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Bhubaneshwar 2014 real estate heroes

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2014 research report for Bhubaneshwar.

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Bhubaneshwar 2014 real estate heroes

  1. 1. Real Estate Market Overview BHUBANESWAR 2014 Contact: BM Poonacha Real Estate Heroes 287, 1st main, Defence Colony, Indiranagar, BANGALORE 560 008 INDIA +91 9449073566 poonacha@realestateheroes.in 3/28/2014 REAL ESTATE HEROES
  2. 2. Bhubaneswar 2014 CONTENTS 1. City Overview ................................ 2. Infrastructure ................................ 3. Real Estate Business................................ 4. Urban Transformation ................................ 5. Residential................................ 6. Retail ................................................................ 7. Commercial ................................ 8. Hospitality................................ 9. Land ................................................................ Annexure: Significant Projects ................................ Real Estate Market Overview ................................................................................................................................ ................................................................................................................................ ...................................................................................................................... ................................................................................................ ................................................................................................................................ ................................................................................................ ................................................................................................................................ ................................................................................................................................ ................................................................................................ ................................................................................................ ..................................2 ...................................3 ......................5 .....................................................6 .......................................8 ...............................................9 ...................................10 ......................................11 ..............................................12 ..............................................13
  3. 3. Bhubaneswar 2014 1. CITY OVERVIEW Bhubaneswar is the capital city of the Indian state of Odisha. It is the state's largest city, and a centre of economic and religious importance. Bhubaneswar, categorised as a Tier-II city, is often referred to as a Temple City of India, and together with Puri and Konark, it forms the Swarna Tribhuja (Golden Triangle); one of the most visited destinations in eastern part of India. Bhubaneswar and Cuttack are often commonly referred to as the twin-cities of Odisha. The State Capital of Orissa formed in 1948. 2nd Planned City of India it was planned for 80% Residential Use by German architect Otto Königsberger. Total Area under BDA is 393.57 sq.kms and population is 8,57,406 (Sex Ratio: Male 56%, Female 44%). Real Estate Market Overview of India it was planned for 80%
  4. 4. Bhubaneswar 2014 The comprehensive development plan for Bhuban that about 3 Million people need to be accommodated in the city by 2030 as against 1.3 Million existing. Bhubaneswar is also a knowledge hub in the east with Educational Institutions: IIT, NSIER, AIIMS, Vedanta, Utkal, NIPER, XIMB. The key economic drivers in this region has been IT, Steel, Aluminium, Tourism, Health and Education. 2. INFRASTRUCTURE Significant Highways making Bhubaneswar accessible are NH5, NH203, SH 13, SH Government planned the city’s second airport in Mulipada, 40 km away from Bnhubaneswar, to facilitate international operations. The Odisha government is planning to develop a regional municipal solid waste (MSW) processing and landfill facility for Bhubaneswar and Cuttack. It will be developed in a public (PPP) mode and Industrial Infrastructure Development Corporation (IDCO) is the transaction adviser. Odisha government is engaging the Centre for Environmental Planning University, Ahmedabad, to prepare a fresh detailed project report (DPR) of Bus Rapid Transit System (BRTS) project in Bhubaneswar. Real Estate Market Overview The comprehensive development plan for