Bhubaneswar, the capital city of Odisha, has emerged as a strong contender for real estate growth among Tier II cities in India. Known for its multifaceted economic sectors, Bhubaneswar acts as a pivotal hub for administration, services, tourism, and education. This rich diversity not only contributes to the city’s vibrancy but also plays an important role in shaping its real estate market.
Key Growth Factors
A notable catalyst propelling Bhubaneswar’s realty surge is the accelerated growth anticipated in the service sector within the state, the forecasts predicted at an impressive expansion rate of 8.8%.
This, coupled with the city’s demographic strength, creates a fertile ground for real estate opportunities. Additionally, the government’s focus on infrastructural development and the Smart City initiative has further amplified Bhubaneswar’s appeal among homebuyers. The development of IT parks, educational institutions, and improved connectivity has also fuelled the demand for residential properties. As professionals and families are drawn to the city’s promising economic landscape, the demand for residential properties is expected to escalate.
Prime Localities to Watch Out for to Buy a Home
Bhubaneswar holds a vast residential market with diverse neighbourhoods catering to a varied range of budget segments.
For individuals considering homes in the mid-to-high price range, prime options include Patia, Pahala, Khandagiri, Kalinga Nagar, and Patrapada. Meanwhile, for those looking at the affordable-to-mid price segment, Sunderpada and Hanspal are promising choices.
These localities collectively weave a narrative of Bhubaneswar’s residential real estate, providing a spectrum of choices for homebuyers across different budget segments.
Mid-to-High Price Segment
Situated in the northern part of the city, Patia encapsulates the essence of modern living with its strategic proximity to educational institutions and IT parks. The area's well-developed infrastructure and the promise of a contemporary lifestyle make it a coveted destination for discerning homebuyers. The residential prices here are quoted at around INR 8,500–10,500/sqft.
On the other hand, Pahala captivates those desiring a tranquil abode away from the urban clamour. Improved connectivity has made it an emerging hotspot for those seeking a harmonious blend of nature and modernity. Down south, Khandagiri, with its historical significance and cultural charm, has evolved into a premium residential locality as well. The area's appeal lies not just in its historical ambiance but also in the presence of reputed schools, healthcare facilities, and a well-connected road network. The residential prices in these neighbourhoods range between INR 6,500–8,500/sqft.
Meanwhile, Kalinga Nagar, strategically located near industrial and commercial zones, stands out as a preferred destination for the mid-to-high segment. Planned development, coupled with accessibility, makes it an ideal choice for professionals and families seeking convenience and quality living. Prices here range from INR 5,000–7,000/sqft. Another preferred location, Patrapada, towards the south, attract homebuyers with its essential amenities and serene environment. The prices in this region are quoted at INR 6,000–8,000/sqft.
Affordable-to-Mid Price Segment
In the affordable-to-mid price segment, Sunderpada and Hanspal emerge as promising choices. Sunderpada, with its proximity to educational institutions and growing commercial zones, offers value for money without compromising on connectivity, while Hanspal, marked by strengthening infrastructure and accessibility, stands as a favourable destination for budget-conscious homebuyers. The average prices in these micro-markets vary between INR 4,500–6,500/sqft.
Conclusion
Bhubaneswar's residential market, thus, reflects a judicious blend of growth, development, and housing options. Whether one seeks a luxurious abode or an affordable dwelling, the city offers a spectrum of choices catering to various segments. The key localities identified here provide a snapshot of Bhubaneswar's evolving real estate landscape, promising a bright future for both investors and residents in the years to come. As the city continues to prosper, its real estate market stands poised for further expansion and innovation.