The Odisha Chamber of Commerce (OCC) can play an essential role in facilitating collaboration, policy advocacy, and the adoption of modern practices to accelerate the growth of these industries. These sectors offer opportunities across residential, commercial, industrial, and infrastructure development.
Here is a detailed breakdown of key sectors within Real Estate and Construction for OCC to focus on:
Affordable Housing Initiatives: Advocate for policies and incentives that promote the development of affordable housing, particularly in urban areas such as Bhubaneswar, Cuttack, and Rourkela. This can be done through collaboration with the government to access subsidies, lower land costs, and tax benefits for developers.
Public-Private Partnerships (PPP): Support public-private partnerships that focus on affordable housing projects to meet the needs of low- and middle-income groups. Such partnerships can help increase the supply of housing in fast-growing urban centres.
Low-Cost Building Materials and Technologies: Encourage the use of low-cost, sustainable materials and innovative construction technologies that help reduce costs and make housing more affordable without compromising quality.
Premium Housing Projects:Promote the development of luxury apartments and gated communities for the growing affluent population, particularly in tier-1 cities. This could include residential complexes with amenities such as smart homes, green spaces, and security features.
Investment in Housing Infrastructure: Advocate for investments in infrastructure that supports luxury developments, such as roads, utilities, and amenities like shopping centres, gyms, and healthcare facilities.
Promote REITs in Odisha: Encourage the establishment of Real Estate Investment Trusts (REITs) in Odisha to allow small and medium investors to participate in commercial real estate investments. This could provide a new source of funding for real estate development projects while diversifying investment opportunities for the public.
Public Awareness on REITs: Educate potential investors about the benefits of REITs, such as steady income through rental yields and capital appreciation, as well as the diversification they offer.
Demand for Office Spaces: Advocate for the development of modern office spaces and business parks, particularly in emerging business hubs like Bhubaneswar, Cuttack, and Rourkela. The focus can be on creating flexible office spaces for start-ups, SMEs, and large corporations, with features such as co working spaces, Wi-Fi, and green buildings.
IT Parks and Tech Hubs: Foster the development of IT parks, particularly in Bhubaneswar, to attract tech companies and create a thriving start-up ecosystem. These parks can include amenities such as high-speed internet, power backup, and adequate infrastructure to support tech businesses.
Co-working Spaces: Promote co-working spaces that cater to start-ups, freelancers, and small businesses. These spaces could include affordable, flexible office solutions and encourage networking and collaboration among entrepreneurs.
Retail and Shopping Malls: With the rise of middle-class consumption, promote the development of modern retail spaces and shopping malls in both urban and emerging town centres. These retail spaces should cater to various market segments, from high-end luxury brands to budget-friendly stores.
E-commerce and Last-Mile Logistics Hubs: Promote the establishment of logistics and warehousing hubs that serve the booming e-commerce industry, offering efficient delivery solutions to meet the growing demand for online shopping
Mixed-Use Developments: Encourage mixed-use developments, where retail, residential, and office spaces coexist. These developments are ideal for creating self-sustaining ecosystems in urban centres.
Development of Industrial Parks: Advocate for the creation and expansion of industrial parks and zones to facilitate the growth of manufacturing, particularly in sectors like steel, aluminum, textiles, and renewable energy.
Special Economic Zones (SEZs): Promote the development of SEZs in Odisha, where industries can benefit from tax breaks, regulatory incentives, and improved infrastructure to attract both domestic and foreign investments.
Green Manufacturing Facilities: Encourage the development of eco-friendly manufacturing facilities that incorporate sustainable construction practices and renewable energy sources.
Modern Warehousing Facilities: With the rise of e-commerce and the need for better logistics infrastructure, promote the development of modern, automated warehousing facilities. These facilities can support both retail and manufacturing industries, ensuring quick and efficient distribution channels.
Logistics Hubs and Transport Connectivity: Advocate for the establishment of logistics hubs that are well-connected to major highways, ports, and rail networks, enhancing Odisha’s role as a logistics centre in eastern India.
Smart City Projects: Promote the development of smart cities in Odisha, leveraging advanced technology such as IoT (Internet of Things), smart grids, and efficient transportation systems to create urban spaces that are more sustainable, efficient, and liveable.
Urban Planning and Zoning Regulations: Work with local authorities to streamline urban planning processes, ensuring that zoning regulations facilitate development while preserving green spaces, waterways, and public amenities.
Block chain for Financial Security: Promote the integration of block chain technology in banking services for secure, transparent, and efficient financial transactions.
Sustainable and Green Buildings: Advocate for the construction of environmentally sustainable buildings, with a focus on energy efficiency, rainwater harvesting, solar power, and the use of sustainable materials.
Roads and Highways Development: Advocate for the expansion and upgrading of the road network, including better connectivity between major cities and towns. The construction of flyovers, expressways, and improved highways will make the movement of goods and people faster and safer.
Public Transport Systems: Promote the development of robust public transport systems such as metro rail, buses, and cycle-sharing systems, particularly in larger cities, to reduce traffic congestion and improve air quality.
Ports and Airports: With Odisha’s long coastline, advocate for the development of ports and shipping infrastructure, ensuring that they are capable of handling increased trade. Additionally, enhancing airport infrastructure will support better connectivity for tourism and business.
Green Construction Techniques: Advocate for the use of sustainable and green building materials, such as recycled materials, eco-friendly cement, and energy-efficient systems, to reduce the environmental footprint of construction projects.
Building Information Modelling (BIM): Promote the use of BIM technology to enhance design accuracy, reduce construction costs, and minimize waste, leading to more efficient and sustainable construction practices.
Modular and Prefabricated Housing: Encourage the adoption of modular construction techniques, which allow buildings to be prefabricated off-site and assembled on-site. This reduces construction time and labour costs while promoting quality control.
3D Printing in Construction: Explore the potential of 3D printing for construction, which could revolutionize the way buildings are constructed by reducing material wastage, speeding up construction timelines, and offering unique design possibilities.
Low-Cost Home Loans: Advocate for the availability of low-interest home loans and subsidies for affordable housing, especially for low- and middle-income individuals and families.
Housing Finance Companies (HFCs): Promote the growth of Housing Finance Companies (HFCs) that specialize in providing financing solutions for the real estate sector, particularly in the affordable housing space.
Real Estate Investment Trusts (REITs): Promote REITs as a way for retail investors to access the real estate market. This allows people to invest in large commercial real estate projects without owning physical properties.
Foreign Direct Investment (FDI): Work on attracting FDI in the real estate and construction sectors, particularly in residential and commercial developments, as well as infrastructure projects like roads, ports, and airports.
Regulatory Reforms for Ease of Business: Advocate for regulatory reforms that make it easier for banks, financial institutions, and start-ups to operate in Odisha, particularly in areas like licensing, tax policies, and business registrations.
Support for Financial Innovation:Push for the creation of a favourable regulatory environment that encourages innovation in financial services, such as digital lending, fintech, and block chain.
Government Incentives for Infrastructure Projects: Encourage government policies that offer incentives for large-scale infrastructure development, such as tax exemptions, subsidies, and public-private partnerships (PPP).
