The surge of property prices in Patna has converted the core city area into a premium market according to several local industry players. As a result areas earlier considered to be on the outskirts have come in focus and are growing as the mid segment market. The mid segment market falls in the price bracket of about 3000 per sq ft and has apartment sizes of about 1200 sq ft. Whereas apartments in the core area of the city which has turned into a premium market cost about 5000 per sq ft and offer apartment sizes of about 1500 sq ft and above.
Some of the areas that cater to that mid segment realty market in Patna now are areas beyond Shaguna Mode, Khagaul- Shiwala, Danapur, Sampatchak, Parsa, in and around the By-Pass and the new developing colonies in Bihta.
Developers in Patna agree that local builders who are known to complete projects on time with an average of about only 6-12 months of delay, results in units being absorbed during the launch stage of a project. The high land cost is what is keeping the medium segment market slow now as the excessive land cost is effecting only the builders and does not the end buyer. The land cost is very high but its appreciation is not as desired in Patna right now. Earlier land would cost about 10,000 per sq yd and be sold at about 2500 per sq ft. Now land is costing about 35,000 per sq yd and also selling at about 2500. There is a huge gap in costs which needs to reduce to get the mid segment market out of stagnation.
During the current festive season only additional 10 percent sale has been seen so far as compared to the rest of the year in Patna realty sector, the residential Head Manoj Kumar Singh of www.buysellrentpatna.in