The latest rate of GST on property prices in Patna is primarily classified into residential apartments and commercial property rates in Patna. These are again sub-classified to arrive at the different rates of GST on property rates in Patna.
1. Residential Apartments in Patna
The GST rates on residential flats are fixed considering the price range (affordability) of the flat in Patna. Further, the residential projects which are under-construction in Patna, an option has been given to opt the newer or older property GST rates with certain conditions.
GST Rate of 1% without ITC on total consideration after deducting the land price
GST Rate 5% without ITC on total consideration after deducting the land price in Patna
The above GST rates are applicable for the on-going project as well. However, in case of on-going projects, the promoter has an option to pay GST at the old rates, i.e. at the effective rate of 8% on affordable residential flats in Patna and effective rate of 12% on other than affordable residential flats in Patna and consequently, can avail permissible credit of inputs taxes. In such cases, the promoter is also expected to pass the benefit of the credit availed by him to the flat buyers in his residential project in Patna.
Let us understand what affordable residential project in Patna is:-
Affordable residential flat is a residential flat in a residential project in Patna which commences on or after 1st April 2019 or is an ongoing project in respect of which the promoter has opted for a new rate of 1%, having a carpet area up to 90 sq. meters in Patna and the gross price of the flat is not more than Rs. 45 lakhs.
2. Commercial Property in Patna
The GST on commercial property in Patna includes the construction of shops, godowns, offices etc. With effect from 1st April 2019, effective rate of GST, after deduction of the price of land on the construction of commercial spaces in Patna by the promoter in real estate commercial projects in Patna are as under:
Construction of commercial spaces in a Residential Real Estate Project (RREP), which commences on or after 1st April 2019 or in an ongoing project in respect of which the promoter has opted for new rates effective from 1st April 2019 – 5% without ITC on the total consideration
Construction of commercial spaces in a Real Estate Project (REP) other than Residential Real Estate Project (RREP) or in an ongoing project in respect of which the promoter has opted for old rates – 12% with ITC on the total consideration.
Here, a residential real estate project means a project in which the carpet area of the commercial space is not more than 15 per cent. of the total carpet area of whole project.
SOURCE:- https://tallysolutions.com/gst/property-rates-in-gst-2019/
Property rates in Patna is not standardized. It therefore leaves a great space for negotiations and bargains. Therefore all property prices listed below and data dished out of real estate market sources may vary. We fully understand that the prices in Patna property market at the time of transaction could be higher or lower from prescribed prices by our team. Therefore the property prices of flats, land and even rental may be taken by buyers and tenant as INDICATORS of running property prices in Patna wih a upper and lower band ranging between 10 to 15 percent depending on localities and many untold reasons.
Increase in Property
Prices in Patna. An Overview.
Type of Property | Increase in Last 1 year | Increase in Last 3 year | Increase in Last 5 year |
---|---|---|---|
Under Construction Flats | 4.65% | 17.63% | 25.87% |
Ready To Move Flats | 3.85% | 19.39% | 27.2% |
Re-Sale Flats | 3.57% | 19.47% | 29.3% |
Residential Land | 8.24% | 23.43% | 43.6% |
Commercial Land | 12.45% | 36.80% | 72.65% |
Index |
|
Price to Income Ratio: |
10.39 |
Mortgage as Percentage of Income: |
112.70% |
Loan Affordability Index: |
0.89 |
Price to Rent Ratio - City Centre: |
30.86 |
Price to Rent Ratio - Outside of Centre: |
38.08 |
Gross Rental Yield (City Centre): |
3.24% |
Gross Rental Yield (Outside of Centre): |
2.63% |
Rent Per Month |
|
Apartment (1 bedroom) in City Centre |
8,088.24 |
Apartment (1 bedroom) Outside of Centre |
4,223.53 |
Apartment (3 bedrooms) in City Centre |
18,529.41 |
Apartment (3 bedrooms) Outside of Centre |
10,277.78 |
Buy Apartment Price |
|
Price per Square Meter to Buy Apartment in City Centre |
61,144.26 |
Price per Square Meter to Buy Apartment Outside of Centre |
40,644.90 |
Salaries And Financing in Patna |
|
Average Monthly Net Salary (After Tax) |
24,487.18 |
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate |
9.06 |
Source :- https://www.numbeo.com/
Four Quarter Moving Average | ||||||
Carpet Area Prices(Rs.Per Sq.Ft.) | ||||||
Quarter | Record Count | Composite Index | Composite Price | <=60 sq.mt.(646 sq.ft) | >60 sq.mt.(646 sq.ft) and <=110 sq.mt.(1184 sq.ft) | >110 sq.mt.(1184 sq.ft) |
Jun-18 | 222 | 100 | 3,939 | 4,554 | 3,971 | 3,709 |
Sep-18 | 416 | 101 | 3,951 | 4,705 | 3,989 | 3,670 |
