirumala” by Kolkata based developer Mani Group consists of 600+ flats is coming up at Raghunathpur next to Royal Lagoon.

Metro Satellite City, a high-end Duplex project at Hanspal by the Metro developers is an another hi-end ongoing project. Two other developers Raj Anand Builders and Surekha Builders have two ongoing residential projects with around 200+ MIG flats in the same area.

Rajvatika (64 units) by JJ Developers, Star Club (48 units) by Mason Builders, Anulata Residency (102 units) by Sunrise Developers, Nageswar Residency-Phase II (102 units) by Panda Developers, Falcon Residency (112 units) by Falcon Group are under various stages of constructions in this area.

Nilachal Construction Private Limited (NCPL) recently launched the 2nd phase of “Covent Garden” – near DPS School, Phulnakhara, the English style villa project, spread over 20 acres of land.

Residential projects in this locality already have crossed the Rs. 3000 per SF price point. Construction Major DLF and Unitech will start their project soon which will likely push the residential price further in the coming months.

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NK Realtors Research


Real Estate Trend - Residential (Growth Areas) Chandaka-Khandagiri-Janla Area Areas on the both side of Khandagiri-Chandaka Road and NH5 such as Khandagiri, Ghatikia, Shankarpur, Patrapada, Dumuduma, Kalinga Vihar etc. have seen an enormous residential construction activity by private developers over the past couple of years and has become one of the fastest growing residential zones in Bhubaneswar. Some of the notable residential projects are Vipul Garden, Cosmopolis, Trident Galaxy etc. Gurgaon-based Vipul Limited is constructing a 576-unit housing project at Ghatikia. “Vipul Garden” the 14 storeyed mega housing project was launched in the 3rd quarter of 2009. Hydera based Trident Properties has launched a mega MIG housing project with approximately 1017 flat in the 1st quarter of 2011 at Ghatikia. “Cosmopolis’, a 666-unit residential project is coming up at Dumuduma. The 14 storeyed premium project was launched in the 3rd quarter of 2009 by Delhi based Assotech BEBL Infrastructure Pvt. Ltd. “78 Dreams” (78 units), an under construction property is coming up near Khandagiri Square. At present 70% of the project is sold out. With ground floor roof casting completed, the project will be handed over to the buyers by the end of 2013. “Vipul Green” (18storeyed-1088 units) is coming up at Ranasinghpur, Patrapada. The integrated high-end residential complex spread across approx. 4.65 acres at Ranasinghpur in last month. The project has the provision of office and retail spaces. Vipul Greens is a Public Private Partnership project with Orissa State Housing Board. The integrated township will provide approximately 1,044 dwelling units. G-Next Valley by Raj Anad Builders consists of duplex and apartments (125 units) is coming up in the same vicinity. Shradha Enclave consists of 180 MIG apartments and 126 duplex (2nd Phase) and Krishna Priya Residency consists of 108 units are coming up at Janla. SJ developers is planning to develop a high-end residential project on jatni Road.

Upcoming residential projects at Sundarpada

Sundarpada Area Sundarpada-Jatni stretch has seen a rapid growth in the past few years with a number of housing projects coming up in the area. At present up gradation of SundarpadaJatni Road and housing construction activity has been in full swing in Sundarpada area. Around 30-35 apartments projects are under various stages of construction. The area has two engineering colleges and four management colleges. Major projects including Hi-tech Plaza, Kalyan Plaza, Sky Tower, Sarswati Enclave, Umaparvati Residency, Subhash Riya Residency, Subhasree Villa, Ashirbad Plaza, etc. Sundarpada area will become more attractive once the up gradation of Sundarpada-Jatni Road is over.

Tankapani Road At Ravi Talkies Square, the Tankapani Road crisscrosses the NH203 (Bhubaneswar-Puri Road) and further moves in the East direction. The 2 to 3 km stretch of the road towards East has been witnessing a growth in residential development. The major advantages of the area are... it is a pollution free area with thick greenery, close to the main CBD, surrounded by many heritage (ASI maintained) temples, such as Lingaraj Temple, Megheswar Temple, Brhameswar temple, Jagannath Temple, Bhaskareswar Temple, Vishnu Temple, Kadaragauri Temple & world famous 64 Jogini Temple (Tantra Pitha) etc. The new Sirdi Sai Tample is also located in this vicinity. Bishwanath Plaza, Gati Krushna Complex, Kalpana River View Complex, Versa Rivera, Panda Valley Duplex are some of the important ongoing residential projects in this area. On going Puri-Paradeep highway is also responsible for the housing construction growth of this pocket.

