Puri Property Market Information
Puri is one of the most visited pilgrimage cities in India. Known for the eminent Jagannath Temple, Sun Temple, Rath Yatra and Puri Beach, the city is just a couple of hours away from the capital of Orissa, Bhubaneshwar. Apart from its importance as a pilgrimage, the city is also gaining popularity amongst the investors, which is why the Puri property rates have been rising steeply.
Heavy Inflow of Tourists is the Key!
The annually conducted Rath Yatra attracts thousand of visitors from all over the nation, and even from outside the country. The lakes and beaches all around also make it one of the most beautiful cities in Orissa. Chilka Lake is one of the most important lakes in the country, and the stunning landscape attracts countless visitors. The builders have started building resorts and other commercial establishments around the lake to cash-in the heavy inflow of tourists.
The architectural grandeurs all around the place and beautiful beaches make up for a place where one would want to move in for good. To add to this beauty are the spiritual air and excellent climate which remains almost the same throughout the year because of its closeness to sea.
The Puri property market has attracted eyeballs of some of the big investors in the state as well as renowned builders from other parts of the country. They aim to give a boost to infrastructure and the standard of living in city –for the permanent residents, as well as for the people who come for a short stay.
New Property Development Plans
The city’s housing authorities and administration have laid out a plan according to which the Puri real estate is going to experience a tremendous boost. The future growth of the city’s real estate is largely reliant on two factors: closeness to the capital of the state, and the city being one of the most popular pilgrim’s destinations.
Puri property rates have marginally increased in the last one year or so, thanks to the announcement of upcoming establishments like IT parks and shopping malls. Along with this development, the infrastructure around the city has also evolved considerably.
Puri Property Price Trends
Coming to the current markets trends in the city, a residential plot around an area like Loknath Road can cost around Rs. 230-250 per square feet, whereas, if you move further to a place like Hans Coco Palm, the rate can slump to around Rs. 150-170 per sq. ft. However, if you are looking at a sea-facing plot in the same area, of Coco Palm, the prices would shoot up to Rs. 650+ per sq. ft.
The prices of commercial lands and apartments have also increased marginally. Looking at the growth in the city, the list of contenders in Puri real estate sector is also increasing at a brisk pace, and you can expect the bigger guns to chip in within a matter of couple of years.
The overall plan for the development of the city has been already finalized by the authorities, and now it is just about taking that giant leap. However, once that happens, the rates would go sky-rocketing, and then the investment opportunities would soon get limited to the big builders and investors, moving away from the reach of the common man. Hence, this is a superb time to make an investment in the Puri property market, and ensure great returns over the next 2-3 years.
If you invest merely 4 to 5 lakhs on a plot of land in a central location, you can watch it grow to Rs. 10 lakhs or more over the next 3-4 years pretty easily. Investing on the upcoming residential as well as commercial projects in the Puri real estate market can definitely fetch you better guaranteed returns than the stock exchange and mutual funds, wherein you are not sure when the market would crash. If you have got money to invest, do not hesitate; it would certainly be a worthy investment, to say the least!