Dec-18 | 593 | 104 | 4,066 | 4,853 | 4,129 | 3,704 |
Mar-19 | 374 | 107 | 4,178 | 5,029 | 4,268 | 3,725 |
Jun-19 | 293 | 108 | 4,243 | 5,221 | 4,349 | 3,715 |
Sep-19 | 498 | 112 | 4,392 | 5,265 | 4,523 | 3,816 |
Dec-19 | 229 | 116 | 4,543 | 5,586 | 4,646 | 4,007 |
Mar-20 | 253 | 123 | 4,810 | 5,537 | 4,763 | 4,781 |
Current Quarter | ||||||
Carpet Area Prices(Rs.Per Sq.Ft.) | ||||||
Quarter | Record Count | Composite Index | Composite Price | <=60 sq.mt.(646 sq.ft) | >60 sq.mt.(646 sq.ft) and <=110 sq.mt.(1184 sq.ft) | >110 sq.mt.(1184 sq.ft) |
Jun-18 | 222 | 105 | 4,112 | 4,082 | 4,084 | 4,200 |
Sep-18 | 416 | 103 | 4,048 | 5,416 | 4,039 | 3,761 |
Dec-18 | 593 | 106 | 4,172 | 4,893 | 4,329 | 3,556 |
Mar-19 | 374 | 112 | 4,395 | 5,596 | 4,521 | 3,760 |
Jun-19 | 293 | 115 | 4,499 | 5,542 | 4,543 | 4,135 |
Sep-19 | 498 | 118 | 4,612 | 5,554 | 4,701 | 4,140 |
Dec-19 | 229 | 119 | 4,686 | 5,725 | 4,862 | 3,944 |
Mar-20 | 253 | 141 | 5,545 | 5,420 | 5,095 | 6,868 |
Price or affordability of property is a major consideration for home buyers in Patna. Patnaites who are planning to buy property in Patna or are sitting on fence watching the play going on in Patna real estate must seriously look into the red circle marked on the graph above. Yes, look carefully !! The first major uptick on Patna's property prices graph after many flat quarters. Though it is early to conclude but it seems its action time in Patna real estate.
Even if it goes down further, it will only add to the present demand and help only to ticker property prices in Patna upwards. On the other hand property buyers now can be sure that the prices of property in Patna have bottomed out and the only ways left is an upward or sideways movement. When we say so, it implies that the best buying prices are currently available in Patna realty market in 2021. And it makes it a right choice to buy property now in Patna. It is a better advise to wait after buying real estate inj 2021 rather than waiting to buy real estate in 2021.
To get the economy out of CORONA blues in 2021 the economic actions will stress on consumption. It means more spending by government and all to spur the economy. More money being spent means rising inflation and therefore property prices too will move higher in second half of 2021. Affordable loan and higher inflation is a perfect receipe for the property markets in Patna to head northwards.
One stimulus to demand for property in Patna is coming from professionals in IT sector working away from Patna. Many companies are opting for work from home(WFH) or remote working for their employees in IT sector. Therefore a number of NRBs in IT sector are contemplating to come back to their home town to live with their ageing parents.
Therefore it seems that after along lull Patna property market will see the light in 2021. With lowest ever home loan rates, prices bottomed out and demand coming back Patna real is well poised to climb uphill in 2021.
It is interesting to note how most people think of inflation in Patna. The most common thought in Patna is that inflation drives up the prices of everything uniformly. This is why it is believed by Patnaites that real estate prices in Patna rise simply because the cost of everything else has also risen.
The fact is that the real estate prices in Patna will either fall or remain static in an inflationary economic environment. Inflation is dynamic and is largely dictated by the cost of credit. This is how it works – the cost of essentialities such as food grains and petrol rises, while the common man’s income in Patna remains the same. In other words, his spending power reduces. Banks make a note of the fact that the baseline cost of living has increased and recalibrate their loan interest rates upward. Because the cost of borrowing has increased while incomes have remained static, people become wary of taking loans for anything – including home purchase in Patna. The natural reaction from real estate developers in Patna would be to bring property prices in Patna down so that sales pick up again. This does not happen in Patna.
Many developers in Patna are as dependent on the cost of borrowing as their buyers are. This is especially the case with smaller developers in Patna who have not launched many projects in Patna and have therefore not been able to create a self-sustaining churn of capital. Therefore the property rates never decline in Patna.
1) LOCATION
Location, Location and
location is what matters the most in Patna real estate as far as
property prices in Patna are concerned. But still prices according
to locations in Patna are competitive. To put this idea through
consider property prices in Patna at Patliputra colony and the new
area like Gola Road. One would be surprised to find the property
prices in these two localities of Patna differ by hardly 10-12% at
most. Therefore indepth research of prevailing property prices in
localities that suits buyer's need are very much
required.
