REAL ESTATE PATNA

Patna real estate The Patna real estate sector has been facing strong headwinds over the past couple of years on numerous counts.  The clear air on bye-laws and master plan still elude the Patna realty market. Customers are adopting a wait and watch approach hoping for prices to come down.  While prices have corrected somewhat in most localities across Patna, the combined effect of cost increase and reduced prices along with the increased finance cost on account of the slow sales has left developers in Patna with no head room to lower prices any further. READ THE FULL ARTICLE.....

As we look at how the residential real estate market in Patna is behaving this festive season of 2015, developers in Patna and the consultants in Patna are on the same page while accepting that it continues to go through a slow time. Many developers in Patna still have their backs against the wall financially, and have been challenged to complete or show convincing progress on their under-construction projects in Patna. Unfortunately, this fact has been overly hyped by the media, and even developers in Patna who are well capitalized and fully able to complete their projects have been tarred by the negativity brush. This has resulted in a drop in overall confidence from home buyers in Patna , who are worried that they will commit their money into properties in Patna which will not be delivered on time. The National economy and therefore the state economy in an election year of state have not shown the kind of perk-up which everyone had hoped for in 2015. However, matters...

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...

Build A home in Patna Buying a plot in any part of Patna is challenging unless one has sound financial backing for initial investment in land in Patna . Banks do offer a loan for the purchase of a plot and even for construction. The intricacies of the land deals in Patna require that the buyer be cash rich. On the other hand, in case of buying flats in Patna , loans are easier to avail, albeit, at similar interest rates. Secondly, building one’s own house on a plot in Patna can be a challenge since one has to constantly monitor the construction activities, right from meeting with architects to ensuring raw materials are used correctly. Also, a common problem faced by most first time home builders in Patna is the tendency to stretch the budget while constructing the house, resulting in overspending. With flats, a definite rate has to be paid to the builder; and apart from the house and registration costs, the buyer only has to spend on getting the interiors done. Wh...

Luxury Apartment in Patna The question ‘does location provides you with luxury?’ is an interesting one. Is a family that lives in a compact, old, stuffy and featureless 2 BHK flat in Exhibition road , Patna living in luxury? Or would such a family live in luxury if it sold this flat in Patna and moved to a more modern, spacious, comfortable and better appointed flat in New Patna, Gola Road or Shaguna Mode ? Given the ever worsening shortage of land in the prime locations of our city, Patna ; Property prices in central areas of Patna are largely beyond affordability for most home buyers in Patna . Homes in such locations are bought by the extremely rich for the sake of address value and easy access to the business avenues, even if they lack the superior amenities of newer, more modern buildings in further-flung areas in Patna . In such cases, the luxury factor is vested almost exclusively in the snob appeal of the location in Patna .   For a family living...

The deepening economic slowdown, rising cost of living and low wage revisions, coupled with higher interest rates, are forcing salaried professionals who had earlier invested in properties in Patna to put them up for sale in Patna . Resale inventory has increased 30% in Patna real estate industry. Buy Sell Rent Patna People who had invested in properties in Patna some 5 years ago are now finding it difficult to service their home loans which have become too expensive now due to the rising interest rates and falling rental yields. According to a survey, resale inventory in Patna has increased nearly 30% over the last six months. Economic slowdown has hit the   Patna real estate industry. Salaried professionals, who had invested in properties in Patna five-six years ago to cash in on the boom, are now looking to sell them as they are finding it difficult to cope with the high cost of living. The resale market of flats in Patna is currently domin...