Sunday, 6 September 2015

Metro Rail and Patna's Realty Market

Infrastructure development has a significant impact on the property buying decision in Patna as well as any other part of the world. Whether a first time home buyer or a seasoned investor, all of us look for the growth in values of our property in Patna; we know that infrastructure development is a booster dose for realty values in Patna.  One of the greater catalysts is transportation infrastructure. It has historically proven to have a positive impact on realty values in a city like Patna – residential and commercial properties in Patna located close to transportation infrastructure tend to command a premium. Independent analyses of pricing in many cities in India reveal that proximity to a metro station can single-handedly account for a 22% variation in land values, the other factors being location, distance of the land from the central point and income groups; we quote this as METRO is going to run in Patna in near future.

It is also observed that average areas gain popularity due to Metro and road developments. In Patna the real beneficiaries will be areas around AIIMS and further plus areas around Shaguna Mode- Shiwala. Additionally it will be Zero Mile –Pahari and Sampatchak Area. The old congested Patna will also get an opportunity to spread. The flyovers, the connecting national highways, better roads and Metro will reduce the travel time in and around Patna. It will also better lifestyles for average Patnaite.

The development of Patna- Bodh Gaya-Dobhi four lane, Digha- Sonepur rail cum road bridge, AIIMS Digha Elevated road, The marine drive project, Bidupur-Didarganj Ganga Bridge, Koilvar bridge, flyovers and the Metro; Each of these transportation infrastructure initiatives will have a tonic effect on the adjoining realty micro markets in Patna. The expected implementation of the metro rail will pump up redevelopment in older Patna and increase property prices in Patna by more than 100% in a short span of 4 to 5 years. The CEO of, Rakesh Ranjan, adds that among the series of mega-projects announced and implemented in the past one year for Patna, the Metro is the biggest so far. “The combined effect will reflect positively on Patna’s real estate market – the residential and retail markets will witness tremendous growth, especially those near the Metro stations,” says Rakesh Ranjan.

 The new airport, satellite city like Bihta, and mushrooming schools and hospitals will not only benefit the present but also the future infrastructure plans for Patna. They will also continue to fuel the growth in the real estate sector in Patna. The cherry on the cake will be a little push on industrial and Information Technology front to boost the realty development and property prices in the western frontier. “The proposed infrastructural development will further strengthen the resolve of real estate developers in Patna to venture into these newer areas with housing and commercial projects,” says Ranjan.  

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