REAL ESTATE PATNA

Over the last decade, affordability to own properties in Patna have reduced 50 per cent, as the income growth has lagged behind the growth in property prices in Patna. Residential property in Patna currently accounts for over 85 per cent of the real estate industry in Patna and touches the lives of every one of us. Real estate as the asset class spells hope, social status and a definite return on the investment, intended or unintended. Houses are the only asset class that the consumer purchases for self-use but benefits from value appreciation. A home in Patna is a product that is continuously usable from Day 1, continues to appreciate in value and gets the buyer the status of an asset owner. However, when the user turns seller he or she is often confused as to the final value since benchmark property rates in Patna have traditionally not been available. ( See property rates inPatna). Patna holds a strong potential for residential property market growth as the...

The definition of affordable means different for different people depending on the socio-economic class, income levels etc. The term applies most pertinently to housing created for the EWS (Economically Weaker Section) of society so that they, like the middle class, can also benefit from the financial and emotional security of home ownership. We are looking at an interesting new phase in Patna real estate where affordable housing in Patna will get preferred rather than 'poor cousin' status it has hold till now. The slump in Patna property market has clearly showed its stakeholders that is the best hedge. An interesting and important fact related to Patna real estate is that affordable housing projects have the fastest absorption rates. In other words, the creation of more affordable housing makes sense not only from a socio-economic point of view but also in terms of the real estate business. The demand in terms of units is phenomenal, and developers in Patna who have b...