As Orissa grows as an exciting hub for industrialists, investors, big powers, multinationals and researchers, it now has world's greatest stories to tell. First of all as it grows fast, many foreigners, NRIs and also the Rural mass want to make a settlement. It may be business or residential but they need particular places and constructions. Keeping this in mind the Real estate market is also growing in acceleration.

WHY?


Although the total population is much higher (i.e., 3crore and 66 lakhs according to 2001 census.), but here the atmosphere is quite good. The pollution level is too less because of less number of vehicles, Also the green area is much more than other states. Even the Capital City Bhubaneswar also has a very good air comparing to other Capital cities like, Delhi, Bombay, kolkatta etc. The approximate temperature is 30 degree Celsius. The key is the good coast line, leng of which is 155, 707 square kilometers and great wild life; It's the home of Indian elephant.

Second, Its natural resources and location advantage provides a unique opportunity for Orissa to become mining, metals, manufacturing and tourism focal point. In the post liberalization period this state ranked 6th in foreign investment. Means it has already attracted 973,000 millions of investments in the last five years. Being a resourceful state Orissa provides ample opportunities in investment, particularly in minerals including untapped rare minerals, adequate water resources and major sea port, skilled man power, competitive labor cost and accessible to one of the largest market. So the flow of investors is gaining day by day.

Then the conducive behavior of the Govt. attracts more numbers of investors . Only for this region the state has announced 4 times more investment i.e., 24 billion US dollar in 2005 where as it was 5.5 bilion in 2005. This is the cause after POSSCO of Korea big companies from Russia and Britain are coming. As British High Commissioner to India Mr. Michael Arthur says in Bhubaneswar that some British investors have communicated with the Orissa government.
The scene

For these reasons the Orissa Real Estate is also making itself viable because to provide them better infrastructure and lifestyle. particularly it is growing in Urban Orissa. And the twin city Cuttack & Bhubaneswar so many builders and architects are coming to this business as population is increasing. In 1950 when Bhubaneswar was established as the new capital city of Orissa it was planned only for 50 thousand people. But now it is 10 lakhs. So the peripherri of Bhubaneswar is increasing day by day. Look to Chandrasekharpur of Patia at Bhubaneswar, to buy a private land is too difficult. Here the culture of Simplex, duplex, and Apartment is very popular. One duplex about 1815 square ft. building area costs around 20 lakhs. Similarly one Simplex ( one storied building) costs around 12 lakhs where the building area is 980 square ft. This Construction is going on at Marutivilla . by Maruti builders. Similarly Harihar apartment at Vir surendra Sai Nagar is also going on. Here the 2 bed room Flat costs around 10 lakhs. This location is 20 kilometers from the Air port and 4 kilometer from Railway station. Like wise Club Town at CS pur near Infosys, jadukul Enclave Bamra Nagar at Surya Nagar Also going on by private developers. Although from the Govt side there is Bhubaneswar development Authority (BDA) to look after Constructions. But it did not have done any project for long time. Now it has planned Netajee Subash Chandra Bose residensial and shopping Complex for mideum and lower income groups.

Agents

There are so many agents or developers in Bhubaneswar to look into this matter. Like Maruti estates situated at Hig 33 gandhharva Nagar, BDA colony Bhubaneswar.

Ghar bari Services pvt ltd, 203 Lord Gagan commercial complex Gajapati Nagar Bhubaneswar-05, Ex service men MPCS ltd at Niharika Apartment Bhubaneswar, Ori mark at 96 Saheed nagar Bhubaneswar etc. The BDA situated at Sachivalaya marg acting as the superviser and approval agency.

For Buyers

For Buyers it is very important to look whether the land is completely for residential purpose or not in the BDA record. For this region you have to ask BDA for any kind of information. Under Right To Information (RTI) act BDA will provide you in a certain time Period. If you are going to buy a flat or constructed building then ask the builder about the BDA plan and Approval. Because So many builders are making constructions in Green Areas also. Manipulating the records. The controversy regarding panchayat and Municipality areas is going on. If you are buying any house without plan and approval then you may be in danger. The BDA has the power to smash your house. It may ask for concerned authority to cut power and water connection.

Some promotional information you may find on the web. Although the e marketing has not gained in Orissa. Too little Firms have their own web site. You may search Orissa real estate developers association’s web i.e., www.RedaOrissa.com for some information’s. www.hames.point2.com also has a link regarding Bhubaneswar real-estate.

Registration

Beside buying from the developer you have to register it according to the law in the registration office. This will cost you 20 percent on the evaluation. Without registration the land has no use.

For Investors

It is a very good opportunity for the investors now. Because Orissa is growing. Some big private parties like SAHARA INDIA PARIWAR are here for developing housing scheme at Bhubaneswar, Cuttack and also in Chandrabhaga , puri district. You can invest here with the prior permission of the govt. of Orissa. The concerened departments are Urban development department, for hotels and tourist living places Tourism department etc. The investors can also invest in developing Parks, IT and BT parks discussing with concerned departments.

Tourism is a great concern now. Here we can find beautiful beach at Puri, gopalpur., Chandrabhaga and chandipur. Chilka world’s largest brackish lake, not only provides a heaven for millions of birds but also one of the few places where you can view dolphins. So for improving these spots development of infrastructure is must. Estate development is the key element for govt, sellers, buyers and investors.