Khurda, Odisha Property Guide
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What do you mean by FERA?
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Khurda, Odisha Real Estate News
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What occurs in India if property taxes are not paid for ten years?
Non-payment of property taxes for ten years can lead to severe penalties, legal action, and even foreclosure in India. It's crucial for property owners to understand the implications and address any arrears immediately. -
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According to the CREDAI-CRE Matrix report, India’s demand for Grade-A office space will exceed 70 million square feet by 2024.
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Land Conversion from Agricultural Land to Residential Land
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Overview of Khurda in the Real Estate Market
Location and Connectivity
Khurda, also known as Khordha, sits in Odisha, with its capital in Khordha town. It is near Bhubaneswar, Odisha's capital city. Thanks to this proximity to Bhubaneswar, Khurda becomes a great choice for property investment or rental due to its excellent connections to major urban centers.
Property Types and Availability
- Khurda features a variety of property types: apartments, bungalows, studio flats, farmhouses, and villas. This range serves different market segments, offering everything from budget housing to luxury living.
Market Trends and Demand
- Affordable Housing: There’s a rising need for affordable housing in Khurda, spurred by urban migration and government programs like the Pradhan Mantri Awas Yojana. Builders are focusing on affordable apartments in suburban areas.
- Luxury Segment: In addition to affordable housing, there’s a growing demand for luxury homes, especially among high-net-worth individuals and NRIs. These properties often feature high-end amenities like private pools, gyms, and landscaped gardens.
Infrastructure Development
- Khurda receives benefits from the bigger push for regional infrastructure. This includes national highway expansions, improved links to neighboring states, and new educational and healthcare institutions. Plus, the Bhubaneswar International Airport's growth has made getting to the area easier.
Price Trends
- Property prices in Khurda have dropped by 26.16% over the past year, making it more affordable compared to other areas. The average cost per square foot is about ₹3,333. This can be very appealing for both buyers and investors looking for value.
Real Estate Growth Drivers
- Urbanization and Infrastructure: Fast urbanization and ongoing projects are major drivers for real estate growth in Khurda. The city’s part in the Smart Cities Mission has led to big improvements in urban planning and public services.
- Industrial and Economic Activity: Growing industries like steel, aluminum, and IT, alongside the establishment of IT parks and Special Economic Zones (SEZs), have boosted job opportunities and increased demand for residents' properties.
Regulatory Environment
- The Real Estate Regulatory Authority (RERA) has improved the market by ensuring more transparency and accountability among builders. This makes it safer for buyers to invest, with more confidence in completion times and better legal security.
PropertyWala's Conclusion
Khurda is a fantastic option for both buyers and investors in the real estate market. With many property options, growing demand for affordable and luxury homes, and ongoing infrastructure development, Khurda looks set for continued growth. Its stable land prices and positive regulatory environment make it even more attractive. Whether you need an affordable home or a luxury place, Khurda provides a variety of choices, making it a top spot in Odisha’s real estate scene.