Bhubaneswar, the capital of Orissa is a city of economic and religious importance. It is the largest city of Orissa and is popularly known as the ‘Temple City of India’.
Bhubaneswar is one of the fastest growing Eastern cities of India whose real estate industry is taking giant leaps. Its picturesque backdrop and comparatively lower prices make it an ideal destination for property buyers.
Real Estate in Bhubaneswar witnesses brisk development of both construction of property and its growing demand. There are many reasons for rapid development of the real estate of the city. Some of them are:
The growing population of the city and the rising disposable incomes of its denizens led to high demand of residential property.
There are heavy investments coming in Orissa and Bhubaneswar being the capital captures the highest share of these investments. They are then further absorbed in developing real estate of the city.
The entry of IT industries in the city is another reason for development of Bhubaneswar property market. The high paying Technology companies like TCS, Infosys and Wipro have raised the need for residential as well as commercial setups.
Many people choose Bhubaneswar as their abode due to the low pollution levels and better cover of greenery than other big cities.
Its strategic location on coastline and richness in minerals and natural resources makes it the most preferred investment destination for many.
The encouraging behavior and interest of Government in developing real estate also helps in attracting investors to the city.
Tourism is another puller of tourists in the city generating the need for more number of hotels, lodges, independent houses, etc.
Large number of builders and developers are entering the cities of Cuttack and Bhubaneswar with mega residential projects. The boom in property demand has affected coming up of independent bungalows, villas, low-rise apartment complexes, etc. that are aesthetically designed, well-equipped and high quality.
IDCO has completed the construction of a 642-unit government housing colony in Bhubaneswar at a cost of 36 crores. Other projects include Royally Enclave at Samantarpur, Aarchie Homes, Vaishnavi Palace, Aditya Enclave and Sai Suman at Patia and others.
The retail segment of Bhubaneswar is also witnessing a phenomenal growth with large format malls coming up. The prime areas of include Chandrasekharpur in the north, Khurda, Jatni and Choudwar in the south.
The price of land in Bhubaneswar has been moving upward for the last few years. The realty costs have risen by more than 100 per cent in last 5 years and continue to go higher even today. The Indian economy has bounced back after recession resulting in overall development of the country. With deficit in supply against demand in real estate, the prices are set to increase further.
Real estate buyers must exercise concern over allowed usage of land i.e. if it is completely for residential purpose or not in the BDA (Bhubaneswar Development Authority) record. You may ask BDI under RTI or the builder of your apartment, if any. Buying the land or house without plan and approval may not turn out to be favorable. It is, therefore, strictly recommended that you gain prior information about the same before acquiring the land.
Real estate investors can grab this opportunity and go ahead with investing money in property in Bhubaneswar. Various leading property developers like Sahara India Pariwar have launched their housing schemes in the city. You may invest in these upcoming projects with permission from Government departments like Urban development department for hotels or Tourism department for tourist living places or even in IT and BT parks, SEZs, etc.