Chouhan struck a four-under-67 in Jamshedpur to take his total to 13-under-201.
Gurgaon's Abhishek Kuhar came up with a three-under-68 in the third round to be placed second at nine-under-205.
The entire field consisting of the 53 players who made the cut, played nine holes each on both courses - Beldih and Golmuri - today.
While one half of the field teed off from Beldih, the other half began its round from Golmuri.
Twenty-seven golfers with the best scores at the end of round two teed off from Golmuri and finished at Beldih. The par for the combined courses was 71. This format will also be followed in the fourth and final round tomorrow.
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The 28-year-old Chouhan, a winner on the PGTI this year, will now be eyeing his fourth title.
Bangaloreans Khalin Joshi and C Muniyappa were tied third at eight-under-206.
Rolex Rankings leader Chikkarangappa of Bangalore and Mukesh Kumar of Mhow were a further shot back in tied fifth spot.
Digvijay Singh and Himmat Singh Rai, both from the DLF Golf and Country Club, Gurgaon, occupied joint seventh place at six-under-208.
Sri Lankan N Thangaraja made five straight birdies from the second through the sixth during his round of seven-under-64 which also accounted for the best single-round score of the tournament. He closed the day in tied ninth place at five-under-209.