Skip to main content

Outskirts of Patna are growing as the mid segment market

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 stage of a project. The high land cost is what is keeping the medium segment market slow now as the excessive land cost is effecting only the builders and does not the end buyer. The land cost is very high but its appreciation is not as desired in Patna right now. Earlier land would cost about 10,000 per sq yd and be sold at about 2500 per sq ft. Now land is costing about 35,000 per sq yd and also selling at about 2500. There is a huge gap in costs which needs to reduce to get the mid segment market out of stagnation.

During the current festive season only additional 10 percent sale has been seen so far as compared to the rest of the year in Patna realty sector, the residential Head Manoj Kumar Singh of www.buysellrentpatna.in

Comments

  1. Nice Blog Post… If someone wants to take a flat or apartment in your budget of 1bhk, 2bhk and 3bhk, then Godrej Hillside noida extension is giving you a good real estate property.

    ReplyDelete

Post a Comment

Popular posts from this blog

Naubatpur; an ace investment destination for land buyers in Patna

  If you want to put your money somewhere and forget about it, buying land in suburbs of Patna like Naubatpur could be the investment vehicle you’re looking for. Think about it: land is a long-term, tangible asset that  doesn’t  wear out and  doesn’t  depreciate. If you go into investing in land with the intent of holding  the right property for the long-term , it can make a lot more profits than any other investment asset class out there. Buildings can be replaced and demolished, whereas  land is a valuable and finite resource , with only limited quantities available. And Bihar has a population of 15 Crores and per capita income of Biharis are increasing in double digits. Land investing is for the patient, smart investor, someone who is willing to hold for the long-term or pass it on as a legacy. It’s for the investor who is looking ahead for 10 – 15 years. Land is a smart long-term hold, allowing you to win the benefits of rising values. Especially if you buy in an area like Naubat

5 TOP LOCATIONS TO INVEST IN LAND IN PATNA

  How to pick a desirable Investment location in Patna Real Estate? There are a lot of factors that are important when it comes to select a property to invest in Patna real estate. A great location is one of the most important factors. However, finding out whether a property in Patna has qualities that you are interested in and a great location suitable for investment; requires quite a bit of research and even search. It's important to recognize that the locals are an invaluable source of knowledge about any location for investment in Patna real estate . Just mention to someone in a local chai dukaan that you are looking to buy land in the area !! You'll find that people are more than willing to share knowledge and insights about that area. You will be told even about the number of transactions going on in recent times and even tentative prices prevailing in that area in that chai dukaan . Locals can give pointers as to the most profitable locations in Patna real estate.

WHAT IS THE MEANING OF “AFFORDABLE” FOR HOME BUYERS IN PATNA?

A   survey conducted by our company   on 100 flats’ buyers in Patna found that two out of every three homebuyer   in Patna   s ank in more than 50% of his total savings into the down-payment itself for purchase of flat in Patna .  Flats as investment vehicle is never attractive in Patna as rental yields are very low in Patna and property prices in Patna are elevated in many localities. The ‘ideal flat in Patna’ should provide the convenience without the compromises, be affordable and have great resale value. Since this is an elusive dream, home-buyers in Patna should focus on one or two items on their wish-list. It is important to find a good middle-ground between utility and affordability while buying property in Patna .  For a middle class resident of Patna, AFFORDABLE means property in Patna under the Rs 50 lakhs bracket.   Because the AFFORDABILITY measure = Ratio of EMI to Monthly income. A middle class family in Patna earns around Rs 75000/- monthly income ( ear