Orissa Property

Orissa happens to be one of the most well-known states situated in the Eastern India, surrounded by Andhra Pradesh on the south, Jharkhand on the north, Bay of Bengal on the east, and Chhattisgarh on the west. In earlier times, nobody took the Orissa real estate investment opportunities too seriously due to poor rate of growth in the property values, but things have changed radically over the past few years. Now, it is known as Odisha.

Known for its rich cultural heritage, the state is home to many tourist destinations. The capital of the city, Bhubaneswar, is also considered as the Temple City of India. Some of the most famous temples and pilgrimage in Orissa are Sun Temple, Jagannath Temple and Lingaraja Temple; not to mention the Puri beach, which is a symbol of peace and harmony.

A continuous rise in tourism and industrialization has also initiated boom in the Orissa real estate. The properties in the state have been in high demand, be it commercial or residential.

Cities like Berhampur and Puri have gradually become a hub for investors; thanks to the rising appreciation rates in these cities. Berhampur, for example, is one of the biggest cities in the state and is famous for silk manufacturing.

Apart from all that, the state is also known for various big industries situated in different cities and towns. Thanks to a very long coastline and rich mineral wealth, the state has been drawing attention of big foreign investors who have been investing extensively in power plants, refineries, steel plants and aluminium manufacturing. Within the next few years, Orissa can be seen as the manufacturing capital of the country. Therefore, the Orissa property rates are growing in the suburbs as well as the outer regions, where most of the commercial activities are being carried out.

Property Prices in Orissa

The city is being eyed as one of the best spots for big establishments like a Software Technology park, residential townships and shopping malls. The investors today fancy chances of doubling their money in a city like Berhampur within a span of 4-5 years. Many of these projects have already got a green signal from Berhampur Development Authority. Depending upon the location, the plots are priced somewhere in between Rs. 120 to Rs. 400 per sq. ft., and looking at the current market trends, they’re likely to touch the Rs. 1000 sq. ft. mark soon enough!

On its way to becoming the capital city, Bhubaneswar, which was once referred as a swamp area, currently boasts of a vibrant and vivid outlook, kudos to the rapid growth in the infrastructure and realty sector. A three bedroom flat near Gate Bazaar or Aska Road, measuring 1700-1800 square feet costs around Rs. 18-20 lakhs. 4 bedroom houses of 2300 square feet can be a little costlier at around Rs 19.5 Lakhs. But, if you enter the central locations, then the rates may begin to annoy: a simple 3 BHK flat would cost you well in excess of 50 lakhs, and a bungalow would cost you well over a Crore rupees.

Current Developments in Orissa Real Estate Market

One of the upcoming projects, establishment of Tata steel plant, is expected to change the very face of Orissa real estate sector. Big projects like these may cause a paradigm change in rates of the properties in the next couple of years. In other words, this is just the apt time for investment in the Orissa property market, as the current rates are still within the reach of middle class investors. Pretty soon it would become the game of the rich and the famous!

A crucial role is being well-played by the state’s development authority, which has also taken the right initiatives to develop various residential properties, townships and commercial establishments in and around Ambapura, Kalinga Hihar, Dura and Gopalpur. With so many big real estate projects in store, the image of the Orissa real estate market is changing at a lightning fast rate.

Few other big projects coming to the state of Orissa are –

SEZ: The state government has joined hands with none other than DLF to come up with the state’s first ever Special Economic Zone (SEZ) which will be solely dedicated to the field of Information Technology. This has created huge interest amongst builders and investors to come up with townships and residential apartments in the vicinity to attract IT professionals.

Residential Establishment: One of the biggest South City real estate names Pradeep Surekha is said to have acquired a 10 acre land in the capital of the state, where he plans to construct high-end residential establishments.

Indraprastha MHP: This mega housing project is taken up by none other than Apollo Consultancy and Constructions Ltd., which is one of the biggest builders from the city. They claim that Indraprastha is going to be one of best housing projects in the city, and when you delve further into the nitty-gritty, we’re quite sure you won’t disagree with their words!