NK Realtors Research

9


Real Estate Trend - Residential Major Residential Supply: Sl. No.

Project Name

Builder

Location

No. Of Flats/Duplex

No. Of Floors

Project Start Date

1

Utkal Heights

Utkal Ltd.

Pahal

500+

22

2

Surekha Regency

Surekha Builders Pvt. Ltd.

Hanspal

64

4

January, 2009

3

Angel Avenue

Raj Anand Builders Pvt. Ltd.

Hanspal

140

4

December, 2010

4

Metro Satellite City-II

Metro Builders

Hanspal

(Triplex) 95

3

March, 2011

5

The Emerald

Surekha Builders Pvt. Ltd.

Laxmi Sagar

32

4

February, 2011

42

April, 2010

6

Nandini Villa

Ganapati Eastcon Pvt. Ltd.

Chakesaini

5

April, 2011

7

Royal Lagoon

SJ Developer/Aashiana Homes Pvt. Ltd.

Chandrasekharpur

509

14

February. 2011

8

Mani Tirumala

Mani Group (Kolkata)

Chandrasekharpur

600+

14

August, 2010

9

Rajvatika

J. J. Group

Patia

64

4

January. 2009

10

Star Club

Mason Builders Pvt. Ltd.

Patia

48

4

January, 2009

11

Anulata Residency

Sunrise Developer

Patia

102

4

April, 2010

12

Nageshwar Residency-II

Panda Infrastructure Pvt. Ltd.

Patia

102

4

June, 2011

13

Chandka Medows

Trishakti Builders Pvt. Ltd.

Chandka

100 +

4

February, 2011

14

Acropolis

Acrux Realcon

Chandka

1000 +

4

April, 2010

15

Rajdeep

JJ Group of Companies

Baramunda

64

4

May, 2009

16

Trident Galaxy

Trident Properties Pvt. Ltd.

Ghatikia

1017

4

February. 2011

17

Vipul Garden

Vipul Ltd.

Ghatikia

576

14

August, 2009

18

78 Dreams

Dattatreya Construction Pvt. Ltd.

Khandagiri

78

4

January. 2011

19

Cosmopolis

Assotech Ltd.

Dumuduma

666

14

August, 2009

Simplex, Duplex & Flats-125

5

June, 2009

1044

4

May,2011

Duplex-100

4

January, 2010

20

G-Next Valley

Raj Anand Builders Pvt. Ltd.

Khandagiri

21

Vipul Green

Vipul Ltd.

Ranasinghpur

22

Rashmi Elite

Ganesh Buildcon

Sankarpur Mouza

23

Krishna Priya

Eseen Construction

Khurda Road

108

4

April, 2010

252

4

February, 2010

180

11

June, 2011

Ananta Villa

K. N. Multiprojects & Infra. Pvt. Ltd.

Near CV Raman Col.

25

Shradha Enclave

Apollo Infraprojects Ltd.

Janala

26

Sky Tower

Skyline Eastcon Pvt. Ltd.

Sundarpada

100+

8

June, 2010

27

Hi-Tech Plaza

Hi-Tech BuildersPvt. Ltd.

Sundarpada

1386

6

March, 2009

28

Kalyan Plaza

Hi-Tech BuildersPvt. Ltd.

Sundarpada

565

6

January, 2010

29

Harekrishna Villa

Indo/Aashiana Pvt. Ltd.

Sundarpada

Duplex-40

2

March, 2010

30

Ganga-Jamuna Enclave

Bhola Infratech

Sundarpada

64

4

April, 2009

31

Gatikrushna Lavanya

Panda Infrastructure Pvt. Ltd.

Tankapani Road

128

2

January, 2009

32

Kalpana Riverview

Kalpana Construction Pvt. Ltd.

Tankapani Road

300

6

October, 2009

33

Versa Rivera

SS Versatech Consummators Pvt. Ltd

Near Tankapani Rd.

72

8

January, 2010

24

34

Utkal Royal Residency

Utkal Ltd.

Gautam Nagar

35

Hi-tech Heaven

. Hi Tech Builders Pvt. Ltd.

