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Explore Real Estate in Bhubaneswar

About Real Estate Bhubaneswar

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
Bhubaneswar has rapidly fetched more and more buyers for investing in the property segment. Seeing the growth prospects in the city, some of the renowned builders like Utkal Builders, TATA Housing, Vipul Builders, Assotech Builders, Metro Builders, Z Estates, and Kandoi Estates, among others, have ventured in the market with their ambitious projects, which satisfy the demands of affordable real estate in Bhubaneswar. A number of metropolitan cities based real estate players have started exploring the feasible options to develop cost-effective residential projects across the city. High-rise apartments and complexes with eco-friendly features such as rainwater harvesting systems, waste disposal units and sewerage treatment plants are being constructed to give a boost to real estate 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.

Economy
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 -

  1. Rising disposable incomes of the residents, leading to high property demands.
  2. Heavy investments from the central government for infrastructure and other developments.
  3. Establishment of high paying Technology companies like TCS, Infosys and Wipro.
  4. Better living condition, lower pollution levels and extensive green expanses.
  5. Proximity to the coastline and richness in minerals and other natural resources.
  6. Bustling tourism.
  7. Improving business structure.

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.

Interesting Facts

  • Bhubaneswar has a history of over 3,000 years (around the 2nd century BC)
  • Master plan of the city was prepared by German town planning engineer Otto Kolenigs Berger.
  • Bhubaneswar is one of the cleanest & greenest cities in India.
  • Famously known as "City of Temples".
  • Home to historic monumental place called Khandagiri & Udayagiri, offering aerial view of the city.

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