REAL ESTATE PATNA

The property prices in Patna keep fluctuating year by year. However, in the last three years, the property prices in Patna have been stagnant. Despite of this no change in the price, home buyers in Patna are still in two minds about buying new apartments in Patna. One of the basic reasons behind these two thoughts is due to delay in the delivery of existing residential projects in Patna, which eventually creates a lack of confidence in the minds of buyers. Why not! when the delays are greater than three years. Yes, years and not months. This is also affecting the decision of investors in Patna who may consider it as loss of investment. The after effects of “ Kuldeep Narayan era ” in Patna real estate continues. Now with the GST coming into the effect, this has further affected the decision. Under GST, the tax for under-construction project has shot up to 12 per cent. The developers in Patna will be bearing the burden of GST, which will certainly pass on to the home- buyers in Pa...

PROPERTY  PATNA Patna’s real estate prices are never out of the news. From the sale of spectacularly expensive trophy properties in central Patna to the ever-widening affordability gap for middle class home seekers, the city’s residential real estate market is under a constant jaundiced limelight. What are the factors that have been driving Patna’s real estate prices so high over the years? To understand this phenomenon, one needs to examine it from the two primary real estate variables of demand and supply. Supply-Side Factors ·           Geography Geography is one of the primary factors responsible for Patna’s astronomic real estate prices . The city is surrounded by water on three sides; as a consequence, Patna has never seen circular development like most other Indian cities. Development has been always linear (or one-directional) from the eastern towards the western suburbs. A combination of factors such as distance...

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...

Buy Sell Rent Patna Although Patna’s realty market has seen consistent appreciation in the last decade, there have, at all times been areas that have exceeded the average capital value appreciation rate due to reasons like infrastructure development, supply and absorption, the arrival of new schools, hospitals and offices or their proximity to Patna’s central business hub. Four such emerging pockets in Patna real estate are: AIIMS - NAUBATPUR The development of AIIMS in Phulwarisharif is the main driver and NH 98 to Chirora and Naubatbur is emerging where land banks are being created. A number of developers are plotting. A part from these a number of foundations for townships and enclaves are being laid down. The area is forging ahead due to increased connectivity. Elevated road from AIIMS to Digha in addition to the highways projects crossing by the area. The development of AIIMS has given a strong boost to employment opportunities in the sub-market of Phulwa...

www.buysellrentpatna.in The retrospection is over. The new master Plan for Patna is ready. The guide to urbanization of Patna till 2031 will be unveiled mid August 2015. After a gap of almost two and half years the Patna realty market can dream further. Elevated lifestyle and options will mark the real estate development in coming years. Patnaites envisage a city which engulfs a modern lifestyle. One word, that will differentiate Patna real estate after and before the master plan 2031 is; Quality. One can already witness advertisements by developers in Patna promising certain specified percentage of green areas. That is New and welcoming.  The developers and customers will focus on “Lifestyle”. The demand has built up in last two years of pause. The other day one client of ours who is looking for an apartment for her parents desired for a “lifestyle” for her parents who are retired. She wanted space for them to walk, community center, daily groceries, exercis...

Buy Sell Rent Patna is the town of apartments; yes we believe that if number of apartments and the area in which they are spread, means density of apartments is calculated Patna would be among national toppers.   The higher density reflects greater strain on the limited infrastructure that our city Patna offers. Patna has few roads and mainly comprises of lanes. With High rises built on these lanes, one can very well imagine the stress of traffic and parking on these lanes; not to speak about other civic amenities in a city of more than 2 million residents. We asked one of the builders in Patna why their new commercial building built near DPS More in Patna do not have ample parking spaces. The answer was amazing!!! He took a comparative stand and said that the cars are parked outside the corporate offices in Gurgaon too. Our second question was; that justifies you too building structures without ample parking lots? He replied;” it’s the norm.” He is asking for ...

Patna requires urgently, modern solid waste management system; world class power distribution establishment; 360 degree drainage and sewerage system; water supply management; roads with traffic control management and playgrounds and parks network. There are a lot of other things which are desirable but these above mentioned requirements should top the town planning manager list. The question is what already exists in a city of more than one and half million dwellers? A city , where one cannot fetch a 1000 sq feet flat in less than 30 lakhs (I know that is lowest). Can anyone justify this irony? The demand supply economists will too have hard time explaining the elasticity of Patna property market and the prevailing infrastructure. Real Estate Patna One explanation that crops up is that the lists which we floated of desirables in Patna are all in public domain and the property rates completely lie in private domain. If one buys this argument than the gap between public an...

buy sell rent Patna The   real estate in Patna is on a high growth path, since last few years. Now to take property in Patna to another level of QUALITY; IT industry can play a major role. The influx of IT set-ups across India has given a push to the demand and supply of residential as well commercial space in the country. Patna real estate can therefore hope for the same result with the advent of IT sector in Bihar . Till now the real estate Patna has increased in capital value more due to supply and locational advantage. With the advent of IT property market in Patna will emerge and largely grow due to government policies, talent pool, subsidies and relocation & expansion strategies of IT/ITeS companies . The advantages of investing in residential apartments in Patna along the much awaited IT corridor in Patna will be significant for most of the IT driven markets. Focus on physical and social infrastructure will attract migration of families and tal...

Buy Sell Rent Patna “Luxury and exclusive” are the key words for a few residential projects in Patna launched, when one crosses the railway bridge, near Gola Road area. Good for the area of Gola Road ; it helps it to develop into modern New part of Patna .  The main focus of these projects is DESIGN and modern amenities. To enhance the design aspect world renowned, Hafeez contractor, has been engaged in projects by Singh Engicon and Expression Buildtech . It is good news for Patna property that the structures are getting due attention from Design point.  But to make a significant difference and change the residential projects game in Patna , a lot more than that would be needed. Design alone is not sustainable from a very long term perspective. The determination to achieve excellence is the first step but what a 200 apartments exclusive and luxury residential project in Patna like Expression Exotica Patna still lacks is a 360 degree approach of all stakehol...