In-depth research and search for property in Patna is must because home buying is once in lifetime decision for most of us. Investors looking for growth need to carry the due diligence for better returns in Patna Real Estate market. These articles will help both buyers and investors in Patna property market. Insightful reading..............
Research Team; BuySellRentPatna.
Real estate in Patna is directly proportional to infra development and job creation in services and manufacturing sectors in Bihar. Unfortunately both these parameters have slowed down in last five years in Bihar. They have their spiral effects like returns on investments in Patna’s residential real estate have dropped. The simple reason with less of jobs there are less new home buyers in Patna property market.
A FARM HOUSE IS THE NEW TREND IN LUXURY Patna Real Estate
Farmhouses in Patna are spread in a huge chunk of land with large front porches. These days, we also find farmhouses planned and constructed with one or two stories. Over time, farmhouses have begun to be seen as second homes and weekend getaways, where substantial open space is available by Patnaites and an investment avenue.
First and foremost large tract of land is available for sale in this geography of Patna popularly known as Gopalpur in Patna real estate. Large number of residential plots for sale is available in this region near AIIMS Patna.
Gol Ghar to Godowns and now
Warehouses in Patna
To regulate the property market the government of India brought in Prohibition of Benami Transactions Act (2016) on 1st November 2016. The first family of Bihar is already feeling the HEAT of this act recently. It will soon affect many more in Patna if implemented and executed timely. Therefore Biharis are eager to know the details of this ACT. The Act is a step towards eradicating “Benaamdaars” from Property market and making it more professional, transparent and organized.
A typical middle class family with income around 5 lakhs rupees annually in Patna can buy a 2BHK flat in Patna,as these 2BHK flats in Patna are available at affordable prices in developing locations in Patna. Affordable here means rates of Rs.3000 per sq.ft or so. The flat would cost around Rupees 35 Lakhs or so in upcoming areas of Patna. Still with home loans as aid middle class Bihari can afford them.
Nothing can be more profitable and even satisfying than purchasing a flat in Patna at a price much lesser than the market rate in Patna. Moreover, the resale flats in Patna are fully constructed and come with a ready-to-move-in tag. One of the biggest benefits that the resale flats in Patna provide is the tax benefit after gaining possession. Section 80C and 24 B are applicable from firdt day as resale properties are ready to move.
The natural growth of Patna’s real estate development is towards the West. The older part of the Patna remains in the East. The eastern core area of Patna faces the problem of overcrowding which leads to enormous pressure on physical infrastructure and traffic congestion.The newer housing development areas in Patna lie in central and western parts.
4.42 million (Bihar has a population of 11-12 crores) people migrate out of Bihar every year, according to a 2009-10 report by the Indian Institute of Public Administration. The very reason that Biharis, as compared to others like South Indians, do not invest in Bihar because most of them never plan to return back to homeland. A good Bihari is one who is outside Bihar.
Commercial real estate in Patna will be the direct beneficiary if the start up trend gains momentum in the state. It is expected to benefit from the increasing number of new enterprises that are being registered every year in Bihar. These enterprises being entrepreneurial businesses may show a steady growth over the years.
Patna is rapidly urbanizing. The skylines of Patna are changing quickly with new buildings and modern architecture. Patna is metamorphosing in unprecedented ways through expansion of road networks and by numerous residential and commercial projects in Patna.
Udaygiri, Himgiri, Nilgiri, Jamuna, Ganga and Krishna apartments were the starting point of culture of living in FLATS IN PATNA. 3 bhk flats were mainly constructed in Patna, though 2 bhk flats were also made. The construction of flats in Patna gave rise to REAL ESTATE INDUSTRY IN PATNA. Land prices began rising and business in property started to assume new dimensions in Patna Real Estate.
Any residential plot were one can build a house in Patna now, is not less than Rs 30 Lakhs. It means even simplest of home in Patna for a middle class Bihari is at least worth Rs. 50 Lakhs. How come so many houses are being built in Patna? The reason is that these residential plots in Patna were purchased earlier, at least a decade ago and now the investors in land in Patna are reaping the benefits.
Why, where and how are most important questions a buyer in Patna shall know before making a decision to purchase flat in Patna. First, home buyers in Patna must make up their mind that why are they buying the flat; PURPOSE of flat purchase in Patna. Secondly, determine a budget. Yes, what is affordable for the buyer? Next, focus on the city Patna to determine the location.
First and foremost one needs to realize prior to selling property in Patna that anyone and everyone talk about property in Patna. Any value you will sell your property in Patna at, there will be people, the self appointed experts, telling you that they would have got a better price for you. Secondly It’s a Digital world!! And finally after 3 months.....
A decent 3 BHK flat for rent is available in Patna in Rs 10000 -Rs12000 with all amenities in walking distances DO NOT PAY MORE. Remember, there are ample flats in Patna and no need to hurry. Rent in Boring Road Patna is stagnant from last FIVE years. Rent for 2 BHK flat in Boring Road and adjoining areas of 1000 sq ft, is Rs 12000- Rs 15000 AND of 3 BHK flat of around 1200-1300 sq ft is Rs 15000 – Rs 18000 .
To-Let a property in Patna is always a matter of deep concern. The social and emotional implications are great. The neighbors complaining, home defiled, late rent and so on are many issues that can cause undue social and economic liabilities if one has rented out to a bad tenant in Patna. These headaches could be avoided to a large extent by KYT.
Developers in Patna, however feel that the low-income market is a viable one for them, except for financing issues. The poor themselves are eager to own a home in Patna and willing to pay and sacrifice for it. Banks and Housing Finance Companies want to lend to affordable housing sector in Patna but cannot solve the high transaction costs and perceived credit risks.
What a lot of people do is price their home in Patna extremely high just to see what kind of initial offers they’ll get. Then, when they don’t get any offers, they’re forced to drop their price. They have to keep dropping it and dropping it, and then after a while people start to wonder why the property has been on the market for so long. They start to think that something must be wrong with the property.
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