That was then when dreams of a home were sweet.
Today a middle-class person, with an annual salary of Rs 4 lakh, breaks into cold sweat while thinking of a home and of the zooming real estate prices. The non-metro city is now threatening to become the costliest capital of the east.
While it is not unusual to find a three-bedroom apartment in Calcutta’s posh New Town, at Rs 20-25 lakh, the same in Bhubaneswar would go for Rs 30 lakh and upwards.
While a two-three bedroom flat in Chandrashekharpur costs Rs 32.56 lakh, a similar flat in Surya Nagar near Raj Bhavan costs Rs 37.25 lakh, in up-scale BJB Nagar could cost anywhere around Rs 36.90 lakh while in downtown Bomikhal, the same flats have started retailing for Rs 23.85 lakh. The prices of duplexes and independent bungalows, too, are sky-high.

Everyone seems to have their own tale about the sizzling market. The friend, who paid over a million, for a cookie-cutter apartment. A politician, who sold his house at a asking price of Rs 1crore for a 15 bedroom house in Kharavelanagar, 20 days after putting it on the market. “Too much land in Bhubaneswar is under the government’s control. In most areas it is as much as 70 per cent,” said Anup Kumar Dhir Samant, secretary of Real Estate Developers Association (REDA), a body of 24 developers and the largest such association. Tapan Mohanty managing director of Z Builders, a leading real estate agrees: “Since land is acutely scarce, we have to pay an owner whatever they ask for a good patch.”
REDA sources claimed that prices, which was as low as Rs 6 lakh per acre 10 years ago, has now touched Rs 4 crore in Sahid Nagar. A shortage of private land to build residential complexes with a spiralling demand for up-scale apartments with all amenities has prices soaring through the roof. “Besides the market has a huge demand-supply gap. While our organisations get approval for 400 flats every year, the demand is close to 1,000,” said Dhir Samanta.
But will the real estate bubble bust in near future?
The developers don’t see any price correction in the near future. “With more developers coming in, they may jack up prices. They have deep pockets,” said REDA secretary referring to the recent auction of BDA-land at Chandrasekharpur where the highest price (Rs 211 crore) was quoted by Delhi-based Unitech.
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  • real estate values for berhampur ganjam Orissa?

    can u give an idea about real estate values for berhampur ganjam Orissa?
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  • Medha Patkar seeks land rights for farmers

    KEONJHAR: Social activist Medha Patkar on Sunday demanded land rights for farmers to protect their farms from being acquired for industrialization.

    "We want land rights not acquisition. Like forest dwellers, farmers must also have rights on their land so that they are not taken away forcibly from anyone," said Patkar while attending an anti-land acquisition meeting at Silisuan village near Keonjhar town. The meeting was organized by Sterlite Birodhi Mancha (SBM).

    "There is a conspiracy at the national and the internationals to help companies to grab cultivated and forest land for industries and mines. No one can live with eating money or iron ore. We all need to eat food for our survival and this food comes from cultivation. Hence the government should protect cultivated land," she added.







    Medha Patkar seeks land rights for farmers - The Times of India
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