Pipli (Puri Road)

100+

8

2009

792

8

December, 2010 Source: NAI NK Realtors Research

10

NK Realtors Research


Real Estate Trend - Residential (Prime Residential Projects in Bhubaneswar) Vipul Garden: Noida based Vipul Ltd, is developing an integrated residential complex, Vipul Gardens, the first high-rise project in Bhubaneswar. The project is spread over an area of 10 acres at Shankarpur Mouza, Kalinga Nagar, having 578 units of 10 towers with ground and 14 floors. The amenities include club, gym, steam, jacuzzi, swimming pool and multifunction hall. Each of the condominiums is designed to overlook lush landscaped lawns. The project is expected to complete in 2012. Choice of living - 4 BR, 3BR & 2BR+study. 4BR=2093SF, 3BHK=1738 SF, 2BR+Study (I)=1362 SF, 2BR+Study (II) =1393 SF Vipul Greens: Vipul has launched an 18 storeyed integrated residential complex spread across approx. 4.65 acres at Ranasinghpur in last month. The project has the provision of office and retail spaces. Vipul Greens is a Public Private Partnership project with Orissa State Housing Board. The integrated township will provide approximately 1,044 dwelling units. Choice of living 3/4BR + Servant & Penthouses. Utkal Heights: Utkal Heights, the 22 storeyed tallest ever residential project in Bhubaneswar was launched at Pahal in the 1st half of 2010 by Utkal Group. The project will have 3 lakh SF corporate Park and retail space. This is also a PPP project with OSHB and will provide approximately 500+ dwelling units. Another 8 storeyed HIG project, Utkal Royal Residency is being developed aty Goutam Nagar by the same developer.

Vipul Green

Vipul Garden

Utkal Heights

Utkal Royal Residency

Cosmopolis

Cosmopolis: Assotech BEBL Infrastructure Private limited has come up with a 17-storeyed gated community at Dumduma. The project is spread over 9 acres of land & comprising 666 apartments is expected to be completed by 2012. Choice of living- 3/4BR + Servant & Penthouses. 3BR+Servant=2150SF, 4BR+Servant=2580 SF, Penthouse-I=4961SF, Penthouse-II= 3719 SF Trident Galaxy: Hyderabad based Trident properties Pvt. Ltd. is developing “Trident Galaxy�, a 1017-unit large residential project near Kalinga Vihar, Mouza- Paikarapur. The project was launched in April , 2011 and the Phase-1 with 486 Units - expected to be completed by July 2013, Phase-2 by July 2014.

Trident Galaxy NK Realtors Research 11


Real Estate Trend - Residential (Prime Residential Projects in Bhubaneswar) Royal Lagoon: A 2, 3 and 4 bedroom luxury apartment complex located just 5 minutes from Infocity near Patia, Raghunathpur is being developed jointly by SJ Developers and Delhi based Ashiana Group on a 10 acres of land. Around 509 all four side open ultra modern apartments will be distributed in 18 floors. The project will have 2 laks square foot mall. Mani Tirumala: Kolkata based real estate company ManiGroup is developing a 600 + high-end apartment project at Raghunathpur. The project will have ultra modern amenities and facilities like club house, swimming pool, gym, park, modular kitchen, 24 hours advanced security system etc. Covent Garden: Nilachal Construction Private Limited (NCPL) recently launched the 2nd phase of “Convent Garden” – near Phulnakhara, the English style villa project, spread over 20 acres of land. Their1st phase with 110 unit were launched in May, 2010 and has been entirely sold out. Kolkata based Space Group has 50% equity stake while OSL and KTL have 25%.

Royal Lagoon

Metro Satellite City: Metro Builders has recently launched their Metro Satellite City, phase-II, with a total of 95 (Triplex) units at the same project site located at Hanspal in a land area of around 10 acres where around 160 Duplex has been built and entirely sold out. Sky Tower in Sundarpada by Skyline Estcon Pvt. Ltd., GNext Valley in Khandagiri neighborhood by Raj Anand Builders Pvt Ltd., Highland Residency by Z Engineers Construction Pvt. Ltd. Metropolis High in Sunderpur by RNG Developers are some of the important residential projects in Bhubaneswar.

Metropolis High

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NK Realtors Research

G-Next Valley

Mani Tirumala

Metro Satellite City


Real Estate Trend - Residential (Government Initiatives) Orissa State Housing Board:

Joint Venture Projects:

The Orissa State Housing Board has been witnessing a

HIG (Duplex)/MIG (Duplex)/MIG (Simplex) & ‘S’ type Flats at Sri Satya Sai Enclave, Aiginia.

steady growth over the past four decades. The Board has built and sold about 30,000 (approx) residential houses, commercial complexes and shops in the State.

Multi-storied Deluxe Flats at Unit-VI, Banaja Apartment.

Completed projects:

Multi-storied Deluxe Flats at Unit-III, Chandrama Apartment.(Unsettled)

Own Projects:

Ongoing Projects:

HIG/MIG/Commercial Complex and Shops at Kanan Vihar.

