Factors that can push Patna real estate.

Buy Sell Rent Patna

When new professionals move to Patna, they will boost the demand for new housing units and also drive rental demand in Patna, motivating investors to bring their money to the market and keep the momentum going. The Patna real estate will thus grow. Therefore the question is how new professionals will come to Patna. Let us invert the model. The new Bihari professionals in any part of the globe will like to have a stake in Patna real estate. This seems more likely in next five years!! Patna real estate will have to deliver to non- resident Biharis (NRBs) in a large way in coming years to thrive and grow. Today’s Patna offers nothing for professionals to move in to the city in large numbers, therefore the real estate need to focus to attract their money rather them to Patna and then they might follow.

First thing first, The CEO of www.buysellrentpatna.in, Rakesh Ranjan feels that there is a lot of negative perception in the Patna realty market which is affecting the buying decision of home buyers in Patna. The buyer in Patna is unsure about project delivery, legality of the project and quality of construction and such negative impressions need to change, the sooner the better. He adds, “The developer’s in Patna needs to take some concrete steps to bring positivity and confidence in the Patna real estate market.”

One factor that will help decision making is reduced key lending rates by RBI; banks need to pass on these benefits to the consumers. The RBI has cumulatively reduced policy rates by 125 basis points. Soon after the announcement, the State Bank of India (SBI) became the first bank to cut down lending or base rate by 0.4 percent to 9.3 percent. Such moves are strong drivers for home buyers in Patna.

Residential options in Patna real estate market needs to grow and diversify. Sanjeev Ghosh, Transaction Head of www.buysellrentpatna.in , says, “No doubt, the greatest demand is for 3 bhk flats around Rs.40 lakhs and about 1100 square feet still, but gradually demands for 1 bhk and duplex too are gaining ground in Patna’s residential property market. We need to address this demand. Also, the consumers need to wait and understand that the real estate industry is working on creating more homes."

We keep hearing about single window system for clearances of realty projects in Patna as the need of the hour. Why not take one more step, two steps at a time is no harm, and move ahead of the Single Window Clearance system and introduce a no window clearance where approvals are given if set guidelines are followed. To start with developers’ association needs to start working with the government to give building permissions online within 15-20 days. This will help in faster housing development in Patna. They need to evolve building codes for Patna where different zones will have pre-obtained clearance from the airport authority and the environment ministry. It’s an internet age, move on Patna real estate!!!

Simultaneously, It's time the developers in Patna understand that they have to do a better job of giving justice to the money that buyers are investing in their projects in Patna. Alternatively, FDI can be invited for quality projects in Patna. Through this, the consumers will gain confidence once they know that the developer's cash flow is positive and there is a transparent balance sheet. FDIs come after proper due diligence. It increases the credibility of the developer.

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