Patia is one of the upcoming localities in the city of Bhubaneswar. Located in the northern part of the city, Patia is a calm and peaceful locality, and is considered as a haven for people who are looking for a neighbourhood away from all the hustle and bustle of the city centre.
Patia is a hub for renowned educational institutions, hospitals, and apartments. Due to such reasons, and also the infrastructural development, Patia has attracted a lot of people from different parts of the city, resulting in an upsurge in the real estate market.
Some of themany educational institutions include Kalinga Institute of Industrial Technology (KIIT), Biju Patnaik Institute of Management Studies, St. Xavier's College of Science & Technology, National Institute of Fashion Technology (NIFT), and Sai International School. Patia is also home to hospitals like Kalinga Institute of Medical Sciences, Pradyumna Bal Memorial Hospital, and L.V. Prasad Eye Institute.
Apart from being an educational hub, the locality also has all the amenities located not too far away. Food Bazaar and Big Bazaar are two most well-known supermarkets, and Maruti Mall is the main shopping mall in the area.
Connectivity and Transit Points
With major roads like Nandan Kanan Road, Infocity Way, and Technology Corridor, Patia is well-connected to many parts of Bhubaneswar like Chandrasekharpur, Raghunathpur, Barimunda, and Patharagadia. The locality is also connected to other major areas located nearby through specific roads.
The BCB (Bhubaneswar City Bus) buses connect Patiato most other areas in the city. Some of the bus stations close to the locality are the ones at Sikharchandi, KIIT Campus, Silicon College, and Patia Square.
The city's major railway station, Bhubaneswar Railway Station, is located only about 4 km away. Other railway stations close to the locality are Mancheswar Railway Station and Patia Halt Railway Station. Autorickshaws and tempos are also popular modes of transport in this region.
Biju Patnaik International Airport is situated about 14 km away from Patia, and is easily reachable by BCB buses and cabs.
â— Domino's Pizza
â— Star City
â— Magnetic Square
â— Chandaka Electric Substation
â— Cafe Arabia
Factors for Growth in the Past
Over the last decade, Patia has been witnessing a boom in construction. The upcoming housing colonies, commercial markets, and recreational centres have added value to this region, making it one of the most sought-after localities in Bhubaneswar.
Another reason for its growth is its proximity to the important city centres. The rapid improvement in social and physical infrastructure has given a much needed boost to this locality.
Residential & Commercial Markets
Although Patia and its surrounding localities have witnessed a steady growth in infrastructure development, the last year has seen a significant reduction in the real estate sector.
Residential Market Trends
Patia is set to be one of the top residential areas of Bhubaneswar due to the rate of development. Almost half of the properties in Patia are apartments, followed by independent houses and villas.
In the second quarter of 2014, the sale prices for multi-storeyed apartments in Patia ranged between Rs. 2,900 and Rs. 3,000 per sq. ft. and rental prices between Rs. 8 and Rs. 9 per sq. ft. The sale prices of builder floor apartment in Patia, on the other hand, ranged between Rs. 2,900 and Rs. 3,200 per sq. ft, and rental prices between Rs. 8 and Rs. 9 per sq. ft.
Commercial Market Trends
Patia has been witnessing excellent commercial real estate activity, and the demand is growing by the day. The rental prices for commercial office spaces were between Rs. 18 and Rs. 23 per sq. ft. This is mainly due to the large presence of the IT industry.
The major challenge the locality faces is the lack of planned development. There are a lot of waterlogging issues faced by the residents during the monsoon season. This is due to the lack of proper drainage systems, resulting in mosquito menace and water and mosquito related diseases.
Factors for Growth in the Future
Patia has been a locality buzzing with activity. With the rise in the presence of top IT companies like Wipro and Infosys, there is bound be a lot of development in terms of physical, economic, and social infrastructure.
Recently, there are a number of developers who have started constructing apartments in this region. But the land is soon running out and this might not be a great ending for the locality.