If you are still on the corner waiting for your chance to start investing in commercial real estate in Bhubaneswar, then this blog can inspire you to take action rather than wait. Do not stay on the fence and miss the chance to invest in this thriving smart city.
Now, Bhubaneswar does not need any introduction, but you love to talk about the growth of this beloved city out of our pride. This capital city, once known as a quant sleepy city, has transformed over the past few decades inspiring the real estate developers in Bhubaneswar to construct commercial properties here.
Bhubaneswar is one of the 20 flagship smart cities of Prime Minister Narendra Modi’s Smart City Mission. It evolved from being mostly recognized for its historic temples and rich cultural legacy to becoming one of India’s most promising economic centers. Those who are interested in investing in commercial real estate now have a fantastic opportunity owing to this transformation.
Why To Choose Bhubaneswar for Commercial Real Estate Investment
Smart City Initiative
The best builders of Bhubaneswar are more into commercial projects because of many reasons. The smart city initiative definitely has been the catalyst for its real estate boom. The steady development and smart infrastructure are motivating investors to choose this thriving city for commercial real estate investment.
The Tier 2 City
If you are looking for a sustainable ROI (return on investment) then investing in commercial real estate in a tier 2 city like Bhubaneswar can be a smart choice. Many businesses are choosing Tier 2 cities, as tier-2 cities have more room for companies to scale and offer more opportunities for lateral and vertical employee growth. According to a recent report published in Economic Times, tier 2 cities rental yield is at a staggering 8% in contrast to 2-3% in major metros.
The Rise of Bhubaneswar as a Commercial Hub
The development of Bhubaneswar from a quaint city to a thriving metropolis is evidence of its astute planning and growth. The manufacturing, IT, infrastructure, and education sectors collectively have witnessed substantial expansion in the city. A growing population, together with corporate investments and government initiatives, has been the driving force behind this expansion.
Strategic Location
Due to its advantageous location on India’s east coast, Bhubaneswar is a favoured commercial hub for companies. It acts as a vital connection between the country’s southern, eastern, and northern regions. The city is now much more convenient for businesses and investors due to its proximity to NH16 and improving road, rail, and air connectivity. Its pull as a commercial hub is further improved by the presence of Biju Patnaik International Airport.
Government Initiatives
Top builders in Bhubaneswar can freely plan and keep contributing to the development of the city skyline and commercial property market because of the proactive Government efforts of the local government. Apart from the smart city project, The Odisha Development Authority Rules, 2020, have injected dynamism into Bhubaneswar’s realty market, making it an appealing destination for those striving for strategic investments.
Types of Commercial Properties in Bhubaneswar
Office Spaces
With the ever-growing IT and service sector of Bhubaneswar, the demand for office space has been on the rise for the last two decades. Areas like Chandrasekharpur, Infocity, and Jaydev Vihar have evolved as key locations for office spaces.
Retail Spaces
Retail spaces in Bhubaneswar have also seen significant growth due to the influx of population, fueled by growing consumer spending and the attention of major retail brands, locations like Janpath, Saheed Nagar, and Patia have become perfect for commercial investments.
Industrial Properties
The proximity to Paradip Port has always strengthened Bhubaneswar’s industrial sector, making it an inviting location for industrial property investment. Industrial properties in areas like Khurda Industrial Area and Mancheswar Industrial Estate are in high demand because of the well-developed logistics network.
Key Considerations for Investors
· Conduct thorough market research before you invest. It is crucial to understand the demand, economy, recent trends, and competition in Bhubaneswar’s commercial real estate market.
· The location of the commercial property is an important point to ponder upon. Areas with good infrastructure, connectivity, and proximity to business hubs usually yield better returns.
· Investors should understand the property regulations and ensure that the property complies with all legal and regulatory requirements of the government.
· Partnering with top builders in Bhubaneswar like Khushi Realcon, can mitigate stakes and ensure a smooth acquisition process. Talk to the team and clear your doubts before making any decision. It is better to ask questions than to have a vague idea about investments.
Real estate investors have an incredible prospect as Bhubaneswar evolves into a commercial powerhouse. Investors can profit from the commercial real estate market in Bhubaneswar by making well-informed decisions with careful consideration of variables like location, market trends, and legal compliance.