Orissa, and especially Bhubaneswar is in the recent times emerging as one of the hotspots for real estate investments. With a population of approximately 0.6 million, this small city is in a headway in industrial, retail and real estate development.
Much of its propect factor can be bestowed on the educational and job opportunitiies Bhubaneswar has been providing so far. Investors are finding this Tier III city a much better option to invest in when it comes to low property cost (compared to other similar status cities) and availibility of workforce.
Read this to have a clearer picture of the investment prospects that lies ahead in Orissa
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Orissa's First IT Special Economic Zone
Government of Orissa signed an agreement with real estate developer DLF Limited to set up Orissa’s first Special Economic Zone (SEZ) dedicated to Information Technology (IT).
The lease-cum-development agreement was signed between Orissa Industrial Infrastructure Development Corporation (IDCO) and DLF for developing 54 acres of land opposite InfoCity in Chandaka Industrial Estate. The project envisages construction of 4.12 million square feet of built up space of which a minimum of 60 percent would be dedicated to IT.
The land would be made available to the company on 70 years lease basis at a consideration amount of Rs 44 crore, approximately Rs 81 lakh per acre. The project cost inclusive of land acquisition would be about Rs 1000 crore.
Mr. Naveen Patnaik (CM) said that the project would give a boost to the growth of IT and ITES services in Orissa creating direct employment opportunities for about 25,000 software professionals.
DLF said that Bhubaneswar city would fulfill the requirements that IT companies look for when deciding on off-shoring locations, e.g. availability and cost of labour and infrastructure.
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