No. Of projects

Name of the Scheme

HIG (Duplex)/Simplex/Commercial Plot & Shops at Maitrivihar.

HIG

MIG

LIG

Nandan Enclave, Kalarahanga, Bhubaneswar

23

31

208

Radhakrishna Enclave (Apartment), Unit-VI, Bhubaneswar

20

12

Ambedkar Enclave (Apartment), Unit-VI, Bhubaneswar

12

24

Pragati Enclave, Chandrasekharpur, Bhubaneswar.

13

63

HIG/MIG-II/MIG-I/ LIG /EWS (Flats) at Chandrasekharpur, Phase-I

406

Total

HIG (Duplex)/Simplex, MIG/F.R./ E.W.S.(Flats) at Chandrasekharpur (Phase-II to V)

Up coming Projects:

HIG (Duplex) houses at 7 Acres, Chandrasekharpur.

Ranasinghpur: 2R / 3R Apartment

MIG/LIG houses/Commercial Complex & Shops at Acharya Vihar.

Jagamara (Dharmavihar): 3/4 BR Premium Apartment Dumuduma: EWS/LIG Apartment (on PPP)

MIG/MIG Model House/LIG/EWS houses and Shops at V.S.S.Nagar. Toshali Plaza/Toshali Apartment/Rehabilitation Scheme & Flats at Satyanagar. HIG (Duplex)/MIG/LIG houses at Jayadev Nagar, Lewis Road. HIG (Duplex) houses at Dharma Vihar, Jagamara. HIG/MIG houses at Aiginia. Shop-cum-Residence at Saheednagar. HIG/MIG/LIG/EWS houses & Commercial Complex at Baramunda. L.I.G. houses & Plots at Sikharchandi, Patia. L.I.G. Houses & Commercial Complex at Dumuduma.

Ranasinghpur & Suango: Integrated Housing Project under PPP.

Future Housing Projects: By Bhubaneswar Development Authority (BDA): Sl No.

Location Name

1.

Chandrasekharpur, Gadakan & Damana (Behind Kanchangunga apartment)

2.

Pokhariput

3.

Pikarapur, Phase-I

Area (approximately in acre) 25

Predominant Development purpose HIG, MIG & LIG multistorey complex and rehabilitation of 200 slum families

9

HIG Duplex

14

HIG, MIG & LIG multistorey complex Multistorey HIG complex

4.

Patrapada

3

5.

Pikarapur, Phase-II

3

6.

Shankarpur

12

Multistorey HIG & MIG complex

7.

Subudhipur

8

Multistorey HIG & MIG complex

8.

Satellite Township

35

9.

Gadakan

36

10.

Chandrachekarpur

6

11.

Laxmisagar

9

Multistorey HIG & MIG complex

Residential complex

HIG, MIG & LIG multistorey complex MIG & LIG complex HIG, MIG & LIG multistorey complex

Note: HIG = High Income Group, MIG = Middle Income Group, LIG = Low Income Group, EWS = Economically Weaker Section

NK Realtors Research 13


Real Estate Trend - Office hubaneswar is mainly a residential township and only 20% of the total urban land has been reserved for commercial uses. Areas close to the main road show predominantly commercial land use. Such establishments are either wholly used in buildings or ground floors got converted, with upper floors still having residence occupancy.

B

India’s real estate major DLF will develop “Infopark” on a 54 acres of land at Chandrasekharpur. The project will be developed in three phases, comprises an IT block, a luxury hotel, a retail chain, service apartments and recreational facilities with a total built-up space of about 5.5 million sq ft. Initial development will be on 5.4 acres and development work will start very soon.

Janpath Road (Forest Park to Vani Vihar), Nandan Kanan Road (Jaydev Vihar to Damana, Patia) and IRC Village to Baramunda on NH5 are the three major office locations in Bhubaneswar, where different corporate houses, telecoms, small IT companies, financial institutions (banks, insurance companies, stock trading, asset management) and real estate companies etc. are located.

India’s second largest real estate major Unitech will develop commercial properties like multiplexes, retail and office space at Chandrasekharpur on 2.675 acres land.

Modern state of the art plug and play offices with other facilities such as shopping mall, hotel etc. are coming up fast in Bhubaneswar. Real estate major such as DLF, Unitech have taken land to develop such modern facilities. The 11-storeyed IDCO Tower, 6-storeyed IPICOL building on Janpath Road at Sahid Nagar near Rupali Square and Fortune Tower at Chandrasekharpur are some of the prominent office addresses for a number of government and private companies in Bhubaneswar. Large-scale commercial properties in Bhubaneswar are being created by the Industrial Development Corporation of Orissa (IDCO). Currently IDCO has a number of IT & ITeS office projects in Bhubaneswar which are under different stages of construction. Local developers are also coming up with new commercial projects, such as the Utkal Corporate Park, a 2 lakh SF modern office space is coming up at Pahal on NH5 (Cuttack Road).

