The capital of Odisha, Bhubaneswar, is fast emerging as the hub of real-estate development in the east of the country, according to a recent report compiled by DN Homes, an Odisha-based real-estate group.
With CM Naveen Pattnaik’s special focus toward drawing investors attention through the Make in Odisha Conclave and with the state emerging as the sports capital by hosting the International Hockey World Cup consecutively, Odisha is marking its presence on the global map. Odisha’s economy is one of the fastest growing economies in India with the state emerging as a hotspot for investment and a hub for building IT businesses. With a talent pool focused on steering the economic and business growth, the state is also a powerhouse in arts, culture, music, food and sports. To support the benchmark created by the state and contributing to the infrastructure and real estate sector of the state with several upcoming projects in the retail and hospitality segment DN Homes is contributing to the economic development of Bhubaneswar and Odisha at large.
The survey by DN Homes highlights salient points that have contributed to the city becoming a property magnet. For instance, maximum buyers choose south Bhubaneswar, where a major government project, Infovalley, is coming up. The category of buyers are split into Bhubaneswar residents and working professionals who have migrated to the city, in a ratio of 50:50. Additionally, individual preferences as an asset class opt to purchase 3 BHK and 4 BHK properties over luxury alternatives such as 5 BHK, penthouses & villas.
The study also demonstrates that by putting money in real estate, Bhubaneswar class are looking majorly at end use – in other words, new properties with amenities – rather than for the purposes of investment, like vacation homes etc. As proof of the growing spending power and expanding market, DN homes recorded an increase in sales by approximately 300% in the last five years in Bhubaneswar.
Commenting on the findings of the survey, Nikhil Bajpai, VP – Business Development, DN Homes, said, “The fact that key indicators for the Bhubaneswar real estate market are positive, not only makes us proud of the city, but it also shows that any future growth in the real estate sector and increase in property values will be influenced by what is happening in India’s Tier-I and Tier-II cities. In that sense, Bhubaneswar might be considered one of the trendsetters.”
DN Homes has been a trailblazer in this scarring growth in Bhubaneswar, which also confirms a recent trend, especially visible during and after the pandemic, of the smaller Tier-I and Tier-II cities outperforming the metros in the real-estate sector.
About DN Homes
Since its incorporation in 2003, DN Homes has risen to become one of Odisha’s premier developers by adopting global standards in real estate and delivering cutting-edge solutions to customers. The company prides itself on a reputation for quality and innovation. DN Homes has constantly invested in upgrading technical expertise and hiring only top professionals in the field in order to achieve its goals. Having adopted a new corporate identity – DN Group – the company has now branched into several different verticals like education under Dasarathi Naik Trust for Excellence, hospitality and retail service under Lifeline Multi Ventures Private Limited and Luxurio Assets Private Limited, and infrastructure development under Dasarathi Naik & Engineers Private Limited. The company’s premium education institute, The DN Wisdom Tree Global School has gained a reputation for being an institution with a unique infrastructure and curriculum that too within a short span of operations. Furthermore, the Group has collaborated with IHCL (Tata Group) to set up Hotel Vivanta at Patrapada, Bhubaneswar and with Marriott International for JW Marriott at Delta Square, Bhubaneswar. Interestingly, the DN Regalia Mall & Multiplex is in fact the first mall in the State of Odisha to be set up by a state-based company. Going forward the Group has ambitious plans of expansion not only in its core sectors of operation but in new and upcoming sectors as well.