Real estate in
in the last five years has proved beyond doubt that property valuations have
taken a turn for the better and one hope in time to come the trend will
continue if the GSDP of Bihar continues to grow at the rate above 10%. The real
estate in Patna is definitely on
the rise, with the growth thrust being provided by important factors such as
demographics, interest rates, location and the state of the economy, which
affect the prices of property in Patna,
employment opportunity in the state, investment by NRBs (non-resident Biharis).
Correct insights in regards to the right time for purchase of property in
price escalations, and recessions in the real estate Patna
and other indicators like law and order, urban development and infrastructure,
help in making valuable purchase decisions. So, what are these factors which
drive and would keep playing an important role in real estate prices in Patna?
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Location of property in Patna
Buildings, real estate and properties in
Patna, located in
commercial and market areas, hold higher value than their counterparts in the
residential areas. And therefore for the new buyers of property in Patna
it is essential to note that now this type of opportunity lies in Western
Patna if one is planning for future. It is common to find a higher
price for buildings in well developed and approved colonies and areas in Patna
as against those in the lesser developed and upcoming areas in Patna.
We also need to remember that buildings which are constructed on freehold land
tend to command a higher valuation than those on leasehold plots.
The valuation of properties in
with better infrastructural capabilities and modern amenities are costlier than
those which fail to provide proper electric connections, telephone lines, water
sewerage facilities and all other infrastructure such as community centers,
children parks, swimming pools, gymnasiums, parking lots or general stores.
Valuation of property in Patna in
coming days will be clearly based on the availability of necessities and
facilities connected with comfortable housing in Patna.
Infrastructural development is one of the most important factors which influence real estate prices in
The presence of roads, airports, flyovers, malls and bus terminals and other
facilities in the vicinity of the property in Patna,
helps in value escalation of the real estate in Patna.
An example in this regard has been the area around Shaguna More in Patna.
It is a known fact that connectivity is one of the most important requirements for investors looking towards purchasing land or property in
This leads to the concept which explains a rise in the property rates in Patna
which is well connected to entertainment hubs, medical facilities, educational
institutions, retail markets and business centers, along with other day to day
Commercial Real Estate
With the opening of Malls in
the advent of commercial real estate in Patna
has started in Patna. Though Patna
has a long way to go in commercial real estate to catch up with developments in
areas like Noida and Gurgaon in India
and much more to catch with Dubai
The development of malls, IT offices and Special Economic Zones near residential areas help in cutting down the time and energy wasted in commuting to workplaces and increase the price of property in the area in
IT or information technology has being a game changer in Real estate industry in
The same is expected in real estate Patna
too. Properties which are located in agricultural areas or those dominated by
manufacturing units attract a lower price than those situated near the IT hubs.
The valuation of property is in direct proportion to the quantum of disposable
income in the hands of the purchaser or the majority of population in that
area. Therefore look out for the plans of major IT players planning to come to Patna
and the areas where they establish there foot hold will give a dream investment
in Patna real estate
Availability of land
In places where there is ample land available for residential purposes in
or development of real estate, the graph reflecting the rates of property in Patna
shows a slower rise than in areas where land is comparatively scarce. Land is
scarce in Patna, not an iota of
doubt about it.
Demand and Supply
Demand for real estate in
in a particular area is inversely proportional to its supply. As the supply or
availability of real estate Patna
decreases, the price of property in Patna
increases. Changes in population are the key drivers for demand. Along with an
increase in the number of people inhabiting a particular area, the popularity
of a particular locality in terms of people wanting to be a part of the
locality also increases its price. Again we would say watch out for Western
Patna and even Bihta.
Affordability refers to the cost incurred by the owner in the process of enjoying or retaining a property in
In layman’s term, it is the term which establishes a relationship between
interest rates, property prices and wages. If any of above three variables
reach their maximum level in a particular area in Patna,
then the inhabitants start looking towards a better lifestyle elsewhere.
Eastern and central Patna is an
The valuation of property in
in times to come will become dependent on the specifications of materials used,
layout, design, durability and life cycle of the building or township in Patna.
The quality and cost of materials during construction, size, current rates of
labor, frontage and other physical attributes such as roof covering, height of
the building, type of foundation , waterproofing and plinth level, will also affect
the price of a property in Patna.
The cost of real estate in
becomes higher in the event of builders undertaking customization of
residential space on the lines of the purchaser’s requirements. For example,
some investors may want landscaped terraces or verandahs connected with their
apartments, upgraded kitchens, specifically designed internal stairways in
duplex apartments, higher quality paint and flooring, or other user defined
changes. This leads to an escalation in the ultimate price charged to the buyer
Before making their real estate purchase decisions, investors should conduct an analysis of these drivers to get a fair valuation of the property in
that interests them. Careful investigation and homework can lead to better
returns, easy liquidity and more lucrative investments in Patna.