|New Delhi: Post-pandemic, it is the Tier-II cities that are driving the uptick in sales in the property market, with Bhubaneswar emerging as the centre of growth in real estate in the east of the country. These are just a couple of the takeaways that can be gleaned from data collated from recent data released by DN Homes, an Odisha-based real-estate conglomerate.
According to the data, the Bhubaneswar and Cuttack market accounts for 25% of the group clientele, with buyers from the rest of Odisha making up 30%. For the pan-India market, in particular Bengaluru and Pune, the figure is 20%, while international buyers constitute 25% of the overall pie. Not only has Bhubaneswar transformed into a hub for real estate in India’s east-especially in the luxury residential space-it is fuel.
Fueling the growth of the sector in the state. DN Homes has been a key player in this growth spurt. In 2022, the group helped realise the dreams of 750 buyers, and is expecting to sell properties to 1000 families in 2023.
When it comes to the type of properties being preferred-which would include penthouses, houses with luxury amenities, and 3bhk, 4bhk and 5bhk villas-70% favour 3bhk villas and 30% prefer 4bhk villas, as per the data, which indicates that a large part of the former segment consists of nuclear families in search of their dream home.
Commenting on the data, Nikhil Bajpai, VP-Business Development, DN Homes, said, “We are getting a very good response from the International Market and Pan-India, especially from Bengaluru and Pune. Moreover, after COVID, investors are considering their hometown as a preferable location to invest in a second home, as companies now offer work-from-home and flexible timings. This has boosted demand, and also, relative rental income, especially in state capital is much higher than what it was three years ago.”
It can be inferred from the figures that there is growing interest for DN Homes among investors in the Bhubaneswar market, as well as in the Odisha market. Additionally, it is India’s smaller cities, rather than metros, that will continue to be the engine of growth in real estate, and propel this sector to even greater heights nationally.
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