The Mhow-based golfer now has a total of 13-under-203. Delhi's Rashid Khan and Arshdeep Tiwana of Gurgaon share second place at 10-under-206.
Chouhan (66-69-68), the overnight joint leader along with Arshdeep Tiwana, got some early breakthroughs with birdies on the first, third and fifth that helped him open up a lead.
Chouhan, who is looking for his maiden professional title, sank a 12-footer on the first and followed that up with an amazing tee shot on the par-3 third that stopped one foot from the pin. He chipped-in from the edge on the fifth to go to three-under for the day.
Chouhan continued to impress as he added birdies on the ninth and 11th. The 25-year-old bogeyed the 12th but made six straight pars thereafter to close the day with a four-under score.
"I just took it hole by hole today and did not get ahead of myself. After sinking birdies early in the round, I focused on playing consistent golf and making all fairways and greens. I got a good bounce on the fifth and as a result managed to chip-in," Chouhan said.
Rashid made five birdies and two bogeys in his third round of 69 while Arshdeep's 71 on Thursday included four birdies and three bogeys.