Rajendra Prasad Mohapatra

Group housing is driving the housing sector in Odisha in the post-pandemic era, and, in the property market, Bhubaneswar has emerged the preferred destination of home buyers across the country, said Aditya Prakash, COO, Assotech while addressing OTV’s annual convention OTV Foresight 2022 on Friday.

“Black money was earlier getting injected into the realty sector in Odisha but things have changed post-pandemic. And, now, white money has become the driving force in Odisha's realty sector,” said Prakash adding that the mantra for the construction sector should be sustainability.

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As per Prakash, Covid-19 pandemic had a very stifling effect on the sector and it came to a point where all the property transactions were halted during the lockdown periods.

“During that time demand for real estate decreased drastically. The situation was so bad that buyers couldn’t deal with brokers and developers directly. Even recovery from the existing customers stopped immediately as banks and government institutions were closed,” said Prakash.

“When things were improving, the Omicron virus hit the market again which led to decrease in property transactions. Covid-19 has affected not only the promoters but also the entire hierarchy. Starting from the owners to the migrant workers, everyone was equally affected by the pandemic,” he added.