Bhubaneswar Buzz

Real Estate Market takes a hit in Bhubaneswar, will it bring correction to land prices?


The Centre’s surprise move to demonetise currency notes of Rs 500 and Rs 1000 has badly hit property transactions across Odisha.

The city of Bhubaneswar which is State’s most expensive place to buy real estate property has not recovered from the demonetisation shock. Sub registrar offices of Bhubaneswar, Khandagiri and Jatni wore desolate look while there was hardly any gathering of property buyers and sellers.

On an average, close to 200 transactions of land are carried out in both Bhubaneswar and Khandagiri sub-registrar offices. But the number sharply dropped to below 20 on Tuesday. Similarly, around 10 registrations of properties as against average 40 per day were done at Jatni on Tuesday.

“Buyers appear to have vanished from the market. In any property deal, especially in Odisha, share of cash remains high while amount of fund transacted through cheques or online transfer is extremely small. When cash becomes scarce, it is obvious that the property trade will be affected,” said Manoj Kumar Sahoo, who has been active in Bhubaneswar real estate market for more than a decade now.

During past one week, buyers and property dealers are hardly seen inquiring about land availability in villages on the outskirt of Bhubaneswar. Farmers, who are in dire need of money for marriages and health expenses, are also helplessly awaiting land buyers.

Courtesy : The Hindu

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