While past trends can provide insights, they don’t guarantee future performance, and all investments come with some level of risk, here I have compiled few pointers regarding why to invest in real estate market in Bhubaneswar:
Affordability: Eastern India, including states like West Bengal, Bihar, Jharkhand, and Odisha, generally offers more affordable cost of living compared to some other regions in India. For instance, the average property prices, transportation prices in cities like Kolkata and Bhubaneswar are lower compared to major metropolitan areas like Mumbai and Delhi.
Potential for Appreciation: Bhubaneswar have witnessed steady growth in land and house prices over the past few years. Increase in finish product like housing has seen a significant growth as compared to the land prices. In near future there might be a market correction will happen to the housing property but land properties will appreciate as usual.
Rental Income: Rental income is one of the areas where Bhubaneswar has not performed well as compared to its peers due to multiple reasons like Covid, but there has been a resurgence from 2023 onwards. Low rent is one of the major reasons, which makes Bhubaneswar an attractive destination for students, professionals.
Infrastructure Development: Significant infrastructure projects are underway in Bhubaneswar. For instance, has seen the initiation of the metro rail system and road improvements, which have improved connectivity and enhanced property values. At the same time, new airspace routes to the global destinations like dubai, will enhance its position in global connectivity.
Quality of Life: Eastern India offers a better quality of life compared to some other metropolitan areas. Bhubaneswar to be specific, offers the presence of green spaces like the nadankan national zoo and chandaka forest area which acts as the lungs of the city. Cultural attractions in terms of its rich craftsmanship and folk songs/dances adds to the appeal of living in this region. A well-planned road network needs to be praised for minimal traffic congestion in the city. Apart from that presence of all kinds of brands from different sectors with all product from affordable to luxury ranges ensures the consumers requirement.
Education/Healthcare and Employment Hubs: Bhubaneswar have renowned educational institutions like IIT, AIIMs, NISER, KIIT, NIFT etc. Which caters students with different specialization. So, it is fair enough to say Bhubaneswar is one of education hub in the country. Presence of private hospitals like Apollo, AMRI etc and government institutions like AIIMs takes care of the health of the state and nearby states. At the same time presence new footprints from various MNCs like deloitte enhanced its possibility to be the next its hub in the country. This ensures a consistent demand for housing.
Lower Competition: The competition in the real estate market in the city is generally lower compared to major cities like Mumbai and Delhi. This is providing more options and better deals to the consumers and investors currently. Although implementation of various rules and regulations by the authorities has started creating an entry barrier in the market.
So, considering all the points I personally feel, this is the best time to invest in Bhubaneswar real estate market, land and under construction proprieties being the most attractive ones.
Prasanta Kumar Sahoo