Friday, 11 November 2016

KULDEEP NARAYAN ERA OF PATNA REAL ESTATE.


 Not long ago, Patna real estate was a seller’s market. Developers and Builders in Patna, even the ones with a terrible reputation owing to delays and quality of construction, were never short of eager home buyers in Patna. Patnaites embody the ‘roof over our heads’ aspiration like few others. That meant developers in Patna decided what the market wanted. They set the size of apartments in Patna, the price of property in Patna and the designs, quality. The customer’s choice was smothered by demand frenzy. 

The three year “legal battles” all around the Patna property market has over hauled the scenario. As our founder calls it , the KULDEEP NARAYAN ERA of Patna property market, where any and everything in Patna property market was under the lens of municipal commissioner Kuldeep Narayan. He and his team brought Patna reality to a standstill. It was a nightmare for the industry along with the slowdown in economy. Just imagine that an individual in Patna could not have his map for his house passed and start construction for the whole period of this bizarre commissioner and his more bizarre ways. The notification of master plan and sensible people in control of things are bringing back normalcy to Patna real estate but it will take time. Hopefully the nightmarish, Kuldeep Narayan era never returns again.


At present time Developers in Patna are right-sizing, right-pricing, re-designing, even delivering apartments on time. Besides discounts of 8-10%, developers in Patna have taken to offering freebies such as gold coins, cars, and furniture to attract home buyers. They are also offering easy or deferred payment plans. In some cases, booking amounts have been slashed to as low as Rs 1. In other words, developers in Patna are giving unprecedented attention to customer care. Home buyers in Patna never had it so good. Demand exists in Patna realty market. But customers end up buying only when they are assured of correct pricing, product, payment plan, performance and most importantly, permissions from authorities. Building smaller homes without changing the per sq ft prices is another strategy that is gaining popularity. By reducing the size of houses, builders in Patna are trying to make the pricing attractive for buyers in Patna.