Report by OD bureau, Bhubaneswar: A study says that while the size of a city’s population may determine the demand for housing, the availability of suitable and affordable housing may also attract certain categories of migrants.” With the rising population in Orissa, particularly Bhubaneswar and Cuttack, the demand for housing is growing by the day.
Though industrialization is limited in Orissa, the power surplus state has pegged its growth on mining and services sector front. Orissa is an IT hub with the big names operating from Bhubaneswar, while it slowly gains recognition as an educational hub. All these factors are coming together to create tremendous employment opportunities for people within the state and from outside. A recent study by Associated Chambers of Commerce and Industry (Assocham) revealed that while Orissa attracts large amounts of foreign investments. Over the past decade the state has received investments of around Rs.12 lakh crore and such investments reflect the opportunities that the future holds for the state.
The capital city of Orissa, Bhubaneswar, with total population of 10 lakh only, is growing faster than other cities in the country. Projections have it that by 2025 the figure will touch somewhere around 25 lakh. This roughly means that on an average 35,000 houses need to be built annually to accommodate the growing population.
Given this and other factors, the demand for housing in the state is going to rise up further. Already the spacious suburbs around Bhubaneswar mostly along Khurda, Nandankanan, Cuttack and Chowdwar – are on expansion mode.
We are now witnessing a trend where people are relocating to spacious suburban areas in pursuit of a better quality of life, much like the way Americans populated the suburbs way back in mid 1940s. As a contrast to the centrally located but congested prime locations, suburban location today offers greener and healthier environment, abundant open spaces, emergence of luxury gated communities, like-minded communities and shopping centers. More and more people are feeling claustrophobic in the ever-growing commercial humdrum in the neighborhood and the absence of open spaces. Prohibitive property prices within the city also contribute to the population rise in the suburbs. As the family grows and jostle for space and privacy begin. Moving into a more spacious home in the suburbs has emerged as a solution for many city-dwellers. The suburban areas offer larger facilities, open spaces and are within driving distance from the workplace, thus bring together convenience and comfort at affordable costs.
There is now a rising demand in Bhubaneswar for Gated Communities of Gurgaon, Kothis of Noida, and Farm Houses of Faridabad. In keeping with these requirements, there are several ongoing and upcoming projects along the NH -5. With renowned national realty developer such as Tata Housing foraying into this market, Bhubaneswar is set to become the residential hub. In fact, Tata Housing became first national player to have signed an agreement with the Bhubaneswar Development Authority in December 2011 for a public-private partnership project. The project to be spread across 12 acres of land along the suburbs has a development potential of 1.5 million square feet and projected revenue of Rs.700 crore.
Tata Housing’s own statistics suggests that households that have recently set up homes in the suburbs fall within the professionally affluent category. These affluent people – willing to pay for an improved quality of life and are demanding better housing, efficient transportation facilities and a greener environment.
Today, if the government is building a modern transportation system and leading realty players are developing new residential projects in most suburbs, it is because the government has recognized the needs and demands of the new, affluent people populating suburban India and the overwhelming potential that exists therein. With several new industrial projects soon to commence in Bhubaneswar and its vicinity, the next ten years will witness rapid transformation of the suburbs, redefined by world class residential projects.