Bhubaneswar has seen a significant boom in its real estate market, particularly in the residential sector over the past few years. Strong economic growth, affordable living costs, improved road connectivity and attractive property options have transformed Bhubaneswar into a robust and fast-growing real estate destination in the eastern part of India. This growth trend is further fuelled by rapid urbanization, infrastructural developments, and increasing job opportunities in the city. Backed by such positive development, the city’s residential market has grown by leaps and bounds, with an increasing number of housing projects cropping up across the city. The city today offers a wide range of options, ranging from affordable housing to luxury apartments and villas, catering to different income groups.
A Growing Market
In the September 2023 IRIS Index, Housing.com’s monthly index that tracks the online property search volume of high-intent homebuyers, Bhubaneshwar occupied the 5th rank, outperforming most Tier 2 cities in the top 20 list on the index.
The growth of the residential market in Bhubaneswar can be attributed to several reasons. The city has seen a surge in job opportunities due to the rise of IT/ITsS companies. This has led to an influx of professionals from across the country, thereby increasing the demand for residential properties. The city has also been witnessing growth in the education sector with the establishment of several universities and institutes, further driving the demand for housing.
Additionally, the government’s initiatives to promote affordable housing have also contributed to the growth of the residential market. The Pradhan Mantri Awas Yojana has encouraged developers to build affordable housing projects, thereby making homes accessible to a larger segment of the population.
Where are people searching online to buy a home in Bhubaneshwar?
The online search trends for prospective homebuyers in Bhubaneshwar showed that a substantial chunk of the search queries were focussed on locations such as Patia, Sundarpada and Rasulgarh.
The preferences of homebuyers for these locations can primarily be attributed to their strategic locations, peaceful environments, and diverse housing options. Patia, for instance, is situated close to major IT hubs, making it a preferred choice for IT professionals. It also boasts of excellent connectivity and a host of amenities like shopping malls, schools, and hospitals, adding to its attractiveness as a residential locality. The average housing prices here range between INR 4,000/sqft to INR 4,500/sqft.
Sundarpada, on the other hand, is popular due to its serene environment. It provides a respite from the hustle and bustle of city life, yet not too far from the city centre. This balance makes it an ideal choice for families. Besides, Sundarpada offers affordable housing options and has seen considerable infrastructure improvement in recent years, further enhancing its appeal to homebuyers. Property prices here hover around INR 3,400-INR 3,600/sqft.
Meanwhile, Rasulgarh is preferred due to its commercial significance. It is a prime commercial area housing many businesses and offices, thereby attracting working professionals. Furthermore, the area is well-connected to other parts of the city, and hosts a range of residential options, from budget apartments to luxury homes, catering to various income groups. Residential prices in Rashulgarh are quoted between INR 6,200-INR 6,400/sqft.
Outlook
Looking ahead, the residential real estate market in Bhubaneswar is expected to continue its upward trajectory. The ongoing infrastructure projects, coupled with the city's growing economy, are likely to keep the demand for housing high. Additionally, the government's continued focus on affordable housing is also expected to contribute to the growth of the market. As Bhubaneshwar’s expansion and evolution continue, so will the need for high-quality housing options, leading to the emergence of newer residential areas that provide convenient living at cost-effective prices.
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