SBI Term Loan: RLLR: 8.15 | 7.25% - 8.45%
Canara Bank: RLLR: 8 | 7.15% - 10%
ICICI Bank: RLLR: -- | 8.5% - 9.65%
Punjab & Sind Bank: RLLR: 7.3 | 7.3% - 10.7%
Bank of Baroda: RLLR: 7.9 | 7.2% - 8.95%
Federal Bank: RLLR: -- | 8.75% - 10%
IndusInd Bank: RLLR: -- | 7.5% - 9.75%
Bank of Maharashtra: RLLR: 8.05 | 7.1% - 9.15%
Yes Bank: RLLR: -- | 7.4% - 10.54%
Karur Vysya Bank: RLLR: 8.8 | 8.5% - 10.65%

Location : Bhubaneswar

Bhubaneswar Development Authority under fire for their handling of OC issuance and building approvals

27 Sep 2023

The Bhubaneswar Development Authority (BDA) has raised concerns by granting occupancy certificates (OCs) to only 5% of approximately 1,000 buildings constructed in the city over the past five years. The low rate of OC issuance highlights concerns about the safety and adherence to regulations in numerous structures throughout Bhubaneswar. Additionally, allegations of BDA granting approvals for building plans within the jurisdiction of the Bhubaneswar Municipal Corporation (BMC) have raised questions about urban planning and governance in the city. Clarification of authority and adherence to established norms are essential for sustainable urban development.Read more

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Bhubaneswar Police's tenant information initiative loses momentum

23 Sep 2023

In March 2015, the Bhubaneswar Commissionerate Police initiated a program encouraging house owners to provide tenant details to enhance citizen safety. Initially well-received, it was extended to women's hostels in January 2017. However, recent reports reveal a decline in compliance, with very few submission of tenant declaration forms. These forms, available at police stations and online, request tenant information. While the initiative remains optional, police stress its importance for security. It also offers a tenant verification service, but few have utilized it. A review by Deputy Commissioner of Police Prateek Singh seeks to understand the decline and reinforce the significance of this safety measure.Read more

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BDA's Holistic Approach: Six new town planning schemes for Bhubaneswar

22 Sep 2023

The Bhubaneswar Development Authority (BDA) is embarking on six new town planning schemes in Chandaka and Pahala areas to facilitate the holistic development of the city. Previously, BDA completed four similar schemes in Tamando and Chandaka, involving the acquisition of private plots from landowners and their subsequent development in an organized manner. These initiatives covered multiple villages and spanned approximately 1,596 acres. The BDA has a larger vision, with plans to execute 45 town planning schemes across 58 revenue villages, covering a total area of 9,171 acres, signifying a commitment to urban development and infrastructure enhancement.Read more

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Bhubaneswar Municipal Corporation establishes land bank for accelerating infrastructure initiatives

18 Sep 2023

The Bhubaneswar Municipal Corporation (BMC) has introduced a pioneering initiative aimed at expediting various development endeavours. This innovative approach promises to streamline operations across multiple domains, including sanitation, urban beautification, the establishment of vibrant public spaces, as well as the construction of much-needed parking facilities and public restrooms. By creating a dedicated land bank, the BMC intends to ensure efficient allocation of land resources, thereby facilitating the swift execution of essential infrastructure projects. This strategic move is expected to significantly enhance the city's overall urban development.Read more

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ED attaches properties worth Rs 19.67 crore in Bhubaneswar loan fraud case

11 Sep 2023

The Enforcement Directorate (ED) has attached properties worth approximately Rs 19.67 crore in connection with a loan fraud case allegedly involving builder Uma Shankar Patro and three former bank officials in Bhubaneswar dating back to 2017. The case, which originated from three FIRs registered by the Central Bureau of Investigation (CBI), revolves around the alleged misappropriation of Rs 18.79 crore through multiple housing loans. The attached properties include movable assets like bank balances and mutual fund balances, as well as immovable assets such as land and buildings in Puri and Bhubaneswar. The accused allegedly used forged documents to secure loans and misappropriate public funds.Read more

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Bhubaneswar Development Body urges realtors to allot 10% of units in projects to EWS

08 Sep 2023

The Bhubaneswar Development Authority (BDA) is shifting its focus to provide affordable housing options for economically weaker sections (EWS) and lower-income groups (LIG). Private real estate developers undertaking projects on government-owned land will now be required to allocate 10% of housing units for EWS and LIG beneficiaries at a subsidized rate of Rs 1,780 per square foot. The BDA has already allocated land for this purpose and plans to expand this initiative. Additionally, the BDA is working on housing projects for the middle-income group and comprehensive development plans for newly added villages. Their vision includes creating a New City on government-owned land for economic development.Read more

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Land prices surge in Bhubaneswar following metro project announcement

