|Property Rates Patna|
What are the reasons that Property prices in Patna rises? Patna is a unique market as the demand comes from all around Bihar and even abroad from NRBs (non-resident Biharis). We have factored in few reasons in this write up.
1. 1. Growth in household income
When household income in Patna grows, property prices too display a rise. The extra income is used to buy property in Patna as most end users buy property in Patna with
home loans. As household income increases it eases out the payment of EMIs.
S 2. Stamp duty and Circle rate of property
State government from time to time revises the circle rate of different localities of Patna. An increase in circle rate means more payment of stamp duty, as stamp duty is a certain percentage of circle rates. The circle-rate increase directly hikes the property rates in Patna.
3. Property investment can be hit by the impact of overseas buyers.
A recent example was crisis in Gulf. Property prices in Patna went up as buying from Biharis in Gulf countries increased back home. Similarly when Rupee falls against dollar, the Biharis abroad find properties in Patna cheaper and they start purchasing back home resulting in rise of prices. Do not forget that Biharis migrate in herds for opportunities away from Bihar. Overseas buyers involve themselves with new properties in Patna generally and so the increase in prices is more obvious.
1. 4. Real estate prices may be determined by urbanisation
If you take a look at the modernisation trends of the previous decade in Patna, you will notice that certain areas have urbanised faster than the others. Example is GOLA ROAD. Because people migrating to such places seek comforts like the modern lifestyle, smooth transport, various modern day amenities and facilities, the builders in Patna in these areas have to factor in all these aspects into their final prices. And the prices head north.
1. 5. Rental yields effect Property prices in Patna
Once a region in Patna starts getting tenants and vacancies decrease in new properties; the prices of property in that area of Patna rise. The tenants come in any area of Patna were amenities like school and hospitals are available. Retail shops too are a requirement these days.
1 6. Property prices may be affected by Infrastructural developments
A new road or a flyover can increase and sometimes decrease (flyovers) the property prices in Patna. If the property comes below the flyover the value of the property decreases immediately in Patna. New roads increase the prices many times.
1. 7. New developed areas may result in decrease in Prices in older areas.
Areas in Patna like Exhibition road have witnessed fall in property prices due to many better options available in Patna, especially western Patna. These areas are cramped for spaces and parking is horror. People in search of comfortable lifestyle are moving to better spacious areas of Patna.
|Property Prices Patna|