Friday, 31 August 2018

7 Factors That Affect Property Prices In Patna

Property prices in Patna
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.

1.    

   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







Saturday, 25 August 2018

6 Reasons Why hyper Local Real Estate Websites Are Better than National level Websites

Patna real estate
Patna Real Estate

 First Reason: - OPEN PLATFORM

No one cannot really be held responsible for adding misleading information to 99acres; Magicbricks; housing.com, Proptiger.com and many other national real estate website database, since they are an open platform, without regulation. The major problem is that homebuyers or sellers do not know whether a listing on these national sites is a legitimate deal or a time pass. Innocent online home buyers simply assume that a property for sale on 99acres is available, and may begin to get emotionally attached to it before finding out that it is a JOKE. Not only 99Acres but all national websites are known for having this same problem. At most the mobile number is verified or mail id is verified on national real estate websites but the most important thing the property is not verified physically or legally.
Anyone with an email id and phone number can go and list their property for sale or rent on these national websites in India for free without consequence. If their data is bad, who cares, since there is no one there to regulate it? Basically, anyone can list a property and put any price and information that they want to get people to contact them or visit them, but their motivation for advertising this data may have nothing to do with actually selling or renting a property in Patna

Buy Sell Rent Patna
Property in Patna

 Second Reason: - LOCAL SEARCH

The best way to find accurate data on property for sale or rent in any given area is to search for local real estate websites. Simply Google an area that you are interested in and look through the top results to find a website that is local and works well. It may not be as technically advanced as 99acres or housing.com, but the data will most likely be much more accurate and most of the time you will find much better results from the local real estate company maintaining and servicing the website.

website
PATNA KA APNA

Third Reason: - BETTER LOCAL DATA 


Local realestate websites have better local data. The national real estate websites process data that is extremely large. This means that you can be looking at the perfect house for sale on the website, but it may already be sold. It also means that if a house is really for sale, it may not show up on the national real estate websites for several days till someone decides to put it there. But a local real estate website keep searching for properties and listing them real time. Information delay could cause a homebuyer who is using their site to miss out on the best properties.

buy sell rent patna

Fourth Reason :- LOCAL RELEVANT INFORMATION FOR BUYING SELLING RENTING

Local real estate websites are platforms to communicate, inform, and discuss local real estate topics. A good local real estate website will be loaded with plenty of relevant data about your area of interest. The motivation of a real estate company to create this data is to connect with people who are interested in local real estate information. And when you see advertisements on a real estate websites, which are abundant on national sites; it typically means that their motivation is more about gaining web traffic to justify high advertising costs.  Local real estate websites do not have advertisements or have very few local ads. If you have a choice between a real estate website that has advertisements, and one that does not, it just makes sense to go with one that does not.
local website
Properties in Patna


Fifth reason: -  LOCALS KNOW LOCAL MARKET BEST

No one knows your local real estate market like the professionals who work in these locations areas every day. Neighborhood history, real-time market data, and home buying / selling processes are all everyday discussions for these local real estate professionals. You can’t necessarily get feedback on which neighborhoods have the best amenities or know how the resale history is in the area. There are so many details involved with finding the right house that you will always benefit from the experience and advice of a good local realtor. 



Patna real estate
RESEARCH on Patna real estate

Sixth Reason: - TRAFFIC AND REVENUE NOT MAIN CONCERN

National real estate websites are run by big corporate and they exist to dominate the search engines in order to sell their ad space for ad revenues to anyone who is willing to pay for it. Ads are their mainstay. Watch out for forced registration forms on these websites, as they may be selling your information to other individuals who can call and spam you like crazy.


Patna rent
RENT IN PATNA
When you deal with a good local real estate website, you are finding a local realtor, who has gone to great effort, time and energy to create all the local content that is useful to you. When you contact the real estate agent(s) who run the site and ask them for help, chances are that you will be given an immediate response with good customer service and great info. Local real estate Company who invest time and money into their websites are usually established agents who understand the needs of local home buyers and sellers, and understand that people want relevant information without being spammed with unnecessary property updates every day. This is a much different approach and motivation than you will find with the national real estate websites.




