Sri Jagannath Shreekhetra Residency

By: Sri Jagannath Promoters & Builders in Khandagiri

SRI JAGANNATH PROMOTERS & BUILDERS has launched yet another Project in Bhubaneswar. Shreekhetra Residency is located in Khandagiri, Bhubaneswar, Orissa, INDIA

Regarded as the city centre, Khandagiri is a suburban locality situated in the Khorda district of Bhubaneswar, and is one of the prime areas in the city. Khandagiri has historically been a locality surrounded by greenery with Udayagiri and Khandagiri caves surrounding the region. The area is known for the several well-preserved gardens and parks.

Khandagiri is home to both residential and commercial properties alike. The two main shopping centres in Khandagiri are The World and Vaishno Devi Shopping Center. Supermarkets, departmental stores, restaurants, banks, ATMs, and other such facilities are found easily in almost every corner in Khandagiri.

Apart from shopping centres, the locality is home to many reputed educational institutions and hospitals. Times Scholars’ Gurukul, St. Xavier’s High School, Vikash Residential College, and Sri Aurobindo Institute of Integral Education are just some of the several reputed institutions in the area. The locality is also home to the famous AMRI Hospital, among several others.

Connectivity and Transit Points

Khandagiri has excellent connectivity to other parts of the city and the fact that it is located close to National Highway 5 (NH-5), makes it even more convenient. Buses are one of the major modes of transport in Khandagiri. BCB (Bhubaneswar City Bus) buses ply from Khandagiri to other localities in Bhubaneswar. Some of the nearby bus stops include Khandagiri Square, Baramunda Bus Station, Aiginia Bridge, Soubhagya Nagar, and Shatabdi Nagar.

Bhubaneswar Railway Station is the city’s main railway station, and is located about 8 km away from Khandagiri. Other railway stations close to this locality are Lingaraj Temple Road Railway Station and Sarkantra Railway Station. Auto-rickshaws and tempos are popular modes of transport in this area.

The city’s major airport, the Biju Patnaik International Airport, is located at a distance of 9 km from Khandagiri. One can take buses or cabs to reach the airport.

Major Landmarks

• Jayadev Vatika
• Shani Mandir
• Satya Sai Enclave Park
• Air Odisha Aviation Pvt Ltd
• Biju Patnaik Energy Park

Factors for Growth in the Past

Until a few decades ago, Khandagiri was known to be a more of a retreat due to the historic caves adjacent to the place. However, due to the development in infrastructure and inflow of people from other parts of the city, Khandagiri has evolved into a first home destination.

The greenery surrounding the locality is one of the biggest reasons why Khandagiri became one of the most sought after residential localities in Bhubaneswar. Khandagiri's growth was also driven on by good infrastructure, wide roads, and basic amenities like water and sewerage.

Residential & Commercial Markets

Residential Market Trends

The majority of the residential properties for sale in Khandagiri are independent houses, followed by apartments. The price of apartments in Khandagiri  has risen considerably over the last 5 years. The price of apartments in Khandagiri has remained the same, more or less, since July 2012. The prices have stayed in the Rs 30,000-30,500 per sq. m. bracket. The same cannot be said about residential plots and independent houses in Khandagiri, the prices of which have fluctuated wildly over the last couple of years. While the Q2 (2014) price for individual houses has ranged from Rs 32,000 per sq. m. to Rs 34,000 per sq. m., residential plot or land prices have ranged from Rs 7,200 per sq. m. to 9,500 per sq. m.

To take a 2BHK apartment/flat for rent in Khandagiri, one would have to pay at a rate of Rs 7 per sq. ft. The typical rent price for a good 2BHK apartment would range from Rs 10,000 to Rs 12,000. 

Commercial Market Trends

Khandagiri is witnessing a lot of activity on the commercial front as well. Several new commercial projects have been proposed to come up in the locality. The Khandagiri-Chandaka Main Road is an instance of an upcoming area for commercial activity.

Major Challenges

One of the major challenges the locality faces is traffic management. In Khandagiri Square, especially, the large number of shopping establishments means that vehicles are parked on the roads, congesting the roads and causing major traffic snarls. Another civic challenge is the absence of good drainage systems, due to which there are waterlogging problems.

Factors for Growth in the Future

Over the past decade, the real estate market in Khandagiri has shown buoyancy. With the rise in residential and commercial activity in this region, a lot of development in economic, social, and social infrastructure is expected to take place. The IT sector is also swiftly gaining ground, and is bound to provide job opportunities to people from different parts of the city.

There are also a few road-widening projects planned to decongest traffic. This will further help the locality’s infrastructure and, in turn, improve the real estate sector.