The Demand Driver (IT & ITeS ) Currently IT & ITeS sector is driving the office market. All the major IT & ITeS companies such as TCS, WIPRO, Infosys, Mahindra Satyam, Mind Tree etc. already have presence in Bhubaneswar. INFOCITY located at Chandrasekharpur presently houses IT majors like Wipro, TCS, Infosys and Mind Tree in a 350 acre complex, while the Mancheswar Industrial Estate offers 94,000 sq. ft of space to software companies in Tower 2000.

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NK Realtors Research

Fortune Towers IT Park at Chandrasekharpur

A Few Office Lease Transactions in 1st half of 2011 Lessee

Location

Size (SF)

Rate/SF

HDFC Ergo

Jaydev Vihar

3,000

Rs. 120

ICICI Bank

Khandagiri

2,200

Rs. 20

HDFC Bank

Chandrasekharpur

2,000

Rs. 90

City Union Bank

Sahid Nagar

1,200

Rs. 60

Yatra.com

Sahid Nagar

1,200

Rs.110

Present Office Lease & Outright Rate Location

Lease Rate/SF Outright Rate/SF

Janpath Road (Forest Park-Vani Vihar)

Rs.60-150

Rs. 6,000-15,000

Nandan Kanan Road (Jaydev Vihar-Damana Square)

Rs. 25-100

Rs. 2,500-10,000

NH5 (IRC Village-Baramunda)

Rs. 20-70

Rs. 2,000 -7,000

Source: NAI NK Realtors Research


Real Estate Trend - Retail

R

ecent industrial, infrastructural and educational development in Bhubaneswar, has made the city one of the fastest developing cities of India. This change has been powered by the huge investment flow, rising employment opportunities, and increasing foothold of service-based sectors, which has in turn led to rise in purchasing power and increasing demand for organised retailing. The changing lifestyles and aspirations of the city people together with the growing student community and highly paid IT/ITES workforce is currently stimulating retailer activity in Bhubaneswar. Janpath Road, from Forest Park to Vani Vihar, CuttackPuri Road, and Nandan Kanan Road are the main retail areas of Bhubaneswar where all the major retail brands such as Future Group, Reliance Retail, Spencer's Retail, Planet M, Arrow, Reebok, Adidas, Provogue, Levi's, Wrangler, Pepe, Turtle, Koutons, Titan Eye, Justi, Archies, Spykar, and Blackberry, Lilliput World, have stores. Fast food outlets and coffee chains like Pizza Hut, and Café Coffee Day have also opened outlets in different parts of Bhubaneswar. India’s retail major Big Bazaar opened its first store in Bhubaneswar in the year 2004 at “Forum Mart”- a 2 lakh SF shopping mall on Janpath Road. With the success of the store, the group later opened its second Big Bazaar outlet at Maruti Mall in Patia, a Food Bazaar at Infocity and Pantaloons store, spread over 58,000 SF area at Suruchi Commercial Complex in Sahid Nagar.

Pantaloons Store at Sahid Nagar

Maruti Mall at Patia With the opening of “Reliance Fresh” , on an around 3,000 sq. ft, area at Kalpana Square in the year 2007, Reliance Retail started their first operation in BBSR. Today there are around eight Reliance “Fresh Stores” in Bhubaneswar. Reliance is planning to come up in a big way with other formats in the city.

Reliance Fresh store on Lewis Road

Forum Mart at Kharvella Nagar and Pal Height near Joydev Vihar are two operational malls (multi brand) in Bhubaneswar and none of the malls have multiplex. There are a number of shopping malls have been planned for Bhubaneswar which will feature multiplexes. A six lakh square foot shopping mall is almost ready at Sahid Nagar. BMC and Bhwani Construction Company are jointly developing the project.

Present Retail Lease Rates Location

Lease Rate/SF

Bapuji Nagar

Rs. 60-180

Rupali Square

Rs. 50-100

Rajmahal Square

Rs. 60-180

Master Canteen (Station Square)

Rs. 70-120

Sahid Nagar

Rs. 60-150

Vani Vihar

Rs. 50-100

Jaydev Vihar

Rs. 60-130

Patia

Rs. 25-60 Source: NAI NK Realtors Research

NK Realtors Research 15


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Bhubaneswar_Realestate_Market_Overview