Monday, 22 March 2021

3 Ps OF REAL ESTATE BUSINESS IN PATNA

3 Ps OF REAL ESTATE BUSINESS IN PATNA



Let’s be real right from the outset — going into real estate business for yourself isn’t always easy anywhere in the world. In Patna a town with an area of 100 odd square kms and about 20 lakhs of population and per capita income lower to India's national average and one of the lowest in the world, it gets a bit more challenging. If it were an easy thing to do then everyone would be doing it and Patna would have been a business hub. But it is not so. As business owners in Patna, we find ourselves, particularly in the early stages of a business, having to be a master juggler; in that we are managing a whole host of different tasks at seemingly the same time. It seems a lot more hustle then what can we consume.

Being passionate about what you do or good at what you do isn’t enough to build a successful and profitable real estate business in and around Patna. Anyone can have a good idea but it takes someone very special to build a successful real estate business from scratch. So to avoid becoming part of the nasty statistic that shows that over 90% of businesses ultimately fail in the country, with a higher mortality rate for start-ups, it is really important that you embark on your journey with a solid foundation in place to get established in Patna real estate

Not only are you consumed with the “doing part” of providing your products and services to customers in Patna, but you find that there is a myriad of other things you need to be concerned with such as marketing, managing staff, being on top of the numbers, staying updated on the ever-changing legislation landscape and ensuring that you are on top of any red-tape burden that is imposed on your business in an environment like Bihar and its capital Patna. The list doesn't end there, but we hope you get the idea. With so much to manage and so less support as enterprise is absent from our vocabulary in Bihar; the success of a real business in Patna depends first and foremost on luck and then below mentioned factors. Because luck favors those who are present and ready when it smiles.

The three key ingredients — or 3Ps — required in Patna real estate are:


1. Passion

Being passionate about what you do is so important because during the more challenging periods, which you will most certainly face when establishing your new real estate business in Patna, it is this passion that will carry you and propel you to overcome whatever obstacles you face. Being passionate about what you do is not enough by itself but is a vital ingredient in any successful business anywhere in the world and more so in Patna. You will feel like quitting so many times but your passion showers hope that make you try again.


2. Preparation

Preparation is all about making sure you have a viable business model before you begin. It is about being clear on what your proposition is and who your target market is. A business plan is a vital document that must be prepared. In a nutshell a business plan is the road map of your business. It shows the destination you are seeking and details the path you will follow and the resources needed for you to get there. Financial projections form a major part of a business plan. You must know your numbers. Remember a business that fails to plan, plans to fail!

But more is required !! Patna real estate is a very thin market and therefore cash flow is very erratic. Therefore, working capital could be a challenge. Payments are very irregular. For example, a customer buy a flat in Patna in your residential project in Patna. The customer has paid the booking amount but you cannot be 100% sure of his further payments. You need to be cautious and not assume a smooth flow of transactions.


3. Persistence

Provided you are passionate about what you do and have done the necessary preparation then you must have the drive, motivation and determination to see it through and not give up at the first hurdle and many more that will keep coming your way. Remember, there will be “CRAP” (Criticism, Rejections, Assholes and Pressures) in your path.


But provided you have all of the three attributes, then there is absolutely nothing to fear about going into real estate business for yourself. There will be obstacles and challenges (remember CRAP) but there is also no greater feeling and sense of achievement than being the master of your own destiny and building your own successful business in PATNA.


Monday, 15 March 2021

Young Icons in Real Estate Patna

New builders in Patna





PATNA’S real estate market is going through rapid transformation in last five years or so, and the credit goes largely to the demand of property buyers in Patna and infusion of fresh talent into the Patna realty market. There can be no progress without change, and it is change that the new generations of developers and builders in Patna have brought with them. They have a fresh outlook on the real estate business, and the vision and zeal of youth on their side. They come from various backgrounds - some are the scions of existing real estate business in Patna, but most of them are absolutely new to the field of real estate in Patna. This young lot of builders in Patna are changing the whole experience of service offerings for customers who want to buy land in Patna or buy a flat in Patna.


