Bhubaneswar, the capital city of Odisha, has seen remarkable growth in its real estate sector over the past few years. As we move into 2024, the city is witnessing several key trends shaping the real estate market. With increasing demand for residential properties, infrastructure development, and a surge in commercial investments, Bhubaneswar is evolving into a real estate hotspot. This blog will explore the top real estate trends in Bhubaneswar for 2024 and what prospective buyers and investors should be looking out for.
1. Rising Demand for Affordable Housing
One of the most prominent trends in Bhubaneswar’s real estate market is the growing demand for affordable housing. The city has seen an influx of working professionals, students, and middle-income families, all looking for cost-effective housing solutions. In response, developers are focusing on constructing budget-friendly apartments and housing projects in suburban areas like Sundarpada, Patia, and Kalinga Vihar. These areas offer relatively lower land prices while still being well-connected to the city center and key amenities.
Government initiatives like the Pradhan Mantri Awas Yojana (PMAY) have further fueled this demand by making affordable housing accessible to first-time buyers. In 2024, this segment is expected to continue growing, with more projects aimed at meeting the needs of this market.
2. Shift Towards Sustainable and Smart Homes
Sustainability is no longer just a buzzword in real estate; it’s becoming a necessity. Bhubaneswar, as part of its smart city initiative, is seeing a growing interest in eco-friendly and energy-efficient homes. Builders are incorporating green building techniques, solar power, rainwater harvesting, and sustainable construction materials into their projects. This shift towards greener homes not only benefits the environment but also reduces long-term energy costs for homeowners.
Additionally, with the advent of smart home technology, many new residential projects are offering homes equipped with automated systems for security, lighting, temperature control, and more. Buyers in Bhubaneswar are increasingly prioritizing properties that offer modern, tech-enabled living spaces. In 2024, the trend toward sustainable and smart homes is expected to gain even more momentum.
3. Growth in the Luxury Real Estate Market
While affordable housing continues to be a major focus, the luxury real estate market in Bhubaneswar is also expanding. High-net-worth individuals and NRIs are driving demand for premium properties, particularly in areas like Patia, Jaydev Vihar, and Chandrasekharpur. These locations are home to upscale residential projects that offer a mix of villas, luxury apartments, and gated communities with high-end amenities such as private swimming pools, gyms, and landscaped gardens.
As Bhubaneswar continues to grow as a business and educational hub, the demand for luxury properties is set to increase in 2024. These developments not only cater to local buyers but also attract investors from outside Odisha, looking for high returns on their investments.
4. Commercial Real Estate Expansion
Bhubaneswar’s commercial real estate market is also on an upward trajectory. With the city emerging as a hub for IT, education, and healthcare, there is an increasing demand for office spaces, co-working centers, and retail establishments. Areas like Chandrasekharpur and Patia are witnessing the development of commercial complexes, shopping malls, and IT parks.
In 2024, more commercial projects are expected to come up, especially in the hospitality and retail sectors, as Bhubaneswar attracts more tourists and business visitors. The city’s proximity to Puri and Konark also makes it a strategic location for hospitality investments.
5. Infrastructure Development Driving Real Estate Growth
Bhubaneswar’s infrastructure development is one of the biggest drivers of its real estate boom. The city’s inclusion in the Smart Cities Mission has led to significant improvements in urban planning, transportation, and public services. Projects like the Bhubaneswar Town Centre District, the development of new flyovers, and better road connectivity are making the city more accessible and attractive to homebuyers and investors.
The Bhubaneswar Airport is also undergoing expansion, enhancing the city’s connectivity with other parts of India and abroad. Improved infrastructure in the form of better water supply, sanitation, and public transport is expected to further boost the real estate market in 2024.
6. RERA Compliance and Buyer Protection
The Real Estate Regulatory Authority (RERA) continues to have a positive impact on the real estate market in Bhubaneswar. RERA has instilled greater transparency and accountability among developers, making it safer for buyers to invest in new projects. With strict regulations in place, buyers can now expect timely project completions and better legal protection, which boosts overall confidence in the market.
Conclusion
The real estate trends in Bhubaneswar for 2024 indicate a dynamic and evolving market. With the rise in affordable housing, the growth of sustainable and luxury properties, and significant infrastructure development, the city is well-positioned to become a major real estate destination in eastern India. For homebuyers and investors, 2024 presents ample opportunities to capitalize on these trends and secure valuable investments in Bhubaneswar’s flourishing real estate sector.
