The prices in real estate in Bhubaneswar, in the Orissa region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Bhubaneswar has had a strong decrease during the last 6 months. In July, the average price per sq.feet was ₹ 2,674. In August this price pretty much remained the same at a value of ₹ 2,757 per sq.feet. The price for the following two months in (September, October) had a considerable decrease of 83 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 81 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of ₹ 2,484.5 to ₹ 2,009 during November, and December.
Based upon to the price in Bhubaneswar (cities), this has gone downing the last 6 months. In our first sample month during July, the average price is ₹ 37.92 lakhs. In August This price remains at ₹ 38.17 lakhs. During the following two months (September, October) the average price fell 86 % with regard to the previous two months. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 91 %, going from ₹ 35.32 lakhs to ₹ 32.01 lakhs in November and December.
The graph displaying the average price for BHK illustrates that those properties with 1 BHK are the cheapest ones. At a price of ₹ 31.91 lakhs they are 36 % more affordable than the average price for Bhubaneswar. The properties with the highest average price have 4 BHK, Their price is 134 % more costly than the average. After that we have properties with 3 BHK priced at ₹ 64.67 lakhs.
With regard to the average price per sq.feet , those properties with 1 BHK are the most costly ones at a cost of ₹ 2,598 / sq.feet, with an average ₹ 1,927 / sq.feet price in Bhubaneswar. The properties with the highest average prices have 3 BHK. They are 101 % more expensive than the average followed by properties with 4 BHK with a price at ₹ 3,662 / sq.feet.
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of ₹ 31.91 lakhs it is 55 % cheaper than the average price in Bhubaneswar. "Office" is seen as the second most affordable property type. The dearest property type is "Commercial Property" followed by "Villa". At a price of ₹ 50.15 lakhs it is 293 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Land" at an average cost of ₹ 701 / sq.feet followed by "Villa" priced at ₹ 2,699 / sq.feet. "Commercial Property" is the most costly type of property with a ₹ 10,143 / sq.feet cost followed by "Apartment" with an average price of ₹ 3,328 / sq.feet.