Why is the real estate sector in Odisha the safest avenue for investment?

REAL ESTATE - GROWTH, NO MATTER WHAT

After the pandemic and the economic crisis, you may wonder whether to invest in the real estate market. Even if you decide to invest, you may still need clarification about where to buy property. This blog will talk at length about the real estate market in India and how Bhubaneswar is a great place to invest in.

Real Estate in India has seen an annual CAGR OF 9%. The rigorous expansion of infrastructure and housing makes this sector ripe for investment.

BHUBANESWAR REAL ESTATE: A PIE YOU WILL WANT A PIECE OF

The real estate sector is one of the essential segments of the country's economy and a topic for many debates. The Real Estate sector suffered a blow due to the pandemic, and the recovery from the slump was relatively slow. But the Odisha or Bhubaneswar real estate market has been expanding through the recession at a fast pace. Builders are also keeping up with the speed, giving the sector massive potential for growth. Here are some reasons we think you should invest in the Bhubaneswar real estate market.

1. MARKET THAT'S RECESSION-PROOF

Thanks to its designation as a smart city and its reputation for being a well-planned city with low crime rates, people with stable jobs and income shift their mindset to investing in a resilient market. Especially in the wake of the pandemic, Odisha locals who work outside the state are increasingly yearning for a home in Bhubaneswar. With an estimated investment of Rs. 1500 crore, 3000 dwelling units are now being built by private parties and will be available for possession within the next two to three years.

2. SAFE AND GROWING: BEST OF BOTH WORLDS

Investing in Bhubaneswar's real estate market is a more promising option than investing in the volatile stock market or cryptocurrencies. Your portfolio can be more diversified with real estate investing. Property is a tangible property that you may use to generate income and add value to. You can make money and add value to a sellable asset with the proper acquisition and investigation. Additionally, there are tax benefits to property ownership. New house construction around the city gives this sector a strong foundation.

3. PERKS OF TIER TWO

Investing in a Tier 2 city is a better option because the return on investment is reasonable. The infrastructure and quality of life in Tier 2 cities have improved significantly in recent years, making them more attractive to people who want to live in a less hectic and more affordable environment. The low home construction cost incentivises growth.

4. CLEAR AS GLASS

Recently, Odisha Development Authority (Planning and Building Standards) Rules, 2020, have been reformed. It allows RERA-registered builders to construct buildings up to seven times more. This will provide purchasers with more choices. The market has become unambiguous for all the parties involved owing to new RERA guidelines. Thus giving new construction projects the benefit of transparency.

5. PRO-CUSTOMER LAWS

The RERA ACT of 2016 was enacted to protect the interests of consumers in the real estate sector, providing a mechanism for speedy dispute resolution and setting up an Appellate Tribunal to hear appeals from decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer. This act is a great measure to ensure that consumers are protected and that disputes can be resolved quickly and efficiently. This also makes the home contractors compliant with customers' needs.

6. REAL ESTATE TO THE MOON

The Government of Odisha is encouraging the construction of high rises in Bhubaneswar to boost the city's education, business and IT sectors. The Chandaka Industrial Area Development Authority (CIDA) is developing a real estate zone to attract investors. The Chandaka real estate zone is one of the largest industrial areas in Odisha, after the Mancheswar industrial estate. The city is already known for being an IT hub, and the government is encouraging the development of highrises to attract more IT companies to set up their bases in the city. So, Construction Houses have mushroomed across the city to benefit from the drive for infrastructure.

Bhubaneswar is the retirement home paradise for all the right reasons. The high quality of life and low cost of living make it the most convenient city to live in. It gives ample opportunity to get a return on investment, and renting out the property is easier than ever, all thanks to the influx of IT professionals. Bhubaneswar, compared to other cities, offers a lower cost of real estate ownership. Construction of houses in Bhubaneswar is boosted by the rise in demand caused by the COVID-generated exodus.

We hope you enjoyed our article on the real estate segment of Bhubaneswar. With this knowledge, you can make the most of your real estate opportunities when investing in the property market. So what are you waiting for? Contact us today at hello@valensinfra.com if you're interested in building, buying or selling property in Odisha.