Chhattisgarh : Full of Surprises & Possibility:
 
Chattisgarh was created out of 16 districts of Madhya Pradesh on 1st November, 2000. With a 44% forest area, an overwhelmingly large tribal population and abundant mineral resources, this young state has embarked on a multi-sectoral growth plan to achieve the targets of the Chhattisgarh - Vision 2010.
While the State administration is based in Raipur, a new capital for Chhattisgarh at an investment of Rs. 40,000 crore on an area of 36,000 hectares to accommodate 5.4 lakh people is being planned. In the 1st phase of the project to be completed by 2011, ambitious commercial and residential projects in Chhattisgarh will be executed. An IT Park, a township with a golf course, a capitol complex and a five-star hotel will be developed by IL &FS Infrastructure Development Corporation, partners and advisors to the project. The 2nd and 3rd phases of the city will be completed by 2021 and 2031.
Chhattisgarh has attracted considerable foreign direct investment, such as the Greenfield coal-based power generation plant by US based AES Corporation at a cost of $1.22 billion. Investment in infrastructure and industrial projects has also been forthcoming from Indian business houses. -the Vedanta Group, BALCO and The Tata Power Company will make investments worth Rs. 20,000 crore in steel, aluminium and power generation. The state is actively pursuing the bio-diesel project from Jatropha plantations.
While the State depends heavily on agriculture, the thrust is on industrial development, and particularly Information Technology. The State aims to make substantial investments in IT by building on educational and training facilities and R&D infrastructure. Establishing of software parks and invitations to private investment in IT infrastructure is high on the state’s agenda.
The state Government has also taken initiatives to promote Chhattisgarh as a “tourist destination of choice”. It has announced tax incentives and other sops to the private sector for investment in the hospitality sector in Chhatisgarh. A camp site near the Chitrakote waterfalls, open air amphitheatre at Rajim, and a herbal resort at Asna are some of the facilities the Chhatisgarh Tourism board has developed. Other attractions include Kawardha and Bastar.

Real Estate Development in Chhattisgarh:

Though still in its nascent stages, real estate in Chhattisgarh is expected to develop rapidly in the next decade. Apart from the new state capital, new townships by PACL India are being planned on 5000 acres in various districts of Chhattisgarh. PACL’s real estate investments in Chhattisgarh include the construction of 1,000 houses each in Raipur and Bilaspur for all categories of buyers.
Chhatisgarh’s capital city is experiencing a retail boom. Property developers are drawing up plans for commercial projects in Raipur - Prabhatam Developers will build a 3.5 lakh sq.ft shopping mall, as will the Mani group from Kolkata on 4 lakh sq. ft. A Regional Trade Centre on a 50 acre stretch is also being planned near Mandi. Omaxe will build an IT Park in Raipur.
Residential property development in Chhattisgarh is being propelled by real estate builders Omaxe, Bengal Ambuja and Merlin Projects with mega housing complexes.
Commercial property development in Chhattisgarh will receive a boost with the Reliance group’s investment of Rs. 1 billion in developing multiplexes in Raipur, Bhilai, Bilaspur, Korba, Raigarh, Ambikapur and Rajnandgaon.
Chhattisgarh has a fair share of Industrial Parks – the Bhilai steel plant and the BALCO aluminium plant in Korba have attracted ancillary industries. In the Borai Industrial Park in Durg, Industrial Growth Centres in Urla and Siltara near Raipur, and in the Sirgitti Growth Centre in Bilaspur, manufacturing and commercial activity is expected to pick up, as land is ready for allotment.
Apart from the regular Industrial Estates, large tracts of land have been reserved and earmarked in various districts for mega-projects.
The future of the hospitality segment is bright, as the state’s dense forests, caves, waterfalls, rich bio-diversity and handicrafts have the potential to develop into popular tourist attractions. The Taj Hotels Group, International Park Plaza, Sterling Resorts and Club Mahindra have displayed interest in setting up operations in places of tourist interest in Chhattisgarh.
The trouble free industrial environment of the state, with its excellent work culture and labour relations is conducive to the rapid growth of off-shore software development centres, BPOs and call centres. The State is committed to extend appropriate financial and operational support to entrepreneurs and enterprises in the software and hardware industry. In this context, real estate in Chhatisgarh is poised for major growth.

Sources: INDIANREALTYNEWS