Bhubaneswar, the capital city of Odisha (earlier Orissa) is a home to planned localities and has been a center for economic and religious importance. Property in Bhubaneshwar is growing leaps and bounds, all thanks to the investments coming in with IT segment laying its foundation here. The realty market here has responded really positively after Bhubaneswar held the top spot among the list of first 20 smart cities in India, an initiative by the Prime Minister of India. The city has garnered a lot of attention because of its expanding industrial belt.
Real Estate Bhubaneshwar has got everyone talking, and the recent infrastructure developments as well as completion of realty projects have contributed in growth of properties in Bhubaneswar. Builders find it profitable to launch properties for the middle income group, promising them of great living spaces at highly attractive rates. Read More
Also known as the twin cities, Bhubaneswar and Cuttack rank high on the list of next realty hubs of India. The segment has been benefitted the most with numerous initiatives taken by the Government of Odisha. The economy of both the cities has largely driven with the onset of a number of reputed educational institutions such as IIT Bhubaneswar and Xavier Institute of Management, and the corporate world. Investing in property in Bhubaneswar is a good decision seeing the growth prospects.
Metropolitan Area of Bhubaneswar
Population: 837,456 (As of 2011)
Administration: Bhubaneswar Municipal Corporation (BMC)
Area: 422 km2
Literacy Rate: 93.15%
Ethnic composition: Odia, Bengali, Telugu, Marwari, Bihari, and others.
Buy & Rental Price Trends in Bhubaneswar
Alike other Tier 2 cities, Bhubaneswar offers homes across all categories including villas, apartments and plots. Demands remain higher for properties available in the price bracket of Rs. 30 - 40 lakh. Bhubaneswar real estate has picked up lately, and this is why around 50% of properties come with the under construction tag, making it perfect for the investors to have capital gains.
Locals usually prefer investing in the row houses than apartments as they are yet to be acquainted with the apartment culture. Prices of plots are on the lower side, hence buying plots and constructing homes seem more legit and profitable to them. Apartment culture is gaining popularity slow and steady, and the main buyers for such properties in Bhubaneswar are the expats and NRIs.Property Market of Bhubaneswar
The builders are interested to develop big areas in the localities around National Highway 5, near the archaeological sites of Khandagiri and Udaygiri. Even the BDA has waved green flag for new projects, and those, which are in collaboration with other leading builders.
World Bank ranked Bhubaneswar as the best place for business in India in the year 2014. With urban establishment and planning only in 1948, Bhubaneswar is comparatively new city on the block. It has been growing on the back of agriculture-based economy. However, with time, urbanization and active industrialization, this city is in transition to emerge as an industry and service-based economy. As per the Dun & Bradstreet, world's leading source of commercial information and insight on businesses, the Gross State Domestic Product (GSDP) is expected to grow at 8.1% during 2015-2020. Besides, the active educational and employment segments, and the booming commercial segment here have made Bhubaneswar among the top FDI destinations in India.
Real estate Growth Drivers
Take a look at some of the reasons which made Bhubaneswar property market rank high -
Civic administration & Infrastructure
BMC is responsible for managing all the 67 wards in the city. The committee handles urban planning, construction of roads, flyovers and other structures, along with the establishment of government-aided schools, municipal markets, and hospitals.
Talking about the infrastructure, Bhubaneswar has recently topped the Smart City Challenge, and to retain this position, the civic administration and authorities are working as per the robust implementation plan and it would include a special purpose vehicle (SPV) - Bhubaneswar Smart City Limited (BSCL). For future, there is a proposal for developing Bhubaneswar Town Centre District (BTCD), and Intelligent City Operations and Management Centre (ICOMC).
Apart from this, the city has a wide network of roads and flyovers all over, which have contributed in better living and commuting. BTCD has planned to redevelop 985 acres area around Bhubaneswar railway station to make it a happening junction for hangouts.