Bhubaneswar prepared by IIT Kharagpur which envisages that about 3 Million people need to be accommodated in the city by 2030 as against 1.3 Million existing. Bhubaneswar is also a knowledge hub in the east with Educational Institutions: IIT, NSIER, ta, Utkal, NIPER, XIMB. The key economic drivers in this region has been IT, Steel, Aluminium, Tourism, Health and Education. NFRASTRUCTURE Significant Highways making Bhubaneswar accessible are NH5, NH203, SH 13, SH Government planned the city’s second airport in Mulipada, 40 km away from Bnhubaneswar, to The Odisha government is planning to develop a regional municipal solid waste (MSW) processing lity for Bhubaneswar and Cuttack. It will be developed in a public-private partnership (PPP) mode and Industrial Infrastructure Development Corporation (IDCO) is the transaction adviser. Odisha government is engaging the Centre for Environmental Planning and Technology (CEPT) University, Ahmedabad, to prepare a fresh detailed project report (DPR) of Bus Rapid Transit System eswar prepared by IIT Kharagpur which envisages that about 3 Million people need to be accommodated in the city by 2030 as against 1.3 Million existing. Bhubaneswar is also a knowledge hub in the east with Educational Institutions: IIT, NSIER, ta, Utkal, NIPER, XIMB. The key economic drivers in this region has been IT, Steel, 27. The State Government planned the city’s second airport in Mulipada, 40 km away from Bnhubaneswar, to The Odisha government is planning to develop a regional municipal solid waste (MSW) processing private partnership (PPP) mode and Industrial Infrastructure Development Corporation (IDCO) is the transaction adviser. and Technology (CEPT) University, Ahmedabad, to prepare a fresh detailed project report (DPR) of Bus Rapid Transit System
  5. 5. Bhubaneswar 2014 AAI Airport, Bhubaneswar PERSPECTIVE MAP OF B Real Estate Market Overview PERSPECTIVE MAP OF BBSR-CUTTACK URBAN
  6. 6. Bhubaneswar 2014 3. REAL ESTATE BUSINESS Leading developers in the region include Utkal builders, Z- Estates. SJ, Metro, TSL. Large Business houses like OSL which has interests in ports and mining has also co-invested in Real Estate Ventures. The city has attracted Pan India Players like: DLF, Unitech, Assotech, Vipul, Ashiana, Tata Housing, Trident while Forum, JJ, Mani and Space Group are Kolkata Based. There are 2 Distinct Membership Forums: CREDAI & REDA with no common members among them. CRISIL STAR RATED PROJETCS IN BHUBANESWAR Project Name Location Acropolis Gothapatna, Bhubaneswar Regal Dove Patia, Bhubaneswar EY has had relationships with BDA, IDCO and BMC since long. Currently JLL is also engaged as an empaneled advisor with the State Government, followed by C&W which has limited presence. Real Estate Market Overview USINESS There are 2 Distinct Membership Forums: CREDAI & REDA with no common members among them. CRISIL STAR RATED PROJETCS IN BHUBANESWAR Developer Name Star Rating Acrux Realcon Pvt Ltd 5 Star Sonsy Engineers & Constructions (P) Limited 4 Star There are 2 Distinct Membership Forums: CREDAI & REDA with no common members among them. Star Rating 5 Star 4 Star
  7. 7. Bhubaneswar 2014 4. URBAN TRANSFORMATION Growth Corridors: • Cuttack Road • Nandankanan Road • Chandaka-Janla • Sundarpada • Tankapani New Areas of Development Clustering: Khandagiri, Chandrasekharpur, Patia, Laxmisagar. Forthcoming Areas: Sundarpada, Gangapada, Jatni Road, Janla, Pahal, Dumduma Tamando, Sundarpur, Chandka, Hanspal, Nakhra. The city's real estate market has initially seen city's growing population and the increasing disposable incomes of its residents. Currently the market is in a state of inactivity due to an artificial oversupply caused by Investor Exit pressures. Real Estate Market Overview RANSFORMATION New Areas of Development Clustering: Khandagiri, Chandrasekharpur, Patia, Laxmisagar. Forthcoming Areas: Sundarpada, Gangapada, Jatni Road, Janla, Pahal, Dumduma Tamando, Sundarpur, Chandka, Hanspal, Nakhra. The city's real estate market has initially seen a steady rise in demand primarily on account of the city's growing population and the increasing disposable incomes of its residents. Currently the market is in a state of inactivity due to an artificial oversupply caused by Investor Exit pressures. New Areas of Development Clustering: Khandagiri, Chandrasekharpur, Patia, Laxmisagar. Forthcoming Areas: Sundarpada, Gangapada, Jatni Road, Janla, Pahal, Dumduma Tamando, a steady rise in demand primarily on account of the city's growing population and the increasing disposable incomes of its residents. Currently the market is in a state of inactivity due to an artificial oversupply caused by Investor Exit pressures.