25 Aug 2023

Land prices between Nandankanan and Trisulia, where the proposed route will traverse, have increased dramatically as a result of the announcement of the Bhubaneswar Metro Rail project. Depending on the region, land values have increased by 25% to 50%, with prices rising from Rs 3,000 to Rs 5,000 per square foot. Even though the precise metro line has not been finalized, the news itself has affected pricing, especially for plots close to busy roadways. Developers are now considering marketing projects based on their metro accessibility, which is helping the local real estate market flourish as a result of the expectation of increased connection.Read more

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Bhubaneswar Development Authority introduces new property regulations

24 Aug 2023

The BDA is set to implement the BDA Property (Management and Allotment) Regulation, 2023, as they release the draft for public review. Citizens are encouraged to provide feedback and raise objections before the rule's official enforcement, expected upon publication in the Odisha gazette. The draft outlines dual allocation modes – lottery or auction – for housing projects. Notably, property owners in the city won't qualify for BDA property allotment. Registration with BDA, leading to a universal account number, is mandatory for their participation.Read more

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Real estate firm staff held for duping 130 home buyers of Rs 15 crore in Bhubaneswar

26 Jul 2023

The Economic Offences Wing (EOW) intensified its investigation into a real estate scam involving the alleged duping of 130 homebuyers, resulting in a loss of nearly Rs 15 crore. The company, which promised an ambitious housing project, failed to deliver on its assurances, leaving buyers stranded. The arrest of a senior functionary highlights the need for vigilance in the real estate market and the importance of strengthening regulations to protect homebuyers from fraudulent practices. The investigation aims to bring justice to the victims and promote transparency and responsibility in the industry.Read more

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Bhubaneswar civic body to e-auction 112 commercial spaces

13 Jul 2023

The Bhubaneswar Municipal Corporation (BMC) has decided to e-auction its shops in one of the city's oldest market complexes in Unit IV. The complex, developed through a public-private partnership, faced significant delays and challenges. The BMC will rent out the shops for three years instead of selling them outright. The auction includes 112 shop rooms across multiple floors. The decision aims to revitalize the market space, attract new businesses, and maximize the potential of the project. The move presents an opportunity for interested parties to secure a space in the historic market complex.Read more

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Bhubaneswar Development Authority allots apartments for Middle-Income Group

23 Jun 2023

The Bhubaneswar Development Authority (BDA) has begun the allotment process for its Daya Enclave housing project, offering 128 two BHK apartments for the Middle-Income Group. Prospective buyers can register on the BDA's official website until July 7 for a chance to participate in the lottery system. However, locals have expressed concerns about the affordability of the apartments, urging the government to consider reducing prices to cater to the target audience effectively.Read more

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Bhubaneswar Development Authority set to unveil three premium housing projects by the year end

PNT Reporter

03 May 2023

The Bhubaneswar Development Authority (BDA) announced that three premium housing projects are set to be completed by the end of 2023. Two projects are in Kalinga Nagar, with one offering commercial-residential spaces, and the other exclusively residential. The third project is situated in Subudhipur. These developments will cater to middle and high-income groups, with modern amenities such as parks, green spaces, and round-the-clock utilities. The BDA is also working on affordable housing projects for lower-income residents, reflecting its commitment to inclusive urban development.Read more

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Affordable housing initiatives in Bhubaneswar stall due to mandatory RERA registration

PNT Reporter

02 May 2023

The Bhubaneswar Development Authority's (BDA) affordable housing projects have encountered a roadblock due to compulsory registration under the Real Estate (Regulation and Development) Act, 2016 (RERA Act). The registration, which became mandatory to access central grants, has rendered the projects financially unfeasible due to increased fees. The BDA has sought state government intervention and proposed exempting these projects from the application and late fees. The issue underscores the need for a nuanced regulatory approach to affordable housing, with resolution being vital for the success of such critical initiatives.Read more

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Odisha revamps land ownership and classification laws to simplify property governance

01 Jan 1970

The Odisha government is undertaking a comprehensive reform to simplify its outdated and overly complex land classification and ownership systems. With more than 7,000 land-use types and nearly 3,000 forms of land ownership rooted in colonial-era laws, the administration is now streamlining these into 27 use categories and a simplified set of ownership types. This initiative aims to bring transparency, legal clarity, and administrative efficiency. Additional reforms, including updated property conversion fees, new urban planning regulations, and legal safeguards for SC/ST land rights, complement this overhaul. The state is also repealing obsolete statutes and responding to recent judicial guidance on land titles.Read more

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Odisha revamps land ownership and classification laws to simplify property governance

01 Jan 1970

The Odisha government is undertaking a comprehensive reform to simplify its outdated and overly complex land classification and ownership systems. With more than 7,000 land-use types and nearly 3,000 forms of land ownership rooted in colonial-era laws, the administration is now streamlining these into 27 use categories and a simplified set of ownership types. This initiative aims to bring transparency, legal clarity, and administrative efficiency. Additional reforms, including updated property conversion fees, new urban planning regulations, and legal safeguards for SC/ST land rights, complement this overhaul. The state is also repealing obsolete statutes and responding to recent judicial guidance on land titles.Read more

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