Patna Digital
real estate marketing

 BUT REMEMBER:- 

We feel compelled to note that not all local real estate websites are good. There are some that are not managed well and are simply designed to gather your information. There are also some that were created 10 years ago and need to be taken down or upgraded. If you land on a local website and are immediately forced to enter your contact information to continue, you should be skeptical of that site. Do not enter your information unless you are ready to be continually contacted by the real estate agent managing the website. Most good local real estate websites will not force you to register to view property for sale or rent. If you are using a mobile device and the website is not compatible, keep searching and you will most likely find a better local real estate website that is responsive to a small screen and is mobile friendly.
Patna website
www.buysellrentpatna.in
At www.buysellrentpatna.in, we spend full time  adding more content, blog posts, neighbourhood videos, community pages, and local data so that online home buyers in Patna and sellers in Patna can access the information that will help answer their most important questions. It’s a major task to keep a website like this going, but we are committed to serving the Patna Real Estate and we are proud of our involvement with the local real estate in PATNA. Please let us know if there is anything that you think we could change to enhance your experience on our website. Our goal for this local real estate website for PATNA is to be the best that it possibly can be.

Sunday, 29 July 2018

RERA BIHAR: - A STEP TOWARDS EFFICIENT REAL ESTATE MARKET

Our Article published in Times Of India, Patna Edition on 29th July 2018



How many real estate projects are going on in Bihar? Who are the builders? What is the status of construction? Time till completion!!! Home buyers in Bihar have always been curious about these issues!!! Now they have a platform; RERA BIHAR. The buyers in Bihar have RERA BIHAR website to look into these anxieties. Developers and builders in Bihar just do not have to register themselves with RERA BIHAR but have to give all the details related to the project, to be put up on the regulator’s website for the public to see.  Now if anyone is planning to buy a flat in Bihar, most of the questions can be answered on this website, though at the time of writing; the website needs a lot of up-gradation and validation, but it is functional.

According to RERA ACT, after 31 July 2017, if an ongoing residential project or a new project that is more than 500 sq. meter or has more than eight apartments, wants to advertise or sell its units, it has to get registered with the real estate regulator of that state or union territory. And within one year in Bihar more than 350 projects are registered with BIHAR RERA. No surprises that ninety percent of them are from Patna alone as Patna is the largest property market of Bihar. That is commendable and the number will increase by the time the grace period for registration ends this month. For non-registration there is provision of hefty fines.

“Home-buyers can easily find the complete set of documents relating to the residential project on the Bihar RERA website, right from approvals to application for occupation certificate, along with the expected timeline projection. It will be possible to know the details about the sale of a project, which was not easily made known,” says Director of Chitra Homes, Vikash Kumar a builder in Patna, who has recently got his new project approved by RERA BIHAR. Vikash adds, “Real estate is all about trust and such transparency helps build trust”.

If one is planning to buy an apartment in an under-construction project, it is good to know how many units have been booked and how many are left. This indicates demand and interest of buyers in the particular project. Also, a real estate agent will not be able to mislead you, stating that only a few units are left and you should book quickly. For under-construction projects, it is important to know if its construction is going as per schedule. You can find “the date that the developer has committed for the project to be completed, as well as any revisions of this date; the current stage of development, information on the support infrastructure like water, electricity and internal roads, along with the progress made on them from RERA BIHAR.

How many real estate projects are going on in Bihar? Who are the builders? What is the status of construction? Time till completion!!! Home buyers in Bihar have always been curious about these issues!!! Now they have a platform; RERA BIHAR. The buyers in Bihar have RERA BIHAR website to look into these anxieties. Developers and builders in Bihar just do not have to register themselves with RERA BIHAR but have to give all the details related to the project, to be put up on the regulator’s website for the public to see.  Now if anyone is planning to buy a flat in Bihar, most of the questions can be answered on this website, though at the time of writing; the website needs a lot of up-gradation and validation, but it is functional.


According to RERA ACT, after 31 July 2017, if an ongoing residential project or a new project that is more than 500 sq. meter or has more than eight apartments, wants to advertise or sell its units, it has to get registered with the real estate regulator of that state or union territory. And within one year in Bihar more than 350 projects are registered with BIHAR RERA. No surprises that ninety percent of them are from Patna alone as Patna is the largest property market of Bihar. That is commendable and the number will increase by the time the grace period for registration ends this month. For non-registration there is provision of hefty fines.