  8. 8. Bhubaneswar 2014 Real Estate Market Overview
  9. 9. Bhubaneswar 2014 5. RESIDENTIAL The residential market of Bhubaneswar is static since the last two years with prices averaging in the range of +/- INR 3000 per sft. High end residential market is already saturated and is in the state of over supply. Prime Residential Asset Class Capital Values Trend Currently not much movement in the market. Growth Rate slowed since 2011. 0 500 1000 1500 2000 2500 3000 3500 2013 2012 2011 Real Estate Market Overview The residential market of Bhubaneswar is static since the last two years with prices averaging in the INR 3000 per sft. High end residential market is already saturated and is in the state of t Class Capital Values Trend Currently not much movement in the market. Growth Rate slowed since 2011. 2010 2009 2008 2007 Capital Values The residential market of Bhubaneswar is static since the last two years with prices averaging in the INR 3000 per sft. High end residential market is already saturated and is in the state of Capital Values
  10. 10. Bhubaneswar 2014 6. RETAIL Currently four malls are operational in Bhubaneswar: Forum Mart at Kharvella, Pal Heights at Jaydev Vihar Bhawani Mall at Shahid Nagar and Maruti Mall at Patia. Focus area of retailers are still on high street. Shahid Nagar and Janpath are major retail zones of the area. In assumption of future IT growth, some retailers came here earlier but due to stagnancy interest among retailers diminished. The city currently has all major retail Brands: Reebok, Arrow, US Polo, Dominoes, Blackberry, Café Coffee Day, Reliance Retail, Big Bazar, Tommy Hillfiger, Levis, Pepe, Pizza Hut etc. All Major Car Brand are present like Audi, BMW, Toyota, Ford etc. Prime Retail Rentals Corridors Janpath Jayadev Vihar Nandankanan Road Rasulgarh to Acharya Vihar Road Jayadev Bihar to Baramunda Road Real Estate Market Overview Currently four malls are operational in Bhubaneswar: Forum Mart at Kharvella, Pal Heights at Jaydev Nagar and Maruti Mall at Patia. Focus area of retailers are still on high street. Shahid Nagar and Janpath are major retail zones of the area. In assumption of future IT growth, some retailers came here earlier but due to stagnancy interest among The city currently has all major retail Brands: Reebok, Arrow, US Polo, Dominoes, Blackberry, Café Coffee Day, Reliance Retail, Big Bazar, Tommy Hillfiger, Levis, Pepe, Pizza Hut etc. All Major Car Brand are Ford etc. Rental (INR/Sq.Ft./p.m.) 100 80 70 70 75 Currently four malls are operational in Bhubaneswar: Forum Mart at Kharvella, Pal Heights at Jaydev Reliance Retail, Big Bazar, Tommy Hillfiger, Levis, Pepe, Pizza Hut etc. All Major Car Brand are Rental (INR/Sq.Ft./p.m.)
  11. 11. Bhubaneswar 2014 7. COMMERCIAL Janpath Road, Nandankanan Road and IRC Village are the 3 major Office Micromarkets of Bhubaneswar. IT&ITeS has been the key demand driver in the office market so far. Office space demand in Bhubaneswar is currently low. Barring IT generic sectors have yet to take a steep rise. Unitech and upcoming Forum are offering a few office spaces, however, major industries have yet not invaded to create the ground for sharp demand increase. Growth is gradual but slow, which might augment future prospect. Some Major Commercial Projects are: • IDCO SEZ – Knowledge Park • IDCO 250 Acres Info Valley • Mind Tree – 350 Acres • DLF 54 Acres INFOPARK at Chandaka • Unitech Infospace • Mancheswar Industrial Estate Prime Lease and Outright Rates: Corridors Lease (INR/sft/pm) Janpath Road 100 Nandankanan Road 60 IRC Village 45 Real Estate Market Overview Road and IRC Village are the 3 major Office Micromarkets of Bhubaneswar. IT&ITeS has been the key demand driver in the office market so far. Office space demand in Bhubaneswar is currently low. Barring IT generic sectors have itech and upcoming Forum are offering a few office spaces, however, major industries have yet not invaded to create the ground for sharp demand increase. Growth is gradual but slow, which might augment Some Major Commercial Projects are: Knowledge Park IDCO 250 Acres Info Valley DLF 54 Acres INFOPARK at Chandaka Mancheswar Industrial Estate Lease (INR/sft/pm) Outright (INR) 100 6000 60 3000 45 2500 to create the ground for sharp demand increase. Growth is gradual but slow, which might augment
