A former part of Madhya Pradesh, Raipur is now the new capital of Chhattisgarh and is correctly called Naya Raipur. The need for better infrastructure and housing facilities led to the development of this new capital. As one of the 100 smart cities, it has a huge responsibility of providing an overall wellness not only to people but also to nature. Also called the satellite town, it is developed in 8,000 acres area at par with international standards. It is India’s fourth planned capital city after Bhubaneswar, Chandigarh and Ahmedabad.
The city is efficiently connected to other cities like Kolkata, Howrah, Patna, Dhanbad etc. with NH-6 passing through it further enhancing its connectivity to Jabalpur, Vilaspur and Vishakhapatnam. This connectivity forms a major reason for the development of real estate in Naya Raipur. Small scale industries like oil mining, electrical welding and soap manufacturing depend on this city for real estate requirements. Moreover, it has the largest iron market in India which is why it never gets short of warehousing demands of coal, power, steel and aluminum industries.
Housing and Infrastructure:
The plan is to bring 5,60,000 residents to Naya Raipur and provide them with facilities like cheap housing, green landscape, security, world class infrastructure, best hospitals and education centers to name a few. The city is to be developed in three layers, layer 1, layer 2 (Peripheral region) and layer 3 (airport zone) covering 80.13sq. km, 130.28 sq. km and 11.92 sq. km, respectively. These developments are planned to be covered in next 30 years.
The state run housing board built 4,000 units which attracted a lot of investment from businessmen. However, this move could not attract as many residents as commercial investors. In an attempt to attract residents in the new city, property rates have been brought down to 2,950 per sqft from 5,000 per sqft. With these rates, even the people from neighboring states like Madhya Pradesh, Orissa and West Bengal are moving in the city. The government has also launched a scheme for poorer people, to construct 40,000 houses, each costing less than 7 lakhs. 41 villages have been proposed to be formed.
To augment the real estate further, private developers have been permitted to run their projects there. India’s best builders like DLF Group, Omaxe Constructions, Soma Developers, Indigo Designs etc. are entering the real estate market of Naya Raipur to decorate it with their grand projects. Airport and Township Projects under Omaxe Constructions and Naya Raipur Development Authority are already nearing their completion. Noida based Amrapali Group has acquired 31.5 acres to invest about 350 Cr in residential, commercial and hospitality projects. Raipur based Avinash Group has invested 150 Cr in a 700 unit residential space covering an area of 18 acres. Last but not the least, Raipur based GT Homes has invested 200 Cr in a 316 apartment project.
Some more Developments:
A corridor for smooth public transport, free wifi connectivity across bus stops, parks, office areas and educational institutions are going to hit the new planned city. This is in an attempt to make it a tech advanced city for rich lifestyle of people. Other attractions would be star hotels, 18 hole golf course, convention center, IT special economic zone, shopping malls and university complexes.
- Raipur Development Authority (RDA) had planned two mega housing projects for economically weaker section of the society but because of low demand, RDA decided to continue with the projects only upon a minimum demand of 70%. This is because the projects need an investment of 200 Cr, which will be wasted if the units are not occupied.
- Buyers are not attracted to many completed housing projects despite tempting offers like free electricity for life time and buy one, get one plot!
- Short term investors would not benefit much because the projects are still at implementation stage and would take time before they are ready to shower off profits.
- The farmers whose land has been acquired to form this city are opposing it because they are not satisfied with their rehabilitation package, which according to them must be enough to buy a new agricultural land elsewhere and resume their profession.
- Villagers oppose resettling in the small government units leaving their fresh, airy lands in the hands of government.
The new smart city has a lot of tapped and untapped potential. It will surely offer a great investment site for real estate investors as it has already stared to uplift the sector via world class projects and will only facilitate the development in the coming years.