“Home-buyers can easily find the complete set of documents relating to the residential project on the Bihar RERA website, right from approvals to application for occupation certificate, along with the expected timeline projection. It will be possible to know the details about the sale of a project, which was not easily made known,” says Director of Chitra Homes, Vikash Kumar a builder in Patna, who has recently got his new project approved by RERA BIHAR. Vikash adds, “Real estate is all about trust and such transparency helps build trust”.

If one is planning to buy an apartment in an under-construction project, it is good to know how many units have been booked and how many are left. This indicates demand and interest of buyers in the particular project. Also, a real estate agent will not be able to mislead you, stating that only a few units are left and you should book quickly. For under-construction projects, it is important to know if its construction is going as per schedule. You can find “the date that the developer has committed for the project to be completed, as well as any revisions of this date; the current stage of development, information on the support infrastructure like water, electricity and internal roads, along with the progress made on them from RERA BIHAR.

RERA no doubt is a measure to protect buyer’s interest but at the same time RERA means financial and operational prudence if implemented well for developers and builders in Bihar. RERA treats each project separately, leading to different escrow accounts for different projects. The financial discipline will make many developers in Bihar to timely hand-over their projects so that they can move to new projects. The execution will be the key. The builders can concentrate in what they are best at; building valuable projects for the market to absorb without having uncertainties to deal with. Therefore they too are a happy lot. RERA emphasizes on efficiency and this is must for any prudent business effort. The majority of builder community therefore welcomes RERA as bliss in the long term for their business. 

After a long time, Bihar real estate is looking for a great festival season (Dusshera-Diwali) with many laws like GST, RERA now settled and buyers re-gaining confidence and trust in the property markets of Bihar once again. Now the buyers can rest assured that the keys to their dream homes will be delivered on time; there is a regulator watching the timely delivery.

Wednesday, 21 March 2018

Investing in Patna’s Property; Factors That Influence the Appreciation of your Property in Patna





We at BuySellRentPatna.in always find sellers in Patna, particularly those who as investor went for a property in Patna for returns, asking too high a price than the relevant market price. The non- resident Biharis too are exorbitant We do understand that with no index to guide on the market value of the properties in Patna, the seller tries his whims and luck as a strategy. The only tool available to sellers in Patna is comparative analysis in the locality. The selling price is directly proportional to appreciation in the property prices. If anyone is investing in the Patna property market for rental yield; than both residential and commercial yields are negative, until and unless you have inherited a property, which many have in Patna? Therefore it’s better to invest in Patna real estate for appreciation and only appreciation.


Therefore prior to investing in a property in Patna, analyze which are the factors which help in appreciation of Property prices in Patna and also easy selling as the demand is higher.
First and foremost if your property in Patna is built and developed by reputed builder in Patna, then you can get your property sold much faster and easier. Secondly, the location and locality of your property in Patna is the most important factor which influences the appreciation of your property. Nowadays a number of people are looking for Vaastu-compliant homes; therefore this too is a factor to consider while looking for appreciation. One more factor related to it is that front facing corner homes fetch better prices in the same apartment or enclave. As light-filled homes are brighter and look more spacious. No wonder that light-filled homes appeal to the aesthetic senses of all potential buyers in Patna. First and second floors are the preferred floors for buyers in Patna. Top floor struggles the most while selling. The latest addition is amenities within the society or enclave. Amenities such as swimming pool, round-the-clock security, Club House, or any other facility are now appealing to young and old (retired persons) alike in Patna real estate. Cars in the last decade have become a part of Patna middle class living and therefore adequate parking spaces too help in appreciation. No doubt the future infra development in the locality helps appreciation directly, the burning examples are Gola Road and Shaguna Mode localities.
And the appreciation is also directly proportional to prevailing market conditions, the economic cycle. 
 Look for these before investing in Patna Property market as 2018 is the best time to get in Patna real estate.

Monday, 19 March 2018

Affordable EMI for Home Loan in Patna


Buy Sell Rent Patna

Mr. Kumar had recently purchased a 3 BHK flat in the Shaguna More area of Patna. The flat cost him around Rs.60 Lakhs including taxes. Besides saving, he had to take a home loan of Rs.45lakh. Now the biggest burden he faces every month is the EMI which takes away 35% of his monthly salary. With the ever fluctuating interest rates, home buyers in Patna like Mr. Kumar are having second thoughts on purchasing homes in Patna.

