Bhubaneswar, June 26: With high demand among middleclass and businessmen of Odisha to have a property in Bhubaneswar, real estate prices are skyrocketing in the city.
In certain areas of Bhubaneswar, property prices have rose 10 times during the last two decades. Apart from posh areas, the land price in Pahala, Dhauli, Janla and Baranga area on the city outskirts have skyrocketed.
Though there are other reasons behind the unprecedented price rise in real estate in Bhubaneswar, it is mainly attributed to the fact that this is the only city in the state with scores of premier educational institutions, hospitals, entertainment centres and shopping malls, say realtors.
The apartment culture was new in Bhubaneswar during 2000 as people were interested in building their own houses. But the real estate sector has spread its tentacles in the capital city in the last 24 years with major real estate tycoons of the country showing interest to invest here.
Living in high rise apartments has turned into a symbol of luxury lifestyle. The city is flooded with upto 20-storey luxury apartment buildings.
A man, who had bought a flat in Master Canteen area at Rs 700 per sqft in 2000, recently bought another property at Rs 6000 in another location of the city.
According to insiders of the real estate sector, square foot price of flats in major areas of the city was Rs 2000 to Rs 2500 during 2010 that increased to Rs 3500 between 2015 and 2017. Further, the square foot price rose to Rs 5000/Rs 5500 in 2000. After Covid slowdown, the real estate sector has returned back with full swing at Rs 6500/Rs 7000 per square foot.
Similarly, the land prices on city outskirts has skyrocketed from Rs 30/Rs 40 per square foot to Rs 400/Rs 500 during the last two decades.
The property dealers are demanding Rs 10000 to Rs 12000 per sqft in posh areas of Bhubaneswar and Rs 2500/Rs 3000 in areas adjoining to Khandagiri, Patia, Uttara, Kapila Prasad, Dumduma, Bharatpur and Palasuni.
On the other hand, most of the properties of the land banks in prime locations of the city are sold fuelling the price rise. Price of 3-BHKs in prime locations are valued upto Rs 1.5 crore and at Rs 1 crore in major locations.
On an average, around 3000 units of houses are sold in the state in a year. NRIs, doctors, businessmen and IT professionals are showing interest in luxury properties that shares 50 percent of total house sale in Odisha, according data of real estate sector.
