Raipur Property

Raipur, the current capital of Chhattisgarh, was formerly a part of Madhya Pradesh, until November 1st 2000, when Chhattisgarh was carved out of Madhya Pradesh and registered as a separate Indian state. The rates in the Raipur property market went up to unprecedented levels right after separation, and then the infrastructural developments like four-lane highway from Durg or Bhilai to Raipur have greatly boosted up property rates in areas like Tatiband.

Raipur is one of the richest cities in the country boasting of India’s biggest iron and steel market. The industrial sector of the city is unparalleled; it is the home to 170 sponge iron plants, 250 steel plants, 173 steel rolling mills, 70 ferro-alloy plants, 300 rice milling plants and 800 agro based industries. Besides all these things, tons of big and small cement companies have their centres in Raipur. Consequently, the commercial property rates have gone up quite justifiably too.

Just like any other Tier II city in the country, even Raipur is witnessing tremendous growth in development and construction. A new airport and improved railway infrastructures are giving a paradigm change in terms of the city’s outlook. Needless to say, all these together are helping Raipur real estate to boom up, and even other areas like Bhilai and Durg. The advantage of good location of the city is also one of the big factors why real estate companies are showing a deluge of interest.

It’s a very fertile land that is surrounded by hills on the North West and Mahanadi River on the East. Yet another reason for Raipur being a hotspot is its connectivity to other important cities like Howrah, Kolkata, Dhanbad and Patna. The all important National Highway connects the city of Raipur to Jabalpur, Visakhapatnam and Bilaspur.

Since Raipur is the commercial capital of the state and administration capital; there is a high demand of commercial properties in Raipur. A large number of warehouses are coming up every year due to the growing storage demands of rice and other industrial commodities like iron, coal etc. The rate at which Raipur real estate is growing has even left popular cities like Indore and Nagpur far behind.

There are some real big projects lined up, including the ones from DLF, Omaxe Constructions, Indigo Designs and Soma Developers. After the completion of the much talked about Airport project, which is being supervised by Omaxe completes, the property rates in the city will shoot up in no time. To top it all, a separate township called Naya Raipur is being established which is expected to be the next big thing in the Raipur real estate sector.

After Raipur was declared as the new capital of the new state, a big investment of Rs. 40,000 Crore across an area of 36,000 hectares was planned. Many ambitious commercial and residential projects were included in the plan. Some of them were an IT Park, a five star hotel, a capitol complex, and a township having a golf course. These projects were handed over to IL& FS Infrastructure Development Corporation. This was decided as the 1st phase of the plan with the 2nd and 3rd phase set to be completed by 2021 and 2031, respectively.

Coming to the pricing trends, a 2BHK 1500 sq. ft. flat can cost in the range of Rs. 32 Lakhs to Rs. 35 Lakhs. If you are on the look out for a smaller flat or a more affordable deal, you can take a look around the areas of Jaistambh Chowk, where an individual house of 1000 sq. ft. with two bedrooms can cost you nothing more than Rs. 20 Lakhs to Rs. 25 Lakhs. Even more affordable deals can be grabbed around Mahadev Ghat, a similar independent house can be bought for around Rs. 17 Lakhs.

Since it is an industrial area, buying something like a farm land can also be hugely profitable. These farm lands can be used for agriculture or for building a factory or a godown. A big piece of 1.5 acres of farm land would cost around Rs. 65 Lakhs.

Raipur real estate sector is progressing rapidly at the moment and this might just be the right time to invest in the city.