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Orissa: Investors' Dreamland

HNF Bureau

June 24, 2007

Orissa, the state on the eastern coasts of India, has now become the center of Industrialization and economic activities. The state on the eastern coasts of India with a population over 37 million is also rich with reasonably low cost human resource, natural resources like forestry and minerals which have made it the hot spot for the corporate houses interested in IT, Mining and Steel or other metal production.

The state government has signed over 50 MoUs with various industrial houses to set their plants and start operation in different locations of the state. The city of temples Bhubaneswar, the capital city of Orissa, has now become one of the major corporate activity centers of the country and is preparing to accommodate every corporate flocking into the state.

Growing economic activities and the process of large-scale industrialization has led to the boom in various allied sectors like Real Estate, Travels, Hotels and Restaurants, and other service sectors. Housing being the essential component of development, Real Estate sector has come up as the most inevitable and lucrative sector in Orissa.

Rising inflow of people to urban places, mostly to Bhubaneswar, has led to enormous demand of residential buildings. Market complexes and malls have become inevitable to cater to the growing demands of consumers. Corporate interest and huge investment in the state for industrialization has multiplied the demand of land, buildings, shopping malls and residential complexes. Not only in urban Orissa, Real Estate business has found more prospects in remote rural locations of Koraput, Kalahandi, Angul, Jajpur, Keonjhar, Kendrapara districts where number of industries are planned to come up.

Growth of population has also opened up opportunities for realtors in rural Orissa also where lands are available in a comparatively low price and demand of low-cost housing are increasing day by day. As the lifestyle pattern of rural Orissa is undergoing the phase of rapid transformation, or one can say urbanization, there is no doubt that real estate business will find a much wider scope in rural Orissa. The possibilities seem to be more evident as the major cities are searching for more space in the outskirts for expansion.

Enriched with architectural marvels that can make one spell-bound at the first sight, Orissa has a rich cultural heritage. The sun temple at Konark with twenty-four gigantic yet minutely carved wheels and seven galloping horses standing amidst the sand dunes is the evidence of architectural excellence of Orissan craftsmen. The finely carved Lingaraj temple at Bhubaneswar, Daksheswar temple at Banpur, the massive monumental complexes at Lalitgiri and Ratnagiri are all complementing to the fact that there was no comparison to the skills of Orissan craftsmen. All the features have made Orissa the dream destination for tourists interested in religious and monumental, fun as well as adventure tourism.

To develop exotic sites and attract more and more tourists, many tourist locations like Puri-Konark are declared Special Tourism Area (STA) by the government. Basic infrastructures like roads, communication, lodging and boarding provisions are being developed at a higher pace than before. Lots of development activities are initiated by the department of tourism at the sought after destinations of the state.

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