Residential Buying in Patna Real Estate Market

Residential Buying in Patna Real Estate Market – Next Six Months

Developers in Patna would be expecting increased traction during the festive season though, the demand in most part of the city remained lack lustre last year in 2014. And not to forget the state elections too will influence decision making of the home buyers in Patna.

Interestingly, despite lower demand, developers in Patna do not seem to reduce their base selling prices but are offering various innovative payment plans, such as possession linked plans where one has to pay only 10 to 30% up front and the rest can be paid at the time of possession. This shows that Patna real estate market is definitely facing the heat due to unsold inventory. In the secondary market, a substantial discount is available on under-construction properties in Patna. The primary reason of this lower transaction volume is unaffordability. Residential real estate prices in Patna have traversed the affordability levels in Patna property market due to various reasons such as escalation in input costs, high interest rates and burgeoning land prices.

In residential segment while absorption in the luxury segment is expected to remain under pressure due to high price points, the launches in the mid-end and low-end segments will continue to have traction at the introductory prices in Patna property market. What middle income home buyer in Patna actually wants is project with basic amenities with the price point which he can afford. It has been observed that even during challenging times, residential projects in Patna with right price point witnessed high absorption level. Overall, capital values are expected to remain stable in most of the real estate market in Patna in short to medium term due to ample stock availability in both primary and secondary markets.

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