Archive for the 'IDCO projects' Category

Real Estate gets pricey in Bhubaneswar

Bhubaneswar- Cuttack- Puri, DLF, IDCO projects, Koraput, REAL ESTATE, Satellite and Residential townships 2 Comments »

Following is an excerpt from a report in Economic Times by Nageshwar Patnaik.

… With the state attracting around Rs 6,00,000-crore investments, including two biggest FDI proposals from ArcelorMittal and Posco, property prices in the city have jumped 4-8 times in five years.

Rapid urbanisation coupled with positive developments in sectors like information technology, biotechnology and mega investments in airport, steel, aluminium, mining, power, railways, road, port, hospitality and manufacturing has given a boost to realty in the state capital. A 1,200 square feet apartment in an up market area such as Kharabela Nagar, Forest Park and Saheed Nagar now costs between Rs 30 lakh and Rs 40 lakh.

“There is a mismatch between demand and supply, leading to steep hike in property prices in Bhubaneswar. Against a demand of 2,0000 houses in the medium and upper housing categories, the supply is mere 1,000 houses only. …

In the last five years, the city has witnessed tremendous growth in all segments,IT park, BPO, call centres, hotels, technical institutes, medical colleges and hospitals. In fact, the rise in number of world-class educational institutes has put the pressure on the city. This also has attracted many leading real estate companies in the country, which have taken the land for different projects.

But confusion is writ large among both the developers and customers with the government owning around 80% of land. “The state government is yet to come out with a clear policy on real estate for the capital city. Besides, land consolidation policy is conspicuous by its absence. …

The state government owns about 80% of the land in the state capital while 10% of private land is under legal dispute and the rest 10% is in the hands of landlords. The leading real estate companies from the country have taken land from the government to put up huge properties.

DLF has taken 54 acres of land from the state government owned IDCO near Infocity at Chandrasekharpur where it is coming up with 40 lakh square feet floor space to accommodate an IT Park, shopping, hotels, retail and residential apartments. Similarly, Unitech emerged as a successful bidder for 11 acres of land leased out by the Bhubaneswar Development Authority to develop commercial properties like multiplexes, retail and office space.

Vipul Group is developing a 19-acre township in a public private partnership mode with Orissa State Housing Board (OSHB). Similarly, Mumbai-based K Raheja Corp proposes to set-up a Mindspace IT Park here through a joint venture with the government or any of its agencies over 30 acres in three years at an investment of Rs 250 crore.

Industrial Infrastructure Development Corporation of Orissa (IIDCO) will acquire land for the project. FIRE (First Indian Real Estate) Capital Fund, a global PE Fund, is eyeing major investments in Bhubaneswar. …

IDCO and Raheja sign MOU for an Mindspace type IT park

Bhubaneswar- Cuttack- Puri, IDCO projects, IT, IT, Back office, BPO, Khordha Comments Off on IDCO and Raheja sign MOU for an Mindspace type IT park

Following is an excerpt from a report in Business Standard.

The Orissa government today entered into a memorandum of understanding (MoU) with the K Raheja Corporation for setting up a IT park in Bhubaneswar with ‘Mindspace‘ branding. …

The proposed IT park will be implemented through a joint venture company to be formed between the state owned Industrial Infrastructure Development Corporation (IDCO) and K Raheja group. It is expected to be completed in about 3 years and an estimated Rs 250 crore will be invested in the first phase.

Three possible locations at Infocity-I, Infocity-II and Mancheswar Industrial Estate have been identified but the final location will be decided in consultation with the Raheja group.

Proposed to be built over 30 acres of land, the IT park is expected to generate employment opportunities for more than 12,000 persons in next 3-4 years. K Raheja group , which is engaged in the business of infrastructure development, has the experience of developing similar IT parks in places like Hyderabad and Mumbai. …

the park will be developed in public-private-partnership (PPP) mode. It will have about 10 lakh square feet of space to be used by different IT and ITeS companies coming to Orissa. As this project is highly employment intensive, it will be beneficial for the state.

Stating that about 3-4 lakh jobs are likely to be created in the IT and ITeS sector of the state, the minister said, the government is trying to achieve Rs 5000 crore software export target set by chief minister Naveen Patnaik well before 2012.

Ravi C Raheja said, that every ‘Mindspace’ IT park developed by the company is green certified.Citing the example of the IT park developed by the group in Hyderabad, Raheja said, the state government expected to generate about 15,000 jobs in 10 years.Within 4 years of starting the park about 50,000 jobs have already been created.The company is targeting to increase it to 1 lakh there. Bhubaneswar IT park will also generate vast employment opportunity for the people.

500 crore International Convention Center in Bhubaneswar to be built in PPP mode

Bhubaneswar- Cuttack- Puri, Convention Center, IDCO projects, INVESTMENTS and INVESTMENT PLANS, Khordha, PPP, TOURISM, ENTERTAINMENT and SHOPPING 6 Comments »

Following is an excerpt from a report in

Orissa Industrial Infrastructure Development Corporation (IDCO) has planned to set up an international convention centre through a public-private partnership model. BK Patel, head (SEZ & Infrastructure Projects) at IDCO, said, "The convention centre will be spread over 25 acres in tie-up with private developers. We have started inviting tenders for the project and expect to reach a decision to begin the project in the coming months."

The convention centre is to be built at a whopping Rs 500 crore and expected to be completed in the next three years.