Upcoming WTC to boost Realty in Gajapatinagar, Bhubaneshwar
The Odisha government has given the ‘go ahead’ to the establishment of a World Trade Centre at Gajapatinagar in Bhubaneshwar through an enpowered panel. It is being planned as a commercial centre, at an estimated cost of Rs. 250-300 crore, to promote trade related activities. An area of 25 acres has been identified behind Fortune Towers for the WTC to be constructed. Besides housing offices, there will also be a convention centre for hosting conferences.
The co-promoters for the project would be Mumbai-based M. Visvesvaraya Industrial Research & Development Centre (MVIRDC) and Odisha Industrial Infrastructure Development Corporation (IDCO). A memorandum of understanding (MoU) would be signed by them in this regard. MVIRDCs selection as co-promoter was made based on the fact that they had the required license for establishment of the WTC. It was also decided by the finance department that both MVIRDC and IDCO should have an equal stake in the management of the WTC.
WTC’s proximity to Fortune Towers:
The proximity of WTC to Fortune Towers would work to its advantage with regards to commercial interests of companies that would be housed there. Fortune Towers is a 7-storey building constructed on 3.61 acres of land that was developed by IDCO. It houses some prominent companies like TCS, Tata Tele, Tata Steel, INFLEXI, EXILANT, Dhamra Port, Mitsubishi, BHP Minerals, POSCO India, Reliance Info etc. The proximity will enable WTC to house divisions of companies that are housed in Fortune Towers, so that their business interests are better served. Also, with IDCO as co-promoter in the WTC project, there will be a better understanding of the project requirements.
Connectivity and amenities:
The proposed WTC will be well connected by road, being 2 kms away from Nalco Nagar road and 1 km away from Xavier road. Besides, it is only 6 kms from Bhubaneshwar railway station, 8 kms from Biju Pattnaik national airport, 4 kms from Utkal University and 4 kms from Chandaka Industrial Estate and Infocity, which is the major cyber park in Bhubaneshwar. There are bus stops at all major points in the vicinity. Some of the important educational institutions in the vicinity are IIT, Bhubaneshwar, Regional College of Management, Institute of Life Sciences, Loyola school etc. Kalinga hospital and Jagannath temple are located close by.
Impact on Real estate market and prices
The coming up of the WTC will likely have a positive influence on the residential real estate market in the area. The current average price for residential apartments is Rs. 2,576 per sq ft in the locality with an appreciation of 12% compared to the last quarter, and 3% compared to the corresponding period last year. This is a considerable rise since a few years back, mainly due to the coming up of the Fortune Towers. The prices are likely to go up in the vicinity once the WTC becomes operational as well. The average rental for apartments in the area is Rs.10 per sq ft. Some of the upcoming and ongoing apartment projects in Gajapatinagar are The Nest, NA Majestic 2, Raghunath Villa and Sunny Citadel. The rental charges for commercial space in Fortune Towers is Rs. 18 per sq ft, for small businesses administrations (SBAs), while operation and maintenance charges are Rs. 3 per sq ft.
