New opportunities in Naya Raipur

One of the potential growth drivers for Raipur is its direct rail and road connectivity to cities like Kolkata, Mumbai, Visakhapatnam and Sambalpur in Orissa.

Click here to see detailed map

The city has grown beyond the areas shown here which could not be plotted as no authentic updated map is available

Other than being the capital of Chhattisgarh, Raipur has lacked a strong economic driver to its real estate demand. But the recent announcement of a few major infrastructure projects and interest shown by mining, manufacturing and retail companies have perked up the property market.

Price Propellers

Some upcoming projects that could influence real estate prices in future.

1. Naya Raipur

A satellite city being developed 20 km from Raipur as the new capital.Township with 2,536 houses, five-star hotel, commercial centre, SEZ and logistics hub to be part of the project.

2. Road Projects

Inner and outer ring roads to decongest the city, expressway link to the upcoming Naya Raipur, traffic junctions’ improvement and a transport nagar to handle warehousing and cargo are part of the integrated road project.

3. Airport

Raipur has the only commercially operating airport of Chhattisgarh. It will be upgraded as an international airport.

Investment in infrastructure
The 7-year city development plan lays emphasis on improving the water supply and transportation.This is in addition to the investments being made in Naya Raipur.
Water Supply	31%
Roads and Transport	24%
Slum Rehabilitation	19%
Sewerage and Sanitation	11%
Storm water drainage	9%
Solid Waste Management	6%
Figures are percentage allocation to each sector Total investment till 2013: Rs 1,214 crore

 

New residential projects
While most of the new developments are coming up towards Naya Raipur, projects along the highways have also been in demand.
Builder	Project	Location	Price(Rs)*
Celestial Buildcon	Bimal Enclave	Bhanpuri	12 lakh
Nancy Group	Avantti Gardens	Dal Dal Seoni Road	15 lakh
Avinash Group	Maruti Heritage	Dhamtari Road	16 lakh
Jainam Builders	Jainam Planet	Tatibandh	17 lakh
Vaibhav Builders	Vikram Residency	Abhanpur	18 lakh
*Average price of a 3-bedroom apartment

 

Retail space distribution by 2008

The low entry price coupled with the large geographical area Raipur caters to, is attracting players in the organised retail market.

 

 

 

 

Buying options

Land prices have gone up more towards the eastern part because of the Naya Raipur project.

North    —    1,200 
East    —    1,800
West    —    1,400
South    —    1,300
Central    —    3,000

Average property price in Rs per sq ft

Price change

Click here to see average percentage price change

Average percentage price change in 2007 and 2008 (expected)

Compiled by Rakesh Rai
Graphics by Pragati
Source: Ernst & Young, Knight Frank