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The declaration of the Bhubaneswar Metro Rail project has triggered a significant upswing in land prices between Nandankanan and Trisulia, the proposed metro line's route. Developers report a price increase of 25% to 50% depending on the location, with the price per square foot escalating from Rs 3,000 to Rs 4,000 last year to Rs 5,000 this year, and expectations of further escalation during actual construction. While the exact metro line location remains undecided, its announcement has already impacted land values, particularly those near major roads.
Land dealers in the region explained that land close to roads has observed substantial value appreciation over the past months. Land situated slightly away from main roads but with convenient approach routes currently costs around Rs 3,000 per square foot, up from Rs 2,000 last year. Moreover, apartments, many of which are still under construction in the area, could also experience price hikes due to their proximity to the proposed metro rail. Developers are waiting to promote their projects highlighting their metro rail accessibility.
The real estate sector in Bhubaneswar is experiencing a boost due to the anticipation of enhanced connectivity through the metro rail project. As the region gears up for this substantial infrastructure undertaking, land and property values are rising significantly. Developers are poised to capitalize on the growing interest, intending to advertise their projects based on proximity to the metro rail, railway stations, and airports.
Additionally, the floor area ratio (FAR), currently at 7.0 in the city, is expected to contribute to the price surge in land and property in the metro's vicinity. Urban planner Bimalendu Pradhan noted that developers typically showcase projects highlighting their proximity to essential transportation hubs. As the metro project progresses, developers are likely to tailor their advertising strategies accordingly.
This phenomenon of increasing land values upon the announcement of infrastructure projects is not uncommon. The Bhubaneswar Metro Rail project, although still in its initial stages, has already triggered a ripple effect on the real estate landscape. As the city prepares for expanded connectivity and modern transportation solutions, land prices are undergoing transformation, attracting developers and investors keen on reaping the benefits of this evolving urban development.
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