2) QUALITY (
BRAND & AMENITIES )
Property prices in Patna depends on reputation of builder too. A well known builder in Patna commands a premium of 10 -15% in property prices. Similarly real estate projects with greater amenities which are required in today's modern urban lifestyle also commands higher prices. Quality is beginning to matter more and more in Patna real estate with time and it is not only the quality of construction but quality of design, landscaping and amenities.
3) STAGE OF
COMPLETION
Any real estate project in Patna takes almost 4 to 5 years to complete. And the prices keep increasing as the project progresses. At the time of launch of project the prices are the least and highest for ready to move units in the project after completion and few residents already occupying the residential complex. But discounts and offers too run all through the construction of project. Therefore buyers need to grab the right price in their favour by tracking several similar projects and their construction schedules.
One of the top reason for high property prices in Patna is; " Bihar is so rural; it is least urbanized state of our country, India". Patna is the main urban center; economically and politically. 12 crores (120 million) BIHARI see Patna as dream destination to own property in a city spread in 150 square kilometers only . Non- Resident Biharis too eye Patna real estate for investment as well as second home buying. Though, net in net Non-Resident Biharis are sellers in Patna Property market, still Biharis who stay out of India and their native home is far from Patna like Madhubani, Supaul, Purnea prefer having at least a 2 BHK flat in Patna.
Check property rates in Patna on Patna's No.1 property website . View property price trends for each locality in Patna, the average price of different types of properties in Patna like new flats, re-sale flats, land and commercial spaces in Patna,. You can plan your property buying as per your budget after checking property rates here. Patna being a thin market on a case to case basis deviations could be around 15% in property prices in same locality of similar property.
Rentals in Patna are not standardised but we, Patna's No.1 property website, have put trends in residential rentals in Patna as well as commercial rental in Patna in a tabular format. You can find rentals in Patna for both residential and commercial properties . Rent for commercial properties in Patna vary per floor too. The ground floor carries the highest rent and it decreases as the floor increases. For a whole multi-storey building its an average of all floors that is fixes as rent in Patna.
In Patna property market we have heard a story many times; somebody has made a mini fortune by investing in a flat or residential plot at the right time in Patna. But for a change nowadays in Patna real estate we are hearing numerous stories of investors in Patna in distress with their money stuck in delayed projects in Patna.
The fact is, investing in residential real estate will NOT get you 20-30% annual returns or double your investment in about 3-5 years any more in Patna real estate, as it did back in the golden days of 2005-2010; at least for couple of years from now.
The reason low returns are expected from real estate in Patna in next couple of years is that there has been an irrational increase in property prices in Patna in the past. Moreover, even after prices have remained largely stagnant for few years now, in many locations in Patna, property still is overpriced. Many investors who bought property 3-4 years ago in Patna are finding it difficult to get a buyer in Patna.
We have listed the prices of properties in different localities of Patna by working on the average prices of "real selling prices"of properties in these areas of Patna in last FIVE years. The averaging has been done only when atleast 12 properties where available to average. If the number of sold properties in any area was less than 12, the average has not been worked out and the column is marked DNA( data not available). This has been carried out to avoid the bias in averaging.
As these are average prices, the actual prices will have deviation around these prices. These deviations are in the range of 8% to 12% in most localities of Patna, as per our day to day field experiences in Patna property market.
Very soon by applying the technique of moving averages, standard deviation, highest and lowest prices (range) we will be bringing a price band applicable to Property Prices in a particular locality of Patna. This will further ease decision making for you.
Our endeavour is to create an indicator, where the buyer and seller could start thinking and applying the rules of BARGAIN.
