Chowrasia, who shot 68 in first round, slipped in the second with a 75 but recovered well in the third to total five-under 211.
Gaganjeet Bhullar (71) was tied 43rd at two-under, but Shiv Kapur slid down with a 75 and was tied 63rd at even par. Jeev Milkha Singh had missed the cut.
Chowrasia had four birdies on fourth, tenth, 12th and 18th and said, "I have been hitting well and also putting well. I need to be more consistent. On the first day I had lot of birdies, actually seven, but also gave three bogeys.
Chowrasia is a two-time winner of events, co-sanctioned by Asian and European Tours.
Bradley Dredge stormed to a flawless six-under 66 at the, usurping his Welsh compatriot and Ryder Cup hopeful Jamie Donaldson at the top of the leaderboard and taking a two-shot lead into the final day at Albatross Golf Resort.
The two-time European Tour winner came to this event on the back of a runner-up finish at last week's Made in Denmark and, after a difficult spell during which he lost his European Tour playing rights, Dredge enters a final round in the lead for a second week running.