Bhubaneswar Among Tier-2 Markets Where Home Prices Rose 63% Since 2021, Outpacing Top Cities

Residential prices in 11 emerging cities, including Bhubaneswar, rose 63% between 2021 and 2026, compared with 42% across India's top eight cities, according to a CII-Knight Frank India report cited by Odisha TV in September 2026.

The report identifies Bhubaneswar as a key Tier-2 market for residential, warehousing and retail growth, Odisha TV reported¹. The 63% figure covers all 11 cities, not Bhubaneswar alone.

What the report says

The report links Tier-2 and Tier-3 growth to strong MSME ecosystems, skilled talent, expanding services sectors and more Global Capability Centres, the outlet reported. It cited infrastructure, connectivity, employment and urban development as factors that will sustain that growth.

In 2025, Bhubaneswar and five other selected Tier-2 cities recorded 5.3 million sq ft of warehousing transactions, nearly half the total across key Tier-2 markets, the report said. Bhubaneswar and nine other emerging markets also accounted for around 60% of the 36 million sq ft of shopping-centre stock across 24 Tier-2 cities in 2025.

Zee Business reported on the same study in October 2026. It said experts expect growth to depend on local jobs, economic activity and infrastructure, rather than price momentum alone.

Who it affects

The findings are relevant to homebuyers and investors weighing Bhubaneswar against larger metros. They also matter to sellers in a market the report ranks among the leading Tier-2 destinations.

However, connectivity plans for the city have changed. The Odisha cabinet decided on April 4 to scrap the proposed Bhubaneswar metro over low ridership projections, Swarajya reported in April 2026. The state plans to prepare a Comprehensive Mobility Plan for the Bhubaneswar-Cuttack-Puri-Paradip Economic Region with technical assistance from the Asian Development Bank, the report said.

Asking prices in Bhubaneswar

Asking prices on PropertyWala put apartments for sale in Bhubaneswar at about ₹8,681 per sq ft (2026 Q1 to Q4), up 2.3% on the year before.² Apartments account for about 89% of listings, independent houses for about 6% and residential land for about 4%.

The city's yearly average asking rate for apartments was ₹6,665 per sq ft in 2023, ₹7,477 in 2024, ₹8,483 in 2025 and ₹8,681 in 2026. That is a 30.2% rise from 2023 to 2026, or about 9.2% a year.²

Examples of projects include under-construction and ready developments across the city, with one new launch on record. Oriom Group has also entered Odisha's real estate market, Construction Week Online India reported in September 2026.

What to watch

The report's authors said sustained growth depends on infrastructure, jobs and urban development, Odisha TV reported. The state's mobility plan for the Bhubaneswar region is the next infrastructure development to track.

Buyers can browse current apartments, houses and plots on the Bhubaneswar page on PropertyWala.