The year 2012 can best be described as a lackluster year for
real estate sector. There were
several headwinds that prevented Patna Patna’s
real sector from delivering to its full potential. High property rates in and home
loan interest rates kept the home buyers away from the property market in Patna Patna.
Property buy sell rent in were
down by 20-30% for the year. As we move into 2013, it is important to
gauge the mood of home buyers in Patna Patna
in terms of their desire, aspiration and fear for the upcoming year, 2013.
We (www.buysellrentpatna.in) have tried to capture the upcoming buying trends
in the Residential Real estate sector. Patna
Although the exponential jump in property rates in
is a prevailing
trend since 2009, but now in 2013 it will act as a hindrance in buying apartments in Patna . It
seems most buyers are not able to justify high prices of flats in Patna . The other concern of home buyers in Patna Patna
is connectivity of the new residential
projects in .
There is apprehension among them that the infrastructure development around
these projects will take much longer than advertised or estimated. Home buyers are unable to find their dream home in Patna closer
to their preferred location in their limited budget and are forced to
compromise with an area away from the main city. However, when it comes to
choosing between available options, projects with economical budget and
superior location & connectivity will win the race in 2013 in housing in Patna . Patna
Speculators and Investors in
housing, who were riding the property
from 2009 to 2012, will make way for end users in 2013. Majority of home buyers
want to purchase a property in Patna for self
use as they are currently staying on rent. Others want to buy property to meet
the demand of a growing family. An equivalent number of people want to purchase
a home for long term investment in Patna . This is
a very positive shift from the earlier years and will bring in the much
required stability in the property market
in Patna . Patna
Majority of home buyers in
are out in the market looking for apartments
or flats in Patna .
Residential plots emerged as the preferred choice for rest of the buyers in Patna Patna.
A lot of people in Patna desire of
options for independent houses and villas in Patna.
Though, apartment remains the preferred choice for vast majority of people in Patna.
This may be because of the security and
community living benefits that only an apartment
can offer. Patna
Owning a house is a priority for most Biharis today. Affordable housing in Patna i.e., housing below 40 lac continues to be a preference for majority of home buyers in
It brings out the disparity in the demand – supply equation in housing. Whereas most Biharis are looking for a home under 40
lac the availability in this price bracket is limited leaving demand far in
excess of the supply in Patna Patna. The
supply in over 50 lac bracket is huge where-as there is limited demand in this
segment, leading to unsold real estate inventory in Patna.
Real estate developers in and
policy makers will have to come to grip with this mismatch and take corrective
action to solve this issue. Patna