Skyrocketing apartment prices in Bhubaneswar turn homeownership into a dream

Buying a flat in Bhubaneswar has increasingly become an unattainable dream for the common man, especially the middle class. With limited income and soaring property prices, many aspiring homeowners are unable to gather the courage to invest in a house.

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While land availability has sharply declined, even single BHK flats in the State Capital are now touching or crossing the one-crore mark, leaving families worried about where and how they will live.

Just a few years ago, flats in Bhubaneswar were available at relatively affordable rates. However, prices have surged dramatically with reputed builders from the State and major real estate companies from across the country investing heavily in high-rise projects.

As a result, the single BHK flats are being sold these days at prices ranging from Rs 75 lakh to over Rs 1 crore. Alarmingly, even housing projects located far from the city’s core area are witnessing a steep price rise.

Real estate workers and builders’ associations have expressed differing views on the reasons behind the price rise. Builders point to frequent land litigation, a large share of land under government ownership, and delays in construction approvals. Limited land availability compared to the growing population has further widened the demand-supply gap.

On the other hand, real estate experts argue that despite the RERA Act, delays in registration and regulatory processes have led to unreasonable land price inflation. Large-scale land purchases by builders on the city outskirts have also shifted the financial burden onto buyers.

Though the State government has launched affordable housing schemes to help common citizens, these initiatives have so far failed to meet the growing demand.

“First and foremost, the thing is that there is a lack of discipline in the real estate sector. A plan should ideally be approved in a month, but it takes years nowadays. Secondly, the cost of land in Bhubaneswar is extremely high. Moreover, corruption is a very big issue. Expenses incurred by builders due to corruption in this sector are ultimately borne by the buyers,” real estate activist, Bimalendu Pradhan, said to OTV when contacted.