REAL ESTATE PATNA

As we look at how the residential real estate market in Patna is behaving this festive season of 2015, developers in Patna and the consultants in Patna are on the same page while accepting that it continues to go through a slow time. Many developers in Patna still have their backs against the wall financially, and have been challenged to complete or show convincing progress on their under-construction projects in Patna. Unfortunately, this fact has been overly hyped by the media, and even developers in Patna who are well capitalized and fully able to complete their projects have been tarred by the negativity brush. This has resulted in a drop in overall confidence from home buyers in Patna , who are worried that they will commit their money into properties in Patna which will not be delivered on time. The National economy and therefore the state economy in an election year of state have not shown the kind of perk-up which everyone had hoped for in 2015. However, matters

PROPERTY  PATNA Patna’s real estate prices are never out of the news. From the sale of spectacularly expensive trophy properties in central Patna to the ever-widening affordability gap for middle class home seekers, the city’s residential real estate market is under a constant jaundiced limelight. What are the factors that have been driving Patna’s real estate prices so high over the years? To understand this phenomenon, one needs to examine it from the two primary real estate variables of demand and supply. Supply-Side Factors ·           Geography Geography is one of the primary factors responsible for Patna’s astronomic real estate prices . The city is surrounded by water on three sides; as a consequence, Patna has never seen circular development like most other Indian cities. Development has been always linear (or one-directional) from the eastern towards the western suburbs. A combination of factors such as distance from the city centres to the suburbs, coupl

www.buysellrentpatna.in The surge of property prices in Patna has converted the core city area into a premium market according to several local industry players. As a result areas earlier considered to be on the outskirts have come in focus and are growing as the mid segment market. The mid segment market falls in the price bracket of about 3000 per sq ft and has apartment sizes of about 1200 sq ft. Whereas apartments in the core area of the city which has turned into a premium market cost about 5000 per sq ft and offer apartment sizes of about 1500 sq ft and above. Some of the areas that cater to that mid segment realty market in Patna now are areas beyond Shaguna Mode, Khagaul- Shiwala , Danapur, Sampatchak, Parsa, in and around the By-Pass and the new developing colonies in Bihta. Developers in Patna agree that local builders who are known to complete projects on time with an average of about only 6-12 months of delay, results in units being absorbed during the launch