Potential stimated orhoods ng Infrastructure ion
Introduction
In the realm of real estate investment, Tier 2 cities are emerging as compelling destinations, and none exemplify this transformation quite like Bhubaneswar. This article delves into the factors contributing to the phenomenal growth of Bhubaneswar, outlining the opportunities that lie within its dynamic real estate landscape.
1. Economic Resurgence:
Bhubaneswar has positioned itself as a key economic player in the Tier 2 city category. The city's economic resurgence is driven by strategic government initiatives, a favorable business climate, and a robust infrastructure that attracts businesses seeking untapped potential beyond the traditional metropolitan hubs.
2. Infrastructure Renaissance:
A significant catalyst for Bhubaneswar's growth is its ongoing infrastructure development. Smart city projects, modern transportation networks, and sustainable urban planning are reshaping the city's landscape. These investments not only enhance he quality of life for residents but also make Bhubaneswar an attractive destination for real estate development.
3. Educational Hub and Talent Magnet:
Bhubaneswar has evolved into a burgeoning educational hub, drawing students from across the country. The presence of esteemed educational institutions contributes to a pool of skilled professionals, positioning the city as a magnet for talent. This influx of skilled workforce enhances the demand for residential and commercial spaces, driving real estate growth. Bhubaneswar is also famed as the only city in India to have hosted the highest number of International Hockey matches.
4. Cultural and Lifestyle Renaissance:
Beyond economic and infrastructural facets, Bhubaneswar is experiencing a cultural and lifestyle renaissance. Art festivals, culinary events, and a vibrant cultural scene are fostering a dynamic community. As the city evolves into a cultural hub, real estate investments stand to benefit from the growing demand for spaces that cater to an enriched lifestyle. Events like Rahagiri, Kalinga Literary Festival, BhuFesto and DOT Fest have collectively captured the imagination of the whole nation.
5. Real Estate Opportunities:
The burgeoning growth of Bhubaneswar translates into compelling real estate opportunities. Certain neighborhoods are witnessing remarkable appreciation as the demand for residential and commercial spaces continues to rise. Investors keen on long-term, sustainable returns are increasingly turning their attention to Bhubaneswar's real estate market. In this formal yet eye-opening document, we delve into the areas poised for remarkable appreciation in the future, transforming the real estate narrative in the city. Discover the lesser-known areas in Bhubaneswar that hold tremendous potential for real estate appreciation. Uncover the hidden gems that many are oblivious to, presenting a unique opportunity for
The Unseen Potential
Bhubaneswar was selected as one of the first 20 Indian cities to be developed under Prime Minister Narendra Modi’s flagship Smart Cities Mission. India’s Smart Cities Mission aims to create 100 smart cities in the country as a model for development and to bring improvements to nearby cities and towns. A total of ₹98,000 crore ($15 billion) has been approved by the Indian Cabinet for the development of 100 smart cities and the rejuvenation of 500 others over five years. Cities are selected through the Smart Cities Challenge, based on feasibility and potential social and economic impact. Bhubaneswar ranked first in the cities announced in January 2016.
Other Awards and Titles
01| The only Tier-2 city in India where all of India’s top five companies have bases. These are Infosys, Wipro, Tata Consultancy Services, Tech Mahindra and Mindtree.
02| Ranked as the third best place to do business in India by the World Bank.
03| One of the four planned Information Technology Investment Regions in India.
04| Winner of the 2017 American Planning Association’s Pierre L'Enfant International Planning Excellence.
