Opportunities for Growth of Patna Real Estate Sector in 2018

Good days are here !!!

Has the “turbulent air” passed over the Patna real estate!! This is what the seasoned players in Patna real estate are asking in 2018. Patna real estate was put to hold by government “checkups” and delays in “Kuldeep Narayan Era” of Patna real estate, 2013-2016. With the formation of new government in Bihar, the realty market gained hope but then the Central government bombed it with slew of measures like de-monetization, RERA and GST to name a few. What will be their effect will unfold gradually in 2018. The uncertainties still prevail over Patna real estate but the hopeful builders and developers of Patna feel that 2018 will begin the upward trend and the implementation of policies will be the key. The good signs for Patna Realty market are a number of new launches in western Patna and work starting in full swing in a number of stalled residential projects in Patna. We explore that if 2018 is going to turn the tide than what are ingredients required to gain and sustain momentum in Patna property market. Patna realty market wants it trust and reliability back!!!

Digital Patna Real Estate

Once the RERA(Bihar) office comes in full swing and the online applications for passing the building maps in sleepy Patna Nagar Nigam is fully operational; The Bihar Government should launch a “SINGLE WINDOW CLEARANCE SYSTEM” in place. The major obstacle a real estate developer faces in Patna is the property clearance which usually takes 18 to 36 months. The majority of delay happens to procure approvals from authorities who take months to reply. Single Window Clearance is the compulsion of the real estate developers in Patna especially after RERA, where there is penalty on late delivery of projects. The real estate is already facing the regulatory pressures. So implementing this method will not only bring down the project delivery deadline delay but also the cost of the project implementation. By going online, it will boost the transparency and curb the scope of undue gratification.

RERA

In the year 2018, builders in Patna will majorly focus on selling and completing the existing projects within the deadline. Though new project launches too will take place which are in pipelines from years. Hence, the year 2018 will witness major sales and delivery in the residential and commercial property market in Patna. RERA has given opportunities to builders in Patna to stay transparent and complete the project by the mentioned deadline.

2018 is a year where builders in Patna (specially the seasoned ones) could ready themselves for FDIs which will flow in India with new regulations in place and REITs seeing the light of the day. FDI in real estate project in Patna…..are we stretching too much ….

REITs

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

Land Prices in Patna and Patna Real Estate.

Buy Land in Patna It is the rising price of land in Patna that keeps the price of real estate in Patna always increasing because the land price is the most important price factor in the real estate price in Patna. But at the same time land prices in Patna are also dependent or better say partially dependent on real estate developments in Patna. With rising real estate developments the land prices too head northwards. This very symbiotic relationship between land prices in Patna and development in Patna real estate is major cause of real estate bubbles in Patna. Yes, it is interesting to decipher whether it is high prices of houses in Patna that makes the land prices in Patna higher or is it high land prices that makes buying a house in Patna exorbitant. The price of property in Patna is made of material cost, labour cost, intangibles like location & brand, marketing and administration costs (for builders and developers in Patna), registration & stamp duty cost, tax

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

Ansel Schoen23 August 2021 at 21:34
I do agree with all of the ideas you have presented in your post. They're very convincing and will definitely work. Still, the posts are too short for novices. Could you please extend them a bit from next time? Thanks for the post. Alex Shcolyar
Daisy7 October 2021 at 13:13
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