In our opinion, those who have the benefit of continuing in established family businesses have had a greater advantage. They have the benefit of an existing business foundation and a loyal clientele. In Patna, the reputation and credibility of a development firm is built up over many years, and customers learn to trust certain brands for their proven adherence to quality locations, construction and after-sales service.

However, even brand-new entrants in the field of real estate in Patna are making a mark and we are seeing a lot of good work happening from them. They have the advantage of entirely breaking the trend and starting out, from the ground up, with fresh concepts and innovations. They can build their real estate businesses to their own specifications, pick their own staff to maintain and build upon their own youthful edge and incorporate business practices which may sometimes meet with some opposition in older real estate firms in Patna. 


No matter what background they come from, the new generation of developers today in Patna has invariably had opportunities to a more cutting-edge education, and more exposure to the world markets. Many of them have traveled extensively and have seen new, modern concepts in housing in more advanced countries. They are able to bring these concepts to the table back home to Patna and adapt them to Patna’s requirements. For instance, the 'green homes' and 'smart homes' is being introduced in Patna is largely thanks to the fact that the new generation of developers has recognized the importance of these new concepts in Patna. 


Young minds think alike. It is sometimes difficult for the older generation of builders in Patna to completely grasp the requirements of the current age. Patna is a city where youth will drive everything in terms of growth. We find that the spirit of youth needs to be effectively interpreted and translated into today's home designs, and the new generation is helping us to do this very effectively.


Meanwhile thanks to the infusion of youthful talent into the business, the older generation of builders in Patna is learning to change with the times when it comes to the designing of homes, to market their products to the right customer segment and to bring better efficiency to overall business operations. This matters a lot in a very individualistic market like Patna, where these younger developers have already made a huge difference. If we look at what Patna’s residential real estate market offers today and compare it with what existed only ten years ago, there is visible and profound change in almost every aspect. The new residential projects in Patna are so different from that being constructed a decade ago in Patna.


We now have sleeker, more efficient designs, better construction techniques and the introduction of green and smart homes in Patna new real estate construction. These flats for sale in Patna are designed and built for a younger, more aware generation of home-buyers who know what it means to want more out of life.


Monday, 8 March 2021

The Best Places to Live in PATNA (For You!)



Patna Real Estate

As they say, Patna is a city of neighborhoods, and with such diversity, there’s something for everyone. As a Patna real estate consultant, in the last 8 years we’ve helped dozens of people from all walks of life in Patna  to find the right home for them in the best locality in Patna for them. While everyone’s individual needs are different, we like to provide general guidelines to our clients that will aid them in finding the home that fits their needs in future as well as present. So with that being said, here are a few basic rules to get started on your Patna Home search. And remember, if you’ve got more questions and would like to discuss buying a property in Patna, please email us – info@buysellrentpatna.in or call @ 8002313930.


If you’ve got kids and you’re looking for great schools: We would recommend Patliputra, Rajiv Nagar or West Patna (Raja Bazaar to Shaguna more). Even localities across By-Pass road like Ram Krishna Nagar and Jaganpura could also be considered. These neighborhoods are home to the best public schools in Patna and all of them are family friendly neighborhoods.


If you’re looking for late nights on the town (and affordable homes): We are sorry, but in this regard Patna has nothing much to offer. Night life is still a BIG NO in Patna. Hope it would grow in times to come. We too dream of areas with easy access to public transportation and a ton of restaurants, coffee shops and music venues, these hot neighborhoods would be the place to be in Patna in the time to come for specially young at heart Patnaites.


If you’re looking for Big City hustle and bustle: Center City (Gandhi Maidan, Dak Bungalow, Fraser Road and even Boring road) are the places for you. You’ve got all the attributes of typical Indian city living, and with everything in walking distance, you won’t even need a car! But that said car is still a style and status statement for residents of Patna. 


If you’re looking green space: Check out the far West ( Shaguna more) and beyond in Khagaul, Shivala etc.. Although green open areas aren’t so easy to come by in our city, Patna. Still few residential projects in western Patna are promising ample green spaces for its residents.


