THE RULES OF GAME ARE CHANGING IN PATNA REAL ESTATE FOR BETTER

Don’t find customers for your products; find products for your customers, is the new mantra for Patna real estate going forward. With a stable popular state government in Bihar, the real estate in Patna is all set to gain lost glory. As soon as the election results were announced, the queries have increased manifold in Patna Realty market. The most heartening factor about these queries are that the customers are specifying the time and type of inventory they need. While the customers are detailing their need; one can feel that the demand is changing and therefore the supply needs to match the demand in buyers market currently.

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With the time there is increased focus on the quality of buildings and the lifestyle they offer by buyers in Patna real estate. They are also willing to pay for amenities. The buyers in Patna are demanding clubhouses with entertainment facilities, low depth swimming pools for children, jogging tracks, green spaces and more. The fine line to understand for the developers in Patna is that these facilities are no more luxury but a part of middle class living. Therefore these projects cannot be built in luxury segment but mid income group segment only. The developers now will have to concentrate in balancing costs and at same time not compromising on the quality and lifestyle.

One new segment that will get introduced in Patna market very soon is “Retirement Homes”. Our state, with large young population out of state and country for employment, wants their ageing parents to have a protected and high standard lifestyle back home. Retirement home projects are a residential property genre that must be conceived and developed specifically for the aged. The common parameters employed by buyers of retirement homes include assurance of security, good accessibility, appeal quotient in terms of natural surroundings, as well as en suite facilities that actually speak to the of elderly residents. They need to be of true value to both to the aged residents as well as their families in Patna.

The commercial real estate segment too is transforming. The main focus in commercial real estate; apart from quality of construction and location; is maintenance and parking. The second important factor that will usher paradigm shift in this segment is E-commerce. It gives retailers the potential to reach new customers that physical locations cannot, particularly in remote, rural locations. Real estate plays crucial role in rapidly-evolving retail strategies of E commerce. With Bihar being the fastest growing state in the country, Patna is going to be the epicentre of E- commerce related commercial real estate. The crucial role that the logistics property sector will play in Patna and how it adapts to changing consumer demand will unfold in coming years in Patna. Very soon the demand for industrial big box warehouse in Patna will be mainly correlated to e-commerce. The land in areas adjoining to Patna By Pass and four lane will attract E commerce retailers in big way.

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In the ever-increasing clamor for a rationalization of Patna’s extremely high real estate prices notwithstanding, the above factors cannot be wished or argued away. The fundamentals that drive demand for homes in the city are changing and apparent ability of Patna developers’ to synchronize with the new demand and new segments will keep Patna real estate gaining momentum in the coming New Year with a stable popular government in the state. The fact is that sales will happen for all the above reasons – and they will continue to take Patna realty market to places.