|Good days are here !!!|
Has the “turbulent air” passed over the Patna real estate!! This is what the seasoned players in Patna real estate are asking in 2018. Patna real estate was put to hold by government “checkups” and delays in “Kuldeep Narayan Era” of Patna real estate, 2013-2016. With the formation of new government in Bihar, the realty market gained hope but then the Central government bombed it with slew of measures like de-monetization, RERA and GST to name a few. What will be their effect will unfold gradually in 2018. The uncertainties still prevail over Patna real estate but the hopeful builders and developers of Patna feel that 2018 will begin the upward trend and the implementation of policies will be the key. The good signs for Patna Realty market are a number of new launches in western Patna and work starting in full swing in a number of stalled residential projects in Patna. We explore that if 2018 is going to turn the tide than what are ingredients required to gain and sustain momentum in Patna property market. Patna realty market wants it trust and reliability back!!!
|Digital Patna Real Estate|
Once the RERA(Bihar) office comes in full swing and the online applications for passing the building maps in sleepy Patna Nagar Nigam is fully operational; The Bihar Government should launch a “SINGLE WINDOW CLEARANCE SYSTEM” in place. The major obstacle a real estate developer faces in Patna is the property clearance which usually takes 18 to 36 months. The majority of delay happens to procure approvals from authorities who take months to reply. Single Window Clearance is the compulsion of the real estate developers in Patna especially after RERA, where there is penalty on late delivery of projects. The real estate is already facing the regulatory pressures. So implementing this method will not only bring down the project delivery deadline delay but also the cost of the project implementation. By going online, it will boost the transparency and curb the scope of undue gratification.
In the year 2018, builders in Patna will majorly focus on selling and completing the existing projects within the deadline. Though new project launches too will take place which are in pipelines from years. Hence, the year 2018 will witness major sales and delivery in the residential and commercial property market in Patna. RERA has given opportunities to builders in Patna to stay transparent and complete the project by the mentioned deadline.
2018 is a year where builders in Patna (specially the seasoned ones) could ready themselves for FDIs which will flow in India with new regulations in place and REITs seeing the light of the day. FDI in real estate project in Patna…..are we stretching too much ….