City Beat: Smart City Moves To Propel Bhubaneswar As A Real Estate Boom Town [Video]
Today we talk about the proposed world trade centre in Bhubaneswar, the city being awarded for its Smart City strategies, and how these will change the face of real estate here.
Earlier, Bhubaneswar, the capital of Odisha, topped the list of 100 cities to be developed under the Union government's Smart Cities Mission. Now it is in the news for being awarded for its Smart City strategy. Also, a World Trade Centre (WTC) has been proposed to be set up in the city.
In a recent development, the Bhubaneswar Municipal Corporation was awarded under the planning excellence merit category by the Canadian Institute of Planners (CIP), a professional institute working for effective planning on land use. According to CIP, the BMC has redefined existing planning processes.
In another development, the city is likely to have its own world trade centre at Satya Nagar. The project, called Satya Nagar Institutional Core, will be implemented as part of the smart city project by the Bhubaneswar Smart City Limited. The blueprint of this project is underway. It will be spread across 48 acres of land and will house corporate and government offices.
While the Odisha Industrial Infrastructure Development Corporation (Idco) is looking for land, the height and number of floors in the structure are yet to be decided.
How will the moves impact real estate in the city?
According to experts, these moves are likely to accelerate growth of the real estate market in Bhubaneswar, as the infrastructural development will attract new developers, as well as investors to the market.
Besides, the state government's new land acquisition policy and peripheral development under the Transfer of Development Rights (TDR) will lower the land price, making the market lucrative for developers. The development will bring down the price of housing in the city.
The market is also likely to become lucrative for corporates and NRIs, given the new-age infrastructure and technology.