There you have it- A few great options to get you started when searching for the perfect Neighborhood in Patna. Remember, no two situations are exactly alike, so when you do your research, make sure you buy the flat that perfectly fits your needs, whatever they may be. Patna is such a fantastic city and has something for everyone. If you’d like to learn more about the great places to live in Patna, CONTACT US…..

Monday, 22 February 2021

What you should look for in a Real Estate Agent in Patna?


Real Estate Agents in  Patna

When you are looking to buy or sell a home/Apartment/land/property, your real estate agent in Patna needs to be on your speed dial, completely accessible.  You want to make sure you have a good relationship with your real estate agent.  Some people don’t get lucky with the first real estate agent they pick in Patna, so here are a few signs that it’s time to look for a new real estate agent.


Your Real Estate Agent in Patna is Unresponsive:   Your real estate agent should respond to your calls and emails, we mean any and every call in a timely fashion.  Your real estate agent should be in touch every single day to you in the beginning to make sure that YOU have seen the listing and approved it.

An ongoing conversation with your real estate agent in Patna can be the difference between selling your house in Patna in five to seven months, and having it sit on the market for an endless wait and by that time the dynamics change in an ever evolving property market in Patna.


Your Real Estate Agent Doesn’t Listen:   The first meeting with your agent should give you confidence that your real estate agent in Patna has your best interests at heart.  If your agent in Patna asks you these questions, you should feel good about them:

What’s your time frame to buy or sell property in Patna?
Tell me about your dream house you want to purchase/the house you are selling?
What improvements have you made to your home?
What are your expectations for me? And how often should we be in touch?
Have you worked with a real estate agent before? What was the experience like?
What kind of localities in Patna are you interested in to buy property in Patna?
Discussing the work process and market are important, but assessing your wants and needs will help your real estate agent in Patna figure out if you are on the same page and will be able to work well together.

Your Real Estate Agent You want your real estate agent to have selling houses in Patna as their career, not a job on the side.  Your real estate agent should also be well-educated, up to date on current issues and follows a professional code of conduct and ethics.

Your Real Estate Agent is Unprofessional:  If your real estate agent acts disorganized, cancels, or shows up late to appointments, then he is unprofessional and looks bad for everyone involved.

Your Real Estate Agent Makes You Uncomfortable:  You shouldn’t be squirming in your seat every time you have a meeting with your real estate agent in Patna.  Poor social skills are a turn-off to both buyers and sellers and could cost you the sale or a showing.  Your agent should not try to talk you out of what you want, making comments that you should aim lower; they shouldn’t make you feel bad for spending less or pressure you to make an offer before you are ready.

When you start looking for the right real estate agent in Patna, www.buysellrentpatna.in will be here to help.

Wednesday, 11 December 2019

Determine Your Needs and Belt your wants before buying a house in Patna


Patna is a thin real estate market especially when it comes to buying a house in Patna. Residential plots for sale and flats for sale are relatively easier to find for home buyers in Patna.

Before one begins to search for houses for sale in Patna one needs to create a realistic list of the needs to buy a house in Patna. Looking for a home in Patna can take time; in facts sometimes more than a year; and it takes longer especially if one is not focused on what is most important in buying a house in Patna.
House in Patna
Buy House in Patna
Hunt houses in Patna with a "shopping list" in hand; it will narrow your search. One should make a “wish list" and a "must have" list and more importantly understand the difference between the two. If you do not really understand the difference between them, you might sometimes reject houses in Patna that perfectly meet your needs in search of homes that meet your wants, which in many cases can be out of your budget and unaffordable.

Real Estate In Patna


That's not to say that you shouldn't try to get what you want - you should just be able to tell the difference between what you really need and what you would like to have while buying a house in Patna.

Wednesday, 21 August 2019

WHAT IS THE MEANING OF “AFFORDABLE” FOR HOME BUYERS IN PATNA?