To keep EMIs affordable and also purchase the dream house in Patna, people usually go for long tenure home loans. However, many are clueless that the more long-term loan you apply for, the more interest you pay.
Buy Sell Rent Patna

As mentioned above, the long-term loan will make you pay extra EMI from the usual interest rate you are paying. The short-term loan will ensure reduced long-term financial commitment. A 15-year loan is quite affordable compared to 20-year home loan, which will also result in the lower interest rate. Moreover, the principal amount paid is fast leading to a lower interest rate.
A second way is to increase your EMI by certain % every year. You can increase your EMI payment rate yearly as your salary and other saving options increases. For instance, your salary increases by 10% per annum; you can increase the payment interest by 5 %. This will also help to repay your EMI within few years, rather stretching it for too long.
Buy Sell Rent Patna

And one of the best way to reduce the EMI rate is by paying the principal as quickly because lesser principal amount, lesser will be the interest rate. If you are carrying extra cash with you, then give it to the bank to get your principal amount reduced.
Therefore if you are feeling the heat of EMI monthly these are some ways to ward of the evil in the near future. 

Friday, 16 March 2018

RERA BIHAR


After 31 July 2017, if an ongoing residential project or a new project that is more than 500 sq. meter or has more than eight apartments, wants to advertise or sell its units, it has to get registered with the real estate regulator of that state or union territory; as per the RERA ACT.
How many projects are going on in Patna? Who are the builders? What is the status of construction? Time till completion!!!
Home buyers in Patna have always been curious about these issues!!! Now they have a platform; RERA BIHAR website to look into these anxieties.
Buy Sell Rent Patna
BIHAR RERA WEBSITE

Developers and builders in Patna just do not have to register themselves with RERA BIHAR but have to give all the details related to the project, to be put up on the regulator’s website for the public to see.  Now if anyone is planning to buy a property in Patna, Bihar most of the questions can be answered on this website, though at the time of writing the website needs a lot of updation and validation, but it is functional.
Once the home buyer has decided to buy a flat in Patna, the RERA BIHAR website can really be helpful in making a choice. The buyer needs to log on to t Bihar’s RERA website; (https://nagarseva.bihar.gov.in/rerabihar/home), the list of registered projects in your selected area will be displayed.
A buyer can also view the pertinent details of the project he is interested in Patna such as name of the builder in Patna along with its address, (and) track record in the market. Finding a reliable builder in Patna is among the most important factors for a home-buyer in Patna. Therefore, a track record of timely delivery and quality of construction matters a lot.
“Home-buyers can easily find the complete set of documents relating to the residential project on the Bihar RERA website, right from approvals to application for occupation certificate, along with the expected timeline projection. It will be possible to know the details about the sale of a project, which was not easily made known,” says KEY ACCOUNT Manager, Vikash Kumar of hyper-local real estate portal for Patna, www.buysellrentpatna.in
If you are planning to buy an apartment in an under-construction project, it is good to know how many units have been booked and how many are left. This indicates demand and interest of buyers in the particular project. Also, a real estate agent will not be able to mislead you, stating that only a few units are left and you should book quickly. For under-construction projects, it is important to know if its construction is going as per schedule. You can find “the date that the developer has committed for the project to be completed, as well as any revisions of this date; the current stage of development, information on the support infrastructure like water, electricity and internal roads, along with the progress made on them,” added Vikash Kumar.
Real estate agents in Patna have been known to trick home-buyers with misleading claims about projects. Earlier, the agents were not held accountable and did not have to register. In fact, the services of a real estate agent were not even a part of the formal process in most cases. Under RERA, they too have to register with the authority.
Thus, on the website you can also find out the names of real estate agents who are authorized to deal in particular projects. According to the Act, a ‘real estate agent’ is anyone who acts on behalf of one person in a transaction of plot, apartment or building and receives a remuneration as commission or otherwise. This includes property dealers, brokers and any other middlemen. They are not allowed to facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, in a real estate project or part of it, without having a registration number.
The real estate regulator’s website is supposed to provide a lot of information to the public. Bihar RERA (https://nagarseva.bihar.gov.in/rerabihar/home) website is functional. But BIHAR RERA website is not so well populated with information on developers, projects and agents till now. In our state, home-buyers have to wait longer to be able to use the regulator’s website fully in their home-buying process.
BIHAR RERA WEBSITE