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Is Property Price in Bhubaneswar Really High ??

Posted by Truptikanta Swain on June 28, 2023

The high property prices in Bhubaneswar can be attributed to several factors:

  1. Demand and Population Growth: Bhubaneswar has experienced significant population growth over the years, driven by factors such as urbanization, employment opportunities, and educational institutions. The increase in demand for residential and commercial properties has led to an upward pressure on prices.
  2. Limited Land Availability: Bhubaneswar is a rapidly growing city, but there is limited land available for development due to geographical constraints, such as the presence of water bodies and hills. This scarcity of land leads to higher land prices and, subsequently, higher property prices.
  3. Infrastructure Development: Bhubaneswar has witnessed substantial infrastructure development in recent years. The city has improved transportation networks, including new highways, flyovers, and a functional international airport. Additionally, the development of IT parks, special economic zones (SEZs), and other commercial infrastructure has attracted businesses and increased the demand for real estate, contributing to higher property prices.
  4. Government Policies: Government policies and regulations can also impact property prices. In Bhubaneswar, policies such as the restriction on land conversion, zoning regulations, and the rise in construction costs due to compliance with building norms can contribute to higher property prices.
  5. Real Estate Investment Potential: Bhubaneswar is considered a promising real estate market, attracting investors from various regions. The city’s potential for future growth, along with the development of planned townships, high-end residential projects, and the presence of reputed developers, can drive property prices upwards.
  6. Social and Lifestyle Factors: Bhubaneswar offers a good quality of life with amenities like educational institutions, healthcare facilities, shopping centers, and recreational options. These factors make the city an attractive place to live, thereby increasing the demand for residential properties and impacting their prices.

It is important to note that property prices can vary across different locations within Bhubaneswar, and factors such as proximity to commercial hubs, infrastructure facilities, and neighborhood characteristics can influence price differentials.

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