Naya Raipur to usher in a new era of development in Chhattisgarh, says Knight Frank
29 August 2016
Raipur, August 11, 2016: Knight Frank India, the leading global property consultants, today released an exhaustive report on the two newly carved out state capitals of Chhattisgarh and Andhra Pradesh – Naya Raipur and Amaravathi respectively. Titled, ‘The New Power Centres’, the report explores the potential of the proposed capitals to become world class cities and influencer zones.
The state of Chhattisgarh was carved out of Madhya Pradesh in the year 2000 and Raipur, the most populous and largest city in the state, was made its capital. However, Raipur did not have the necessary infrastructure to function as the capital of the new state and hence the need for Naya Raipur as a new state capital. Naya Raipur is the first Greenfield state capital city project in 21st-century India followed by Amaravathi. These are fourth and fifth Greenfield capital cities, the first three being Chandigarh, Bhubaneswar and Gandhinagar.
Naya Raipur’s unique positioning & proposed developments:
· Proximity to the Raipur–Vizianagaram and Mumbai–Kolkata railway lines; Easy access NH-6 and NH-43
· Absence of mining areas and several pollution free zones with proximity to airport and presence of water bodies will be helpful for developing recreational spots across the city
· The Naya Raipur Development Plan has allocated 26.36% or 21.13 sq. km. area for residential development, highest apart from allocating 26.66% or 21.37 sq .km. area for recreational areas
· Availability of water due to proximity to the Mahanadi river and Mahanadi Canal and abundant availability of government-owned land makes it extremely popular choice
· Independent existence despite proximity to Raipur; divided by the fully functional Swami Vivekananda Airport that is currently awaiting international status ·
Naya Raipur has an international cricket stadium operational since 2013. The Secretariat has already been functioning from the Capital Complex since 2012.
Naya Raipur is uniquely positioned and the proposed infrastructure includes Central Park spread across 70 acres, Logistics Hub over 176 hectares, SEZs and IT SEZs and Central Business District spread across 103 hectares to name a few. The government also proposes to set up an electronic manufacturing cluster at an estimated cost of Rs. 105 crores. Major impetus is given to education and land has been allocated to IIM, AIIMS, Shankar Netralaya and Ayurvedic University.
Currently the real estate prices in Naya Raipur are approx. Rs. 2500-2800 per sq. ft. in Sector 27 and Rs. 2300-2500 per sq. ft. in Sector 29. The real estate market in Raipur, especially in the micro-markets on the way to Naya Raipur is witnessing hectic construction activity. At present the bright spots for real estate sector within the influence zone in Raipur are along NH-6 and NH-43.
Micro markets in North & East Raipur have gained importance on account of their proximity to Naya Raipur and the real estate prices in the micro markets of Ama Seoni, Shankar Nagar and Saddu are between Rs. 1800-3400 per sq. ft, while West Raipur with a fairly established infrastructure and proximity to AIIMS Raipur currently has an edge over other locations. South Raipur, one of the emerging micro markets in the Raipur real estate market also holds a promise due to its proximity to Naya Raipur and the airport and is connected by NH 43. The average prices in select micro markets comprising Amlidih, Deopuri and Kamal Vihar range between Rs. 2500 to Rs. 3200 per sq. ft.
Some of the prominent names in the public and private sector, who have committed investments in Naya Raipur include Container Corporation of India, Jindal Group and National Building Construction Corporation to name a few.
Commenting on the report Dr. Samantak Das, Chief Economist and National Director, Research said, “Naya Raipur is the first planned state capital in the 21st century and has the potential to change the face of Chhattisgarh. However, one has to have a long term view for the investment to fetch the desired returns. The government has to move swiftly and ensure that the proposed development of Naya Raipur goes according to plan. The impact of Naya Raipur is already visible in the micro markets of Raipur, especially those that are close to Naya Raipur. Micro markets in the North, East and South Raipur along with Naya Raipur will form the influence zone, which will become an urban agglomeration. As plans for the new capital start firming up on the ground, more involvement of companies from the private sector can be expected.”