Bhubaneswar, the capital city of Odisha, stands as a beacon for property investment, attracting investors with its burgeoning financial and industrial landscape. Premium flats in the city have become coveted assets, offering a blend of essential amenities and luxurious comforts to prospective homebuyers.
Within this guide, we delve into the critical considerations essential for successful property investment in Bhubaneswar, elucidating the step-by-step process of investment and highlighting the manifold benefits of engaging in property ventures within this vibrant city.
Bhubaneswar, known as the 'Temple City,' boasts remarkable architectural marvels and majestic temples, with its rich heritage shaping its modern infrastructure. Investing in property in Bhubaneswar is a wise choice, given its substantial IT hubs, such as Infocity and DLF Cyber City, which drive demand for properties.
With notable capital appreciation and lucrative rental income, Bhubaneswar emerges as one of the prime destinations for property investment. Noteworthy residential investment areas include Patia, Khandagiri, and Nayapalli, among others.
Bhubaneswar's economy has experienced a substantial uplift due to IT companies like TCS, Infosys, Wipro, Capgemini, IBM, etc. This surge in economic activity has also paved the way for remarkable growth in the real estate sector.
Current developments in Bhubaneswar's infrastructure enhance connectivity and overall living standards. A property's proximity to public transit, roads, and airports can significantly influence its value. Bhubaneswar is connected to Biju Patnaik International Airport, which is about 7 km away.
The real estate market in Bhubaneswar offers a diverse range of properties, including plots, villas, and flats, at affordable rates. The place is a better option in terms of cost and housing facilities. Bhubaneswar apartments vary in size, features, and costs.
The growing population of Bhubaneswar is driving up demand for rental properties, making it an attractive destination for real estate investors. With a rental yield averaging around 2%, it presents promising opportunities for investment in the rental market.
The RERA in Bhubaneswar serves to protect the interests of real estate investors by implementing an arbitration process for quick dispute resolution. It ensures efficiency and transparency in regulating concerns such as project delivery delays, property pricing, construction quality, and title issues.
Bhubaneswar experiences high demand for property investment due to lucrative investment opportunities, attractive EMI rates, projected growth, and significant development. Popular locations include Patia, Khandagiri, Shaheed Nagar, and Nayapalli.
Renowned builders in Bhubaneswar offer transparent and convenient property investment processes. They deliver premium-quality residential projects tailored to your preferences. Some well-known developers are Surekha Builders, Utkal Builders, Z Estates, and Mason Estate.
Step 1: Determine Your Budget and Expenses
Calculate your budget to ensure it covers not only the property price but also additional costs like registration fees and potential renovations. Plan your expenses carefully to avoid financial strain during the investment process.
Step 2: Shortlist Properties Based on Your Criteria
Research various properties in Bhubaneswar and create a shortlist based on factors such as location, amenities, and future growth prospects. Consider visiting property expos and consulting real estate agents for diverse options.
Step 3: Visit the Properties in Person
Schedule visits to the shortlisted properties to assess their condition, surroundings, and overall appeal. Take note of any potential issues or concerns and gather information from neighbours about the locality.
Step 4: Conduct a Thorough Background Check
Verify the authenticity of the property documents, including title deeds and past transactions, to ensure there are no legal issues associated with the property. Additionally, research the reputation and credibility of the property seller to avoid any potential scams or disputes.
Step 5: Collect the Necessary Documents
Gather all required paperwork, including sale deed, agreement, and legal clearances, to facilitate the property purchase process. Seek assistance from legal professionals to verify the documents and address any legal complexities.
Step 6: Complete the Registration Process
Make the necessary payments, including stamp duty and registration fees, to finalize the property transaction. Execute the registration deed as per legal requirements to complete the ownership transfer process smoothly.
Bhubaneswar's rental income has seen significant growth, especially post-Covid, attributed to the city's appeal to students and professionals seeking affordable and spacious housing options. The availability of low-rent and well-spaced houses has contributed substantially to this resurgence.
