Real Estate Developments in Bhubaneswar with the city limits encompass a 30 sq. km area, bifurcated proportionately into North and South Bhubaneswar by National Highway 5 is prominent. 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.
Large-scale commercial Real Estate Developments in Bhubaneswar are being created by the, IDCO (Industrial Development Corporation of Orissa), such as the 11-storeyed IDCO Tower , INFOCITY or the Export Promotion Industrial Park in Bhubaneswar houses IT majors like Infosys, TCS, Wipro, Mind Tree and others, while the Mancheswar Industrial Estate offers 94,000 sq. ft of space to software companies. In recent year private players has entered too in the construction of high end commercial property, the first one is BMC-Bhabani Mall at Shaeed Nagar providing office space of different sizes followed by Bhubaneswar One by Unitech Ltd, Near Sainik School, DLF Cyber City, by DLF Ltd, near Infocity and many more are in pipeline.
Residential Real Estate Developments in Bhubaneswar experiences a great development because of the improvement in industrialization like emergence of various power plants, aluminum and steel factories, educational institutions, development of Information technological sectors and many more. The increasing population of the city is another reason for experiencing a boon in the market of residential property in Bhubaneswar. Due to the industrial development and the reason that top educational institutions being located here many individuals have migrated to this place and have settled here. The city has experienced huge improvement from the past few years in all these sectors which resulted in the establishment of Real Estate Developments in Bhubaneswar.
The culture of constructing society complexes have been in craze here. Multi-storied Apartments constructed in a society ensures safety with the availability of different facilities within the society. Facilities like medical stores, doctors, beautiful parks for children, lawns for evening walk everything will be within one’s reach. Most of the residential apartments here are featured with all kinds of luxurious facilities like gym, swimming pool, car parking area, 24 x 7 water supply, power back ups and a lot more. Sometimes the society maintainers also arrange some events and functions to keep people engaged.
Price and Appreciation:
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, Unitech, Hiranandani, Parsvnath and Mantri are also planning projects here which are likely to push prices up further. Patia, Raghunathpur on the Nandankanan Road and the Khandagiri-Doomdoma neighborhoods hold very good prospects for price appreciation in Bhubaneswar. Currently the average price for a good residential is in the range of Rs.3000 to Rs.4000 per Sqft, and the average price for a commercial in the range of Rs.4000 to Rs. 10000 per Sqft.
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