Monday, 31 August 2015

Looking to buy property in Patna in 2015 Festive Season….?


For the Patna real estate market, 2015 festive season will be action-packed. The combination of festivals and state elections will ensure that there is a lot at stake in Patna property market. The overall Bihar economy represents a tale of two fronts promising great plans for Bihar’s future. Both the packages as announced by CM & PM will bring in “अच्छे  दिन ” for us, if implemented after the elections. After poll Bihar requires a stable government for the real estate Patna to get back its glory after two and half years of gloom that resulted in poorer business confidence. The overall sentiment needs to be rehabilitated explicitly with the formation of new stable Government in Bihar this festive season.

A slew of measures for real estate in Bihar is required by the new government. It is high time that the real estate is given much importance in Budget of the state. Bihar cannot miss the urbanization train which is a must for agriculture to boom in the state. Taking cues from the overall policies for real estate, the institutional investors both domestic and overseas will exhibit increased appetite and enthusiasm to re-engage with the Patna realty business.

The commercial property market inPatna needs a booster dose with a few big ticket deals as occupiers will start taking long pending real estate decisions after the elections. This will trigger strong transaction volumes witnessed earlier in Patna in terms of absorption.

In Patna residential real estate, there is an increase in enquiries for residential properties in Patna but transaction volumes have not yet started picking up in Patna.  The dawn of new building bye laws and new master plan for Patna might push up the overall demand this festive season. In terms of new project, developers will launch various new projects during festive season to harness the benefit of improved sentiments and seasonal demand. Developers in Patna expect increased transaction during the festive season. Developers in Patna are in no mood to reduce their base selling prices but are ready to offer various innovative payment plans and freebies.

Patna realty 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 unaffordable. Residential real estate prices have traversed the affordability levels in Patna due to various reasons such as escalation in input costs, high interest rates and burgeoning land prices. Although, it is difficult to forecast the Patna real estate market which is highly sentiment driven. In 2015 festive season, Patna property market is expected to continue edge further into recovery.

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