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Although Patna’s realty market has seen consistent appreciation in the last decade, there have, at all times been areas that have exceeded the average capital value appreciation rate due to reasons like infrastructure development, supply and absorption, the arrival of new schools, hospitals and offices or their proximity to Patna’s central business hub.
Four such emerging pockets in Patna real estate are:
The development of AIIMS in Phulwarisharif is the main driver and NH 98 to Chirora and Naubatbur is emerging where land banks are being created. A number of developers are plotting. A part from these a number of foundations for townships and enclaves are being laid down. The area is forging ahead due to increased connectivity. Elevated road from AIIMS to Digha in addition to the highways projects crossing by the area.
The development of AIIMS has given a strong boost to employment opportunities in the sub-market of Phulwarisharif and beyond, resulting in rapid residential and commercial growth led by Doctors. In addition, the Phulwarisharif sub-market benefits from the presence of important physical and social infrastructure, including proximity to the airport and Phulwarisharif railway station.
Phulwarisharif and beyond has emerged as a preferred residential destination over the past two years or so, mainly due to the fact that property prices are more competitive here compared to other residential sub-markets along Phulwarisharif mode and AIIMS, such as Nohsha, police colony, Alba colony not to forget Birla Colony. The availability of land at relatively lower prices makes the area affordable.
The area has a very High investor demand. Shiwala chowk is strategically located. It connects Bihta- Naubatpur- Danapur and Khagaul. The better connectivity no doubt is the catalyst. The four lanes being planned all around this road and the presence of industrial units in Bihta has led to residential development in the catchment area. Bihta seems not only to attract industries but after IIT it is emerging as main institutional area of developing Patna. Near Painal, we now have a water Park too functioning.
Growth in this corridor has been driven by the construction of IIT and other institutes in addition to factories like Hero cycles and Beer factories. The catchment area is broadening day by day.
Investors, Affordable prices and Good connectivity are the main drivers of the area between Sampatchak and Parsa. The announcement of funds for Dobhi- Gaya- Patna road and the airport in Punpun has spurt interest of one and all in this area. The development of NH 82 and NH 83 will bestow all round connectivity to this sub-market extending now till Mausaudi and Punpun.
A large number of schools are mushrooming in the area and even hospitals are catching up. Places like Gaurichak even are experiencing sold out projects by builders in Patna. One remarkable demand that this area is projecting is 1 BHK flats. It might be the airport and school effect. Families from nearby districts come here to educate their children and hence prefer 1 BHK flats. Many high-end villa projects are coming up here. This corridor has the potential to grow even as leisure and weekend-destination because of its proximity to Bodh Gaya route and as an end-user driven market, thanks to its connectivity with central Patna through By-Pass.
The developments of four-lane along with industrial units in Fathua and emerging industries in nearby areas are the primary drivers for residential demand in this corridor. The connectivity from rest of Patna districts too has fostered the demand from these areas too. In the last two to three years, this area has become one of the most preferred markets for people working in the areas like Khusrupur, Fathua, Baadh and Bakhtiyarpur. The major reasons for buying properties in this pocket are the possibility to upgrade to bigger units at affordable prices, acquiring a second home close to the existing one and also second-generation buying in this area.
The region has also witnessed spill-over demand from Biharsharif, Harnaut and Nalanda, as the prices in those locations have increased significantly and are no longer affordable for entry-level home buyers. So a home in Patna is more preferable if the rates are similar. With the alignment of the four-lane Road to Mokama on one side and Nawada on the other and traversing this corridor once completed, this pocket will see massive development on the heels of highly improved connectivity in the coming years from diverse directions of the state. Some prominent developers have also acquired big land parcels in this region, and are likely to launch large residential projects in the medium-to-long term.
Property buyers in Patna can expect 10-12% (even higher) annual appreciation on capital values, depending upon the location, product, delivery time-frame, etc. – in these emerging pockets of Patna. Unlike end users, investors are also focused on the best time to exit; a horizon of three years or more needs to be maintained for investments done today. That said, returns are subjective and will depend on factors like project, area, location, etc. There is no thumb rule for how long one should stay invested, with the optimal horizon always being a function of specific project, entry cost and annual appreciation achieved. However, a horizon of 5-7 years from project launch is very advisable in all these four areas of Patna.
In all cases, buyers must do a thorough due diligence before buying properties in any emerging locations. The following points need to be included:
1) Due diligence of the certified copies of registered title deed of the land parcel on which the property is to be built, to establish a clear title of the land
2) Ensure that all approvals received for the development
3) Based on the survey numbers mentioned in the title deed, buyers must check the land use of the land parcel approved by the development authorities’ master plan.