Ganjam District: Real-estate boom in Silk city Berhampur

Thursday 30 June 2011

Real-estate boom in Silk city Berhampur

Berhampur city is witnessing a massive real estate boom like never before. While mega residential projects are being announced almost on a regular basis, even real-estate investors from various others cities like Bhubaneswar, Vizag, Surat and Mumbai are flocking in large numbers to make the most of this huge demand for residential apartments in Berhampur city.

Estimates say that more than hundred mega residential apartments are under construction in and around the city.
One real estate watcher observed that investment of this magnitude is unprecedented in this southern city, and for that matter in a state like Orissa, and can only be compared with the State capital, which witnessed a similar trend in the recent past.

The massive real estate boom in Berhampur can be attributed to the huge migration of people from the interior pockets of Ganjam, South Orissa, Coastal Orissa and neighboring districts of Andhra Pradesh in search of better livelihood opportunities and for its education, trade and transport base.

Infact, one real estate agency of Berhampur city pointed that the skyrocketing housing prices in the state capital which has become almost unaffordable for the middle class has led to this housing boom in Berhampur as the going property prices here are considerably lesser than Bhubaneswar. The city is also well connected with other parts of the country and much cheaper cost of living than the state capital.

The construction boom in the city is likely to change the landscape of Greater Berhampur Region in the years to come with many projects lined up in the city outskirts and especially in areas like Ambapua, Khodasingi, Gosaninuagaon, Narendrapur, Mandiapalli, Rangeilunda, Haldiapadar, Konisi, Gopalpur and Chatrapur.

Non-resident Oriyas have become the biggest investors and drivers of this real estate boom, said a veteran of the city who has seen it growing over the past decades.