a_samal

Hi Folks, needed a help..

Can anyone tell me what would be the right time to buy 3 bedroom apartment in Bhubaneswar in 2009? I am looking for a house within 10 kilometer radious from the center of the city.

How much price per sq. feet I can expect and should I only look for completed projects or can I trust on going projects?

Any information would be highly appriciated.

Thanks
Anshuman Samal

satya_samantray

As the golden statement given by someone, there is no such thing as right or wrong time if the property you want to buy is for self stay. If you need to buy only for investment perspective, you need to check a lot of things.

You need to take into account the recession and the property downturn. And you need to take into acount the huge price being charged by the builders in BBSR which is ound to stabilize.
It has already been declared by the Real Estate bosy in BBSR that properties starting in Jan 2009 onwards will be at a doscount of 10%. That discount you may get as freebies instead of discount in charge per sq ft. Second, you need to trust only reputed builders, local or national. Only they have some credibility for timely completion of projects. Ceck their past projects.
Also, where you would like to buy depends on your area of prefrence. If you ant to be near IT area, Patia would be the best bet. But again, prices there are now between 2500-3000 per sq ft. If you go for areas on Cuttack Road, you will get good properties at prices between 2100-2600 per sq ft. Bomikhal, Jharpada, Laxmi Sagar are good owing to proximity to City Center, malls and Railway Station. If you look towards Khandagiri, Kalinga Nagar, these areas are also well planned and good apartments coming up between 2100-2600 per sq ft. Areas near GITA College, Infocity II(proposed) are attracting lots of residential projects, but they are far from civilisation currently, but, though promising in future, wont appreciate in value soon.
If you go for completed projects, you will end up paying the highest possible price and appreciation will take time, but its good if you dont care about it and want to stay in it yourself. Go for reputed builders. Right now one promising project coming up is Vipul gardens and it is offering pre launch price of 2050 per sq ft currently. It would be foolish to expect further deterioration in prices in BBSR. Real estate experts have rated BBSR as one of 8 top cities in India that would see good appreciation in property prices in 2009.

a_samal

Thanks Satya for the response.. As I am not going to stay there it does not make sense to invest now.

If VIPUL making 2000/sq feet offer now then I bet that is a good one.. But as you said the property price in BBSR might not grow in first 6 months of FY 09 though it might not go down.

It does not make sense to may 50 lakh now in BBSR..

Thanks
Anshuman

Subhakankhi Choudhury

If you are not going to stay in the house, then it is not wise to invest in Bhubaneswar. The price will be something around Rs.2000-Rs.3000 per sft. in and around, but its not worth the investment if you are not using for yourself.

Subhakankhi Choudhury
Architect