Underestimated Neighborhoods
North
The city has more or less grown organically in accordance with the “Perspective Plan – VISION 2030 and Comprehensive Development Plan for Bhubaneswar – Cuttack Urban Complex” submitted in the year 2007 by experts from the Department of Architecture and Planning, IIT Kharagpur As was envisioned in the seminal work, Cutack and Bhubaneswar would cease to remain as two separate entities and merge seamlessly from two approaches. One would be along the NH16 and the other would be along the road to Trisulia, via Barang However, after the construction of the crucial bridge over the Kathajodi at Trisulia, the two cities met more prolifically along the Barang axis rather than along the NH16 This was typically due to the phenomenal growth of Patia and suburbs. The two most crucial contributors to this exemplary growth in the Patia Raghunatpur area are KIIT University and Infocity 1. Areas in the North to look out for are mentioned below:
Jagannathprasad
Daruthenga
Sundarpur
East
With heritage sites like Dhauli now within the jurisdiction of BDA, the areas as far out as Pipili NAC are witnessing an astounding boom in real estate value Besides being part of the Ekamra Kshetra Heritage Zone, where the original settlement of Bhubaneswar village surrounded the Lingaraj and Mukteswar Temple, the following districts towards the East are bound to appreciate manifold:
Pubasasan
Kausalyaganga
Uttarasasan
South
Khordha Town, the capital of the district in which Bhubaneswar is located, will be a major magnet in the future Almost all major investments (Public and Private) are concentrated in the Southern Corridor Major IT, Food, Biomedicine Parks are all located in that region and a spurt of flyovers being built in the area will ensure smooth traffic movement. Some of the biggest Real Estate Developers have made a beeline to procure land in that area. Some of the areas that are sure to pick up in terms of real estate value are mentioned below:
Mukundaprasad
Jarsinga
Kuradhamal Square (Junction between proposed Great Byepass Road and NH 16)
West
The recently operational Education Hub planned by IIDCO in Malipada has helped the city grow Westward Colleges like IIIT, Birla Global University and STPI have bolstered the real estate prices in the area The proximity to the proposed Great Byepass Road lends an added advantage The area also infringes on the very scenic Jhumuka-Deras Minor Irrigation Project located in the Banki-Dampara Block, making the area ideal for Deluxe Bungalows and Premium Gated Communities. Areas where prices of property will appreciate significantly in the future are listed below:
Malipada
Gothapatna Kantabada
Emerging Infrastructure Projects
ch has been holding sway over its slowing down results in actionable
o been its selection as one of the top ew of the major projects in the anvil
GREAT BYEPASS ROAD
BHUBANESWAR METRO
BARAMUNDA ISBT
UPGRADATION OF OLD RAILWAY STATION AND PRECINCTS
Suggestive Projects in the Perspective Plan –VISION 2030 and Comprehensive Development
Plan for Bhubaneswar-Cuttack Urban Complex (BCUC)
Zones for multiplex, Retail-malls and theme parks for outdoor recreation
Film city development with ample natural resources and back up from Odia film industry with necessary infrastructure
Logistic Hub for the prime urban centers
Textile parks with cottages and medium scale industries for local specialized weaving art.
Multi level Freeways for better accessibility with all roadside modern facilities (Private Sector participation)
World Class Club-towns
Flood management plan for Cuttack with innovative technology (Venice Model)
Garland Lake System to develop and protect the water bodies in the region
Major organized open spaces like, urban squares, ceremonial / recreational grounds, and permanent fair grounds as image developers
Health city/ Education city/ Software parks etc (new urban districts)
Waterfront development with landscape conservation
Travel Circuit (Architecture/Archeology/Religious) with facilities like “Palace on Wheels” for international and national tourists
“Utkal Sanskriti Prangan” – A representational centre of traditional art and culture, craft, cuisine, living style, fair and facilities of Odisha at Bhubaneswar.
Development of Traditional Art Village (Paper/Cloth/Silver/Pottery) in the line of “Arts Acre” in the peri-urban areas of Bhubaneswar
Adventure tourism for Reserve forest/ Nature Study camp areas for rare natural species zone
Development of Nature Corridors –to provide a feel of flora and fauna in the urban setup
Conclusion
Bhubaneswar is at present, on the verge of a major transformation in diverse sectors such as industry, information technology, tourism, healthcare, education etc. In view of such a development potential, the area of operation of BDA will be the hub of major urban activities in future. Any investment in property should be carefully considered and the advice of real estate experts help in a more informed decision-making.
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