Best Option for Migrants-Ready to Move Property in Bhubaneswar When my friend Balasubramanian decided to shift to the capital city of Odisha, Bhubaneswar, he had mixed feelings. Though he had a couple of good friends settled for good in the city, yet the alienness of the eastern city in terms of it being his first visit was the reason of his apprehension. However being an intelligent personality he had chosen to do his homework before actually deciding to relocate. Thus the journey began, from the city of gardens, Bangalore to the city of temples, Bhubaneswar he was all set to live the new chapter in his life. He landed on the soil of the peaceful city with his family on a Saturday morning. With a guest house accommodation for a month, he was in no hurry. However, the need to settle and get to work was bothering him. It’s no secret that unless a person gets a wonderful pay hike the idea of displacement from one’s native might sound like a nightmare. Thus, Bala was in for a discussion mode with his friends and family to decide if he should look for a rented house or buy one outright to mark the beginning of a glorious innings of his life. So here he was looking out for ready to move property in Bhubaneswar.
As his search started, he came across the beautifully constructed independent houses offering the much craved for privacy, open terrace and lovely garden. It was going beyond his budget. Moreover, his wife preferred flats and it offers a habitable neighbourhood and comparatively better security. In addition to the tall building also come attached with a lot of amenities which you can afford individually like swimming pool, club house with indoor play area and an
expansive green area and much more. So he ultimately searched for the posh apartments for sale in Bhubaneswar. As the real estate is quite organized in the planned city, he didn’t face any difficulty to find his house of dreams. A lot of information was available online. As a result, what used to be a field exercise was achieved through just the click of the mouse. The huge array of apartments available for sale was immediately available on his mobile. As he wanted to buy it in a location near to his office and his son’s school he settled for Kharvela Nagar as his chosen area. The developed infrastructure in terms of roads, restaurants and shopping malls in the vicinity impressed him a lot.
His family was also quite elated about the fact that they are going to have a place which they can call their own. Though the city was new for them they felt it was warm. The green ambience and not so crowded lanes and especially the cool breeze in the evenings had actually already won their hearts. The drained brain seeks Bhubaneswar property Brain Drain, heard of it? Of course, you must have. It used to be a hot debating topic in schools. Though each and every student used to really get excited and worked up to vehemently argue against the topic,50% of them ended up being NRIs-Non-Resident Indians, the part of the talented pool who flee to foreign location specially US, UK, Canada, Australia. The lure is money which is obvious and natural and the result is? Guess what, absolutely right-Brain Drain.
However unless the opportunities offered by our country increases, this shall continue to happen. With a globalised world where we treat all as international citizen, these reservations should fade. We may take solace in the fact that one is being instrumental is doing a good job, it shouldn’t matter whether if it’s Indian doing it in San Francisco or American doing it in Delhi. The instances of latter may be too few, yet you may rejoice as the chances of finding someone like this used to be absolutely nil, until recently.
To cut the long story short, I must let you know why I have poured out my heart on this topic. I was waiting at Biju Patnaik International Airport. The flight of my friend Sohail was behind schedule, due to bad weather and I had nothing to do but wait. I didn’t mind putting down my thoughts on a word document. Suddenly, there was an announcement with respect to the arrival of the flight I was desperately waiting for. I was excited to meet Sohail after 5 long years. Last we met at his Delhi place on his wedding. This time he was coaxed to make it to Bhubaneswar. The place we had spent the glorious ten years of our childhood together. And here he was exchanging a bear hug. As he got into the car he expressed his eagerness to explore the city of his childhood, probably in a lure to relive the lost moments. I could convince him to postpone the idea for the next day as I was way too tired for the day and so was he. After spending half the night in nostalgia, we both all set for the spin around the city early at 7 a.m. Everything had definitely changed and so was expected. However, Sohail couldn’t believe his eyes and he was totally spell bound. He had heard things are progressing but the transformation
was huge and so was his amazement. When we ended up in our college campus, he expressed his desire to own a property in Bhubaneswar. We agreed to look for the same next day.
We naturally first did some online research and then decided to look for flats for sale in Bhubaneswar, as its maintenance is comparatively easier especially if the owner is away. The best thing was we could get a really good one in the heart of the city, i.e Sahid nagar. As cash was not an issue with my NRI pal, he could wrap up with an excellent one. Though we had to devote a couple of days to get to own a flat yet the ecstasy associated with the final outcome was overwhelming. The deal was he would come to Bhubaneswar annually and we would always celebrate those awaited days. What else one can seek for, every year partying was pre-booked at least for a fortnight! Insight into resale segment of Bhubaneswar real estate Are you a resident of Bhubaneswar? Willing to buy a house but are in no mood to hang around in a rented accommodation for two-three years that the under-construction projects usually ask for? Or are the one who doesn’t want to compromise on any basic infrastructure and readily available amenities? If yes, then you must look for resale properties in Bhubaneswar. This
would ensure that the waiting period with respect to the construction of the property and the development of the locality or society is eliminated.
RESALE Property: A layman may assume that resale unit are essentially old however, that’s not true at all. There is an existence of abundant recently-built houses that are owned by investors who may be willing to liquidate it for some ready cash. There can be two types of properties in the resale market. The First category can be, ready to occupy houses owned independently. Second category constitute of units in under construction projects. In this scenario, the seller is not yet the owner of the property. He has just signed an agreement of sale with the developer. This document entitles him to future ownership of the property consequent upon full payment and other clauses. One of the most important reasons to buy resale or ready to move flats in Bhubaneswar is nonavailability of new projects in the specific area where you want to buy a house and settle. It may be difficult to find new residential properties in most prime locations. Sometime upcoming new properties are coming up, may have been sold out as people have a tendency to invest and speculate. The investors book at the launch of the projects with a view to selling it out during the final phase of construction. In such instances, a genuine home buyer is left with no other choice but to buy it from the investors. Such transaction thus earns them the tag of ‘resale’.
PRICING: The pricing of the resale property may not be cheaper than new ones. In Bhubaneswar, it is generally a tad bit expensive than the prevailing rates. The only probability of it being cheaper is if house/flat is old that is attributable to depreciation or distress sale.. In rare instances of steep market correction, one may come across cheaper resale properties.
TRANSFER CHARGES: Factoring the transfer charges levied by developers is very essential in case of a resale transaction. The actual cost of ownership should be calculated after incorporating these charges as it may not be a very negligible amount. Several builders/ developers charge Rs 50-100 per square foot for such transfer. Builders charge this fee to uphold their interest, as they may lose the new customers to the speculative investors who have booked at a lower price and who can sell their houses for slightly less than the current market price.
There are many more important factors which one must look into if one is opting for resale properties. Hope to discuss those at length in fresh articles soon.
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