The ambitious Rs 50,000-crore 'South City' project planned by the Bhubaneswar Development Authority (BDA) on the outskirts of city is gathering steam with the BDA placing requisition with the state government for acquisition of 100 acres of land in the first phase.
“We have placed requisition for acquiring 100 acres of land in Phase-I for the South City project. The land acquisition will begin after the government comes out with a new policy for acquisition of private land by BDA”, a top BDA official told Business Standard.
Phase-I of the project is set to be operational in two years. The entire 'South City' project which will be spread over 1200 acres, will take 10 years for commissioning and the investment will be to the tune of Rs 40-50 crore per acre.
The South City project, billed as the signature project of BDA, will be developed on 1200 acres of land at Madanpur, Paikraipur and Jagasara on the outskirts of the city.
The project, being taken up on the Public Private Partnership (PPP) mode, will accommodate around 20,000 families. The homes would be in the form of multi-storeyed apartments and villas.
The housing projects would be designed for all sections of the society beginning from Low Income Groups (LIG) and Economically Weaker Sections (EWS) to the super rich with the houses in the price bracket of Rs 2 lakh to Rs 5 crore.
In the housing projects, there will be a reservation to the extent of 10 per cent each for LIG, EWS and Middle Income Groups (MIG).
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It may be noted that BDA had recently floated tenders for its mass housing projects in three locations- Kalinga Nagar, Subudhipur and Paikarapur.
The authority had lined up an investment of Rs 80-100 crore on developing 1,000 dwelling units which would be a mix 1-BHK (bedroom hall kitchen), 2-BHK and 3-BHK flats.
The total built-up area of the flats would range from 700-1,700 sq ft and the price of these flats would vary from Rs 7 lakh to Rs 25 lakh depending on the built-up area.
While 1-BHK flat would comprise a built-up area of 700 sq ft and would be priced at Rs 7-8 lakh, a 2-BHK flat with a built-up area of 1,000-1,200 sq ft would be available in the range of Rs 12-15 lakh. Similarly, a 3-BHK flat with a built-up area of 1,500-1,700 sq ft would be priced at Rs 20-25 lakh.