Sunday, 16 August 2015

Patna real estate set to switch gears

The retrospection is over. The new master Plan for Patna is ready. The guide to urbanization of Patna till 2031 will be unveiled mid August 2015. After a gap of almost two and half years the Patna realty market can dream further. Elevated lifestyle and options will mark the real estate development in coming years. Patnaites envisage a city which engulfs a modern lifestyle.

One word, that will differentiate Patna real estate after and before the master plan 2031 is; Quality. One can already witness advertisements by developers in Patna promising certain specified percentage of green areas. That is New and welcoming.  The developers and customers will focus on “Lifestyle”. The demand has built up in last two years of pause. The other day one client of ours who is looking for an apartment for her parents desired for a “lifestyle” for her parents who are retired. She wanted space for them to walk, community center, daily groceries, exercise facilities and profiling of other occupants. We would like to add that she is not an exception but she is one among many. Amenities will play a major role. A Wi-Fi connection and security surveillance system can now make a difference in choices and do not forget automated lifts to name a few.

The old man too is happy; after his retirement he wants to build a home for himself. Now he could. He has four katthas of land but he would build in half and rest would be kept for greenery and pass time. The mind set is changing and therefore would the landscape of modern construction activities in residential sector of Patna real estate. A decade ago buildings did not have car parking for all units in many cases and now there is demand for double car parking facilities and additionally visitors parking.

With the advent of road networks all around Patna; added with flyovers and in future the metro an average middle class Patnaite is looking for amenities for a better living.  The real estate sector in Patna will have to take a note of it and usher the changes according to the aspirations of the buyers.
No more the copy cats will reign in margins in Patna real estate. To get hold of larger profits the developers in Patna require innovation not only in construction, design, structure but even in marketing and ancillary activities.  The mindset on the demand side is undergoing change and so the realtors in Patna need to match it by changing the mindset on supply side.

It is easier said than done because the main factor “cost” is ever rising in this sector. CBA, cost benefit analysis, on both the demand and supply side, need in depth research in Patna real estate. “I am constructing in prime location and therefore it will sell by itself,” such statement now has a place to be parked in Patna, the modern museum besides the high court in Patna on Bailey Road.  Only and only efficiency will fetch the price tag in all segments of residential buying in Patna property market.

The real estate Patna would no more sale spaces to live but it shall sale quality and lifestyles. The newmaster plan 2031 for Patna will set the ball rolling for a paradigm shift from quantity to quality.

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