Making homes affordable In Patna...Land acquisition is???

Have you ever wondered as a Bihari that why the state government is so averse to housing development in Bihar? Which was the last housing society developed by state government in Bihar and when; even in state capital Patna? The answer is none in last three decades??

The fact that Bihar needs more homes than it is building today and that majority of these homes have to be in the affordable segment has been a long-standing challenge. Affordable housing segment needs momentum in Bihar. Secondly it should not be Patna centric but other hubs like Bhagalpur, Gaya and more should be targeted.

Affordable housing is an attractive proposition both for developers in Patna and consumers as the demand are huge and largely unmet. The initiatives of the central government has resulted in the availability of more funding options for the developers such as ECB, FDI and debt financing from national financial institutions at highly competitive rates. However, there are challenges for affordable housing projects in Patna. The main challenge is land costs and availability within established locations; it is very difficult.

To ensure that momentum, the biggest challenge to address is the acquisition of land. In Patna land within the city limits is scarce and at prohibitive cost, which has been dissuading developers in Patna from creating affordable housing.

Unless adequate land is made available at the right cost, the requirement of over 1 million units of housing in urban areas of Bihar would not be easy to fulfill. The state government therefore, needs to consider a systematic policy of freeing up non-essential land specially those which are locked as part of assets owned by PSUs. Similarly, there are locked up land in announced Industrial areas in Bihar that have not taken off.

It’s high time for State government to initiate action in this arena.

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