  12. 12. Bhubaneswar 2014 8. HOSPITALITY Leading Hotels are Mayfair Lagoon, Trident and Swosti clustered in Jaydev Vihar area. There are budget hotels also in the core city area like Swosti, Empires, Grand Central, OTDC Crown which are not upto the mark in quality and upkeep. A number of leading players are entering the market as per the list below: Name of the Hotel Trident Hilton (Oberoi Group) Mayfair Lagoon Hotel Sishmo Swosti Hotel Kalinga Ashok Hotel Kesari New Marrion Hotel Swosti Premium Hotel Ginger Hotel Hindustan International Crown Hotel Pal Heights Total Upcoming Hotel Radisson (by Assotech) Cabana Hotels Pvt Ltd ( Best Western Group) Hyatt Regency Sarovar Hotels(by Vipul) Real Estate Market Overview Leading Hotels are Mayfair Lagoon, Trident and Swosti clustered in Jaydev Vihar area. There are budget hotels also in the core city area like Swosti, Empires, Grand Central, OTDC Panthanivas and Crown which are not upto the mark in quality and upkeep. A number of leading players are entering the market as per the list below: Category No of Rooms 5 Star Delux 62 5 Star Delux 64 3 Star 65 3 Star 57 3 Star 36 3 Star 55 3 Star 60 3 Star 147 3 Star 101 3 Star 102 3 Star 68 3 Star 74 891 Category No of Rooms 5 Star 200 Cabana Hotels Pvt Ltd ( Best Western Group) 3 Star 100 5 Star >200 4 Star 150 Leading Hotels are Mayfair Lagoon, Trident and Swosti clustered in Jaydev Vihar area. There are Panthanivas and No of Rooms No of Rooms
  13. 13. Bhubaneswar 2014 9. LAND Land acquisition is a big concern as approximately 80.0% land is in the hand of the state government. It is difficult to get clear, hassle free land from rest of the private property. However, government is open to provide land on leasing to investors and Partnership ( PPP) model. Real Estate Market Overview Land acquisition is a big concern as approximately 80.0% land is in the hand of the state government. It is difficult to get clear, hassle free land from rest of the private property. However, government is open to provide land on leasing to investors and some developments are there under Public Private Land acquisition is a big concern as approximately 80.0% land is in the hand of the state government. It is difficult to get clear, hassle free land from rest of the private property. However, government is some developments are there under Public Private
  14. 14. Bhubaneswar 2014 ANNEXURE: SIGNIFICANT DLF Cybercity Unitech One at Chandrasekharpur Real Estate Market Overview IGNIFICANT PROJECTS
  15. 15. Bhubaneswar 2014 Symphony Mall at Rasulgarh by Trident Properties Trident Galaxy Real Estate Market Overview Symphony Mall at Rasulgarh by Trident Properties
  16. 16. Bhubaneswar 2014 Utkal Heights Mani Tirumala, Nandankanan Road Real Estate Market Overview Mani Tirumala, Nandankanan Road
  17. 17. Bhubaneswar 2014 Trident Galaxy, Jayadev Vihar Vipul Gardens, Kalinga Nagar Real Estate Market Overview
  18. 18. Bhubaneswar 2014 Vipul Greens, Ranasinghpur Assotech Cosmopolis Real Estate Market Overview
  19. 19. Bhubaneswar 2014 TSL Spring City, Kantabada Z1 at Patia Real Estate Market Overview
  20. 20. Bhubaneswar 2014 SJ Developers Royal Lagoon on Nandankana Road Mahaveer Galaxy, Pahala Real Estate Market Overview SJ Developers Royal Lagoon on Nandankana Road
  21. 21. Bhubaneswar 2014 Falcon, Sampur Tata Ariana Real Estate Market Overview

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