Real Estate Developments in Bhubaneswar

The city limits encompass a 30 sq. km area, bifurcated fairly proportionately into North and South Bhubaneswar by National Highway 5. While the southern parts of Bhubaneswar offer little scope for development, the northern parts are witnessing brisk real estate activity. The State government is encouraging the construction of high rises upto 20 floors in these neighbourhoods, though restrictions have been imposed on the height of the buildings in the Ekamra Heritage Zone between Kalpana Square and Dhauli.

Large-scale commercial properties in Bhubaneswar are being created by the Industrial Development Corporation of Orissa, (IDCO), such as the 11-storeyed IDCO Tower which is the office address for a number of IT companies in Bhubaneswar.

INFOCITY, or the Export Promotion Industrial Park in Bhubaneswar houses IT majors like Wipro, TCS, Infosys and MindTree in a 350 acre complex, while the Mancheswar Industrial Estate offers 94,000 sq. ft of space to software companies in Tower 2000. Another commercial property in Bhubaneswar is under construction near the Software Technology Park equipped with the latest technological infrastructure.

Appreciation

This elegant state capital is the favourite of retired senior citizens, but rising costs of property in Bhubaneswar over the last 2 years have aborted the dreams of the middle class. Property prices in Bhubaneswar have trebled, and residential property rates soared from Rs.1000 to Rs.3000 per sq. ft, depending on the locality. Commercial property prices in Bhubaneswar jumped from Rs.2200 to Rs.3000 in 2006. The demand for retail and commercial spaces in Bhubaneswar is not in step with the supply, giving the investor the edge to earn reasonably well on his investments. The average demand for homes in Bhubaneswar is around 1000 – 1,200 a year, while the supply is a meagre 200 units. The push from Non-resident Oriyas (NROs) is aggravating prices further, who find Rs. 35 lakh for a duplex home an attractive bargain.

The Bhubaneswar property market is dominated by local builders who have executed both residential and commercial projects in the city. However, national real estate developers like DLF, Sahara, Assotech, South City, Bhabani Ambuja, Rahejas, Surekas, Ansals, Unitech, Hiranandani, Parsvnath and Mantri are also pitching their tents here which is likely to push prices up further. From the current turnover of approximately Rs.200 to 300 crore, real estate in Bhubaneswar is expected to grow to Rs.1000 crore once the larger projects take shape. Patia, Raghunathpur on the Nandankanan Road and the Khandagiri-Doomdoma neighbourhoods hold very good prospects for price appreciation in Bhubaneswar.

NRI Real Estate Trends

Expanding rapidly, Bhubaneswar is stretching out to meet the twin hills of Khandagiri and Udayagiri 8 kms from the city on the one hand, and the Nandankanan wild life park on the other.

D.N.Homes has a number of interesting projects lined up for delivery. These include: the Royale Garden with a range of 4 independent bungalows 2 kms from Khandagiri Square. The project is in the vicinity of AIIMS, and the Intel Software Complex. Savera Residency near Niladri Vihar is a vaastu-compliant apartment complex offering 3 bedrooms for Rs. 35 lakhs. The Dreamz Villa is a luxurious duplex apartment complex selling at Rs. 2000 per sq. ft. The group is also working on 2-3 BHK luxury flats in Damana Square

Chandrama Complex is the first mixed use project in Bhubaneswar promoted jointly by the Orissa State Housing Board and local developers B. Engineers and Builders Ltd on a 4 acre property.

Dharitri Projects is offering well-located duplex homes in Jaydurga Nagar at Rs.27 lakhs, while similar properties by the developer in Baramunda are priced at Rs.25 lakh.

Plots for independent homes are available in Sri Krishna Puri at Gangapara, Suraj Nagar near Nandankanan, Santiban by Mahalaxmi Promoters, Gajanan Residency at Nakhra, Srizal City on Jatni-Khurda Road and Devika Vihar.

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