A  survey conducted by our company  on 100 flats’ buyers in Patna found that two out of every three homebuyer  in Patna  sank in more than 50% of his total savings into the down-payment itself for purchase of flat in PatnaFlats as investment vehicle is never attractive in Patna as rental yields are very low in Patna and property prices in Patna are elevated in many localities. The ‘ideal flat in Patna’ should provide the convenience without the compromises, be affordable and have great resale value. Since this is an elusive dream, home-buyers in Patna should focus on one or two items on their wish-list. It is important to find a good middle-ground between utility and affordability while buying property in Patna

Affordable Housing

For a middle class resident of Patna, AFFORDABLE means property in Patna under the Rs 50 lakhs bracket.  Because the AFFORDABILITY measure = Ratio of EMI to Monthly income. A middle class family in Patna earns around Rs 75000/- monthly income (earning of family) and at most can afford only 40% of the monthly income as EMI for home loan. That is about Rs. 30000. It makes him eligible for a loan of about Rs.30 lakhs for twenty years. So with 10-15 Lakhs of saving, he can go for a flat priced around Rs 45-50 Lakhs.


To truly tap into this demand, builders in Patna would need to find a way to offer quality, basic amenities and proximity to the city but at these relatively lower costs. This is a challenge developers in Patna will have to face if they want to ride the next wave that is affordable housing in Patna.

Patna Housing


Without doubt, maximum affordability lies in the sub-50 lakhs segment in Patna real estate. Moreover, the government is giving sops for affordable housing, which is a big incentive for buyers as well as developers in Patna.

Will the sun finally rise on the affordable housing segment in Patna real estate?

Wednesday, 5 June 2019

Land Prices in Patna and Patna Real Estate.

Land for sale in Patna
Buy Land in Patna

It is the rising price of land in Patna that keeps the price of real estate in Patna always increasing because the land price is the most important price factor in the real estate price in Patna. But at the same time land prices in Patna are also dependent or better say partially dependent on real estate developments in Patna. With rising real estate developments the land prices too head northwards. This very symbiotic relationship between land prices in Patna and development in Patna real estate is major cause of real estate bubbles in Patna. Yes, it is interesting to decipher whether it is high prices of houses in Patna that makes the land prices in Patna higher or is it high land prices that makes buying a house in Patna exorbitant.

The price of property in Patna is made of material cost, labour cost, intangibles like location & brand, marketing and administration costs (for builders and developers in Patna), registration & stamp duty cost, taxes, brokerages and THE LAND COST. If we look at each component of real estate price in Patna; we will find each of these have been increasing in our country.

Even in so called developed countries the ratio of land price to real estate price vary from 30% to 50%. In Patna, if we buy one kattha (1361 sq.ft) of land where we can build our house immediately, it will cost us at least Rs.40 lakhs. So the land cost per square feet comes to be Rs.2939/- If we construct a house of 2000 sq feet on it ( we have taken two floors only because housing by-laws in Patna do not permit for more than 2000 sq.ft constructed area in one kattha of land), 1000 in ground floor and 1000 in second floor; the construction cost will be around Rs.1500 per sq.ft. Therefore, whereas the construction cost is Rs.1500/sq.ft the land cost is Rs.2939/sq.ft in Patna. The ratio is almost double. Therefore, if we calculate the land cost as percentage of total cost of real estate in Patna it comes to 2939/(2939+1500)  equal to 66%. And therefore in Patna people say “If one is able to buy land in Patna then he will be able to build a house in Patna.” This percentage is comparable to Singapore, South Korea and Japan. In Japan it touches to 90% in some pockets. But in Beijing, China it is only 35%.

buy house in Patna
Buy House In Patna

So at almost 66% of the total property price in Patna no doubt it is the land price that influence the property rates in Patna the most. Though we have established land prices as most important internal factor in a property price in Patna but “Consumption Story “ in our state Bihar which is clocking double digit growth year on year too spurs the demand and hikes prices of land in Patna. With increase in income people in Patna can go for home loans and purchase property in Patna. So we do not undermine the influence of interest rates and income on property prices as well as land prices in Patna.