Sunday 19 June 2011

Real estate boom around IIT site

The progress of campus development work for the Indian Institute of Technology (IIT), Bhubaneswar, at Arugul near Jatni may be running behind schedule, but real estate business around the site continues to boom steadily.
While several other institutes are planning their permanent campuses nearby, work on the Bhubaneswar-Balangir rail link has also begun recently.
Last year’s land rates of Rs 50 to 80 per square foot have already gone up to Rs 120 to Rs 130 near the campus in Arugul. Sources said a plot complete with a boundary wall, black-top road, electric poles and other basic amenities was likely to cost a little over Rs 300 a square foot near the place.
While the progress of the campus is not as per the expectations of the real estate developers from the Barunei Hills side, after the Khurda-Balangir railway line, the campus is gaining more attention.
“Work is in progress for the Khurda-Balangir railway line and the ongoing work of a huge culvert has given more confidence to the people to invest in properties near the IIT campus. This part of the campus is almost ready with the boundary wall. So, people are coming and enquiring about plots now,” said Subash Pani, manager of D.S. Infra Solutions Private Limited. The company is developing a project near the IIT campus.
Now, nearly 50 real estate developers are doing their business at Arugul and around Jatni town. “With a plan to develop a huge campus of 936 acres with a science city, the region has got two other major projects such as the National Institute of Science Education and Research (Niser) by the department of atomic energy and an international centre for foot and mouth disease (for animals) by the Indian Council for Agriculture Research. So, when the campus will be ready even after a delay of three to five years than the original plan, the property owners will have a valued asset with them,” Pani added.
Another developer Manoranjan Ray, who is involved with a project near Jatni railway station, said two roads, one from Sundarpada and another one from near Arugul to the NH-203 near Pattanaikia Square between Satasankha and Sakhigopal on the Puri Road, will also add to the value of the properties near Arugul.
Senior IIT-BBS officials claimed that from among the eight IITs established in 2008, IIT-BBS is the only one ready with its detailed master plan for construction of the main campus. They also said that the first phase of the construction work would be over within three years. However, sources added that slow execution of the project coupled with illegal mining of laterite stones and soil on the proposed campus might cause some delay.
A senior BDA officer admitted that there was a master plan road from Ebaranga Mouza near Sundarpada area to Jatni. However, regarding the other road from IIT-BBS to NH-203, he added that the area is outside the purview of comprehensive development plan (CDP). “We hope that the new areas around the proposed IIT-BBS would soon be included in the CDP as 367 new notified villages, as per an advertisement of the housing and urban development department, would be ready for consideration soon,” he added.
“Sewerage work of the proposed campus will be included in the integrated sewage treatment plant of the city as the sewerage programme was planned with a projection of 25 lakh population. There will be a sewage treatment plant near Ebaranga. It can possibly have the capacity to receive the sewage from the proposed IIT-BBS campus in future,” said B.K. Parida, an engineer with the Orissa Water Supply and Sewerage Board.
Jagannath Debata, who is working as a writer at the sub-registrar’s office near Jatni, said: “Institutes apart, establishment of several engineering colleges near Jatni Industrial Estate and along the NH-5 near Khurda will also enhance the real estate price near Arugul and Jatni.”

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