Eyeing Small Cities To Make Money? Bet On Bhubaneswar

Official data show it were not the big cities that registered the biggest growth in price. According to the National Housing Board, it was Odisha capital Bhubaneswar which witnessed the biggest price rise between October-December (December quarter or Q3) and January-March (March quarter or Q4) period of the financial year 2016-17. The analysis included 50 cities of the country. The NHB Residex showed prices reached Rs 4,078 per square foot (sqft) in the March quarter, an increase of 11 per cent from Rs 3,636 per sqft during the December quarter.

If you see a brilliant investment opportunity in this momentous growth in Bhubaneswar real estate, this may be the time to come forward and buy a piece of it. Before you do that, let us find out what options are available to you.

The spread

Data available with PropTiger.com show there are as many as 2,240 properties available for purchase in the city. While there are 416 ready-to-move-in projects in Bhubaneswar, the number of under-construction properties stands at 128. Another 66 new projects are in the pipeline.

Top localities: According to PropTiger.com, Patia, Sundarpada, Kalinga Nagar, Khandagiri and Pahala have been listed as the top localities to invest in Bhubaneswar, in that order. Except Sundarpada and Kalinga Nagar, rates of property have appreciated in the remaining localities in the past. At Rs 3,500 per sqft, rates of property in Patia are the highest among these localities. At Rs 2,000 per sqft, property rates in Sundarpada are the lowest.

Top developers: Utkal Builders, Dream Service, Trident Properties, Basera Designs and Vipul Bhubaneswar are listed as the top-five developers in the city. Real estate major Tata Housing is also developing an affordable project in the city's Kalinga Nagar locality. Investors will get possession of units in the project, named Arina, by December this year. From Rs 30 lakh to Rs 74 lakh, this project provides buyers varied choices in terms of pricing.

The money

Let the fact that prices have been moving upwards not discourage you—property in Bhubaneswar is still within the reach of a common man. Data available with PropTiger.com show average rate of property in the Odisha capital currently stands at Rs 2,900 per sqft. However, depending on the location, size, amenities and develop brand, you could find a property in Bhubaneswar in the ticket size of Rs 15 lakh to Rs 2 crore.

Why Bhubaneswar?

• In 2012, Nasscom rated Bhubaneswar as the best information technology (IT) and IT-enabled services business hub in the country among Tier-II cities.

• In 2011, the ASSOCHAM ranked Bhubaneswar as the biggest employment generator among 17 Tier-II cities.

• In 2012, the World Bank ranked Bhubaneswar third among Indian cities in terms of establishing and operating a business.

• The capital city provides you easy access to Puri. Puri houses the famous Lord Jagannath temple and boasts clean sea beaches.

• Women have to pay only four per cent as stamp duty in Odisha.

Also read: 5 Places Where Religion Is Boosting Realty