Real Estate in Odisha
Odisha has been a land of opportunities and since the last few decades it has been developing momentously. Known for its mineral rich subsoil, a number of industries, mines, refineries are coming up in the state and the government is harping upon enhanced infrastructure development, power and steel and other revenue generating sectors. Even the IT sector has been experiencing an exponential growth with number of multinational firms making their presence felt in the state.
As always, opportunities have attracted the mass. People from all over the country are planning to move into the state and this has created high demand for Odisha properties. The real estate market is sufficiently high on trade and most developers and buyers are on the lookout for the ideal deals. Due to the rising demands, the cost of property too has been growing astoundingly, increasing more than 100 percent than what it cost 5 years back. Common sense says that it is both cheap and profitable to invest now rather than wait for a fall in price in future as we know that it’s never going to happen.
Major Industrial Presence
Major industries have made their mark on this land of opportunities and these include the likes of TATA, Birla, Jindal, Posco and many more. Rapid urbanization has increased the demand for both residential and commercial properties and this is in line with more people looking for job opportunities in Odisha. The rates for properties in the major cities like Bhubaneswar, Berhampur and Puri are high enough and more and more properties are coming up every month. However as time passes on, one certainly will find it hard to bet a beachfront flat in Puri or choose to stay near the major industrial setup in Bhubaneswar. Renting a house too is difficult and more so with the diverse number of colleges and educational institutions coming up in the city and especially in Bhubaneswar.
The Modern Trend
Odisha, for the last few years has experienced a boom in the industrial sector and the entry of malls and entertainment complexes has been another reason for the rise in the rate of properties. It’s the perfect time for developers and investors to earn inexplicable profits from the demand and other governing factors include location, facilities and budget. Demand and supply are both high here and soon will come the day when Bhubaneswar will be one of the costliest cities in India.