Eastern Indian cities like Bhubaneswar offer a lower cost of living compared to other parts of the country, making them attractive investment destinations due to their affordability. Investors find these areas a great option due to the lower investment required and the potential for good returns.
Bhubaneswar has witnessed consistent appreciation in land and house prices, with completed properties experiencing notable growth compared to land prices, indicating strong potential for future appreciation. While there could be a correction in the housing market shortly, land properties are expected to continue appreciating as usual.
The city's ongoing infrastructure projects, including the metro rail system and road network upgrades, have not only enhanced local connectivity but also boosted property values. Additionally, improved global connectivity through new air routes has elevated Bhubaneswar's infrastructure standards, making it an attractive location for investment.
Bhubaneswar offers a high quality of life, with green spaces like Nandankanan National Zoo and Chandaka Forest enhancing residents' well-being. The region's rich cultural heritage, including craftsmanship and folk arts, adds to its charm, making it a desirable place to live and invest in real estate.
As a growing IT hub, Bhubaneswar attracts various multinational corporations, with IT parks like DLF Cyber City and Infocity becoming prominent employment centres. The presence of leading IT companies like Infosys and IBM further strengthens the city's appeal to investors, providing opportunities for rental income and property appreciation.
The city is home to prestigious educational institutions like IIT and AIIMS, attracting students from across the country. Additionally, top-notch healthcare facilities provided by hospitals like Apollo and AIIMS cater to the healthcare needs of residents and neighbouring regions, making Bhubaneswar an ideal destination for families and professionals alike.
Compared to major cities like Mumbai and Delhi, Bhubaneswar's real estate market experiences lower competition, offering consumers and investors a wider range of options and attractive deals. This situation benefits consumers and investors by providing more options and competitive pricing in the real estate market.
Patia, a prestigious residential area in Bhubaneswar, stands out as a prime investment destination. Boasting top-tier educational institutions like KIIT and SAI International, along with commercial hubs and renowned residential projects, Patia offers a holistic living experience. Notable builders such as Archid Builders, Utkal Builders, and Life Style Properties. contribute to the area's appeal.
Situated in Bhubaneswar's western zone, Khandagiri emerges as a sought-after residential locality adjacent to the historic Udaygiri and Khandagiri caves. Rich in amenities such as schools, hospitals, parks, and shopping centres, Khandagiri reflects the cultural essence of Odisha.
Nayapalli, strategically located along NH-5, boasts easy access to key landmarks like Kalinga Stadium and Biju Patnaik International Airport. With excellent connectivity and attractions like The World Mall and ISKCON Temple, Nayapalli witnesses high demand for apartments, catering to diverse housing preferences.
Shaheed Nagar emerges as a highly desirable residential enclave in Bhubaneswar, renowned for its vibrant commercial hubs. Offering a spectrum of housing options, from budget-friendly apartments to upscale residences, Shaheed Nagar caters to diverse lifestyle preferences.
Renowned for its allure, Jayadev Vihar stands as one of Bhubaneswar's premier residential areas. Surrounded by iconic landmarks such as Ekamra Vihar Botanical Gardens and Mayfair Lagoon, Jayadev Vihar offers a blend of tranquillity and urban convenience.
What is property investment in Bhubaneswar?
Property investment in Bhubaneswar is a substantial investment option due to expanding amenities. It has major IT hubs like Infocity and DLF Cyber City, which boost property demand. This is one of the best places for property investment due to capital appreciation and high rental income.
Factors to consider before investing in Bhubaneswar real estate
Steps to invest in a property in Bhubaneswar
Benefits of investing in Bhubaneswar real estate property
Top locations for real estate property investment in Bhubaneswar
Risks and challenges of investing in Bhubaneswar real estate properties
Property investment in Bhubaneswar is a good choice as it is a major IT hub and an ever-expanding place in all aspects.