Locality Name | Under Construction Flat | Ready to Move Flats | ReSale Flats |
---|---|---|---|
Anishabad | 4900 | 5400 | 5200 |
Agam Kuan | 5100 | 5400 | 4800 |
Ara Garden | 5800 | 6000 | 5500 |
Ashiana Nagar | 5900 | 6200 | 5600 |
Anandpuri | 6300 | 6800 | 6500 |
Ashok Raj Path | 7300 | 7600 | 7300 |
Ashok Nagar | 5600 | 6000 | 6200 |
Beur | 4900 | 5400 | DNA |
Boring road | 6300 | 8200 | 7200 |
Bank Road | DNA | DNA | 8500 |
Buddha colony | 6600 | 7200 | 7000 |
Bailey Road | 5300 | 5800 | 5500 |
By Pass | 4600 | 4800 | 5100 |
Danapur DRM Office | 4000 | 4500 | 4200 |
Digha | 5000 | 5300 | 5000 |
DPS MOR | 4800 | 5000 | 4800 |
Exhibition Road | DNA | DNA | 8200 |
Fraser Road | 8500 | DNA | 7600 |
Gola Road | 5500 | 5500 | 5000 |
Gardanibagh | 6200 | 6600 | 6300 |
Hanuman Nagar | 6200 | 6500 | 6000 |
Kadamkuan | DNA | DNA | 7200 |
Khagaul | 4200 | 4600 | 4200 |
Kankarbagh | 6500 | 7300 | 7500 |
Kidwaipuri | 7200 | 8200 | 7800 |
Kumhrar | 5700 | 6300 | 6200 |
Kurji | 5400 | 5700 | 5500 |
Lodipur | DNA | DNA | 6900 |
Nala road | DNA | DNA | 7800 |
Nehru Nagar | 6500 | 6800 | 6000 |
Mithapur | 5500 | 5800 | 5200 |
Jagdeo Path | 5800 | 6300 | 6000 |
Jakkanpur | 5200 | DNA | 5600 |
Patna City | 6200 | 6600 | 7000 |
Patliputra | 6700 | 7200 | 6800 |
Patel Nagar | 6000 | 5600 | 5400 |
Phulwarisharif | 5200 | 5200 | 5500 |
Punaichak | 6500 | 6800 | 5700 |
Ram Krishna Nagar | 4500 | 4600 | 5200 |
Rukunpura | 5500 | 5700 | 5500 |
Raza Bazaar | 6500 | 6700 | 6500 |
RPS Mor | 5500 | 5800 | 75400 |
Rajbanshi Nagar | DNA | DNA | 6200 |
Rajapur Mainpura | 6300 | 6800 | 6500 |
Rajendra Nagar | 6800 | 7500 | 77200 |
Sampatchak | 3900 | 4200 | 4000 |
Sheikpura | DNA | DNA | 7200 |
Shivpuri | 6500 | 6800 | 6500 |
Sri Krishnapuri | DNA | DNA | 7800 |
Sri Krishna Nagar | DNA | DNA | 7600 |
Shaguna Mor | 5000 | 5600 | 5400 |
Shiwala-Usri | 3400 | DNA | DNA |
Locality Name | Residential Land | Commercial Land | Plots larger than 5 Katthas |
---|---|---|---|
Anishabad | 7200000 | 11000000 | 7000000 |
Agam kuan | 6800000 | DNA | DNA |
Ara Garden | 7800000 | DNA | 6700000 |
Ashiana Nagar | 8700000 | 13500000 | 7800000 |
Anandpuri | 9000000 | DNA | DNA |
Ashok Raj Path | DNA | 18000000 | DNA |
Ashok Nagar | 8700000 | DNA | DNA |
Beur | 4800000 | 7800000 | 4500000 |
Boring road | 11000000 | 17000000 | DNA |
Bank Road | DNA | DNA | DNA |
Buddha colony | 90000000 | DNA | DNA |
Bailey Road | 6300000 | 17500000 | 6500000 |
By Pass | 5200000 | 12500000 | 7800000 |
Danapur DRM Office | 5700000 | 9500000 | 5200000 |
Digha | 6700000 | 11000000 | 6200000 |
DPS MOR | 5500000 | DNA | 6000000 |
Exhibition Road | DNA | 236000000 | DNA |
Fraser Road | DNA | DNA | DNA |
Gola Road | 6500000 | 11500000 | 5700000 |
Gardanibagh | 8700000 | DNA | DNA |
Hanuman Nagar | 7800000 | DNA | DNA |
Kadamkuan | DNA | DNA | DNA |
Khagaul | 5800000 | 12500000 | 5200000 |
Kankarbagh | 9000000 | DNA | DNA |
Kidwaipuri | 8700000 | DNA | DNA |
Kumhrar | 7800000 | 11000000 | DNA |
Kurji | 7300000 | DNA | DNA |
Lodipur | DNA | DNA | DNA |
Nala road | DNA | 27500000 | DNA |
Nehru Nagar | 8400000 | DNA | 8000000 |
Mithapur | 7800000 | DNA | DNA |
Jagdeo Path | 7200000 | 18000000 | DNA |
Jakkanpur | 6800000 | DNA | DNA |
Patna City | DNA | DNA | DNA |
Patliputra | 9400000 | DNA | 8700000 |
Patel Nagar | 8200000 | DNA | 7600000 |
Phulwarisharif | 6800000 | 18000000 | 6200000 |
Punaichak | DNA | DNA | DNA |
Ram Krishna Nagar | 4400000 | DNA | 4000000 |
Rukunpura | 6300000 | DNA | 5600000 |
Raza Bazaar | DNA | DNA | DNA |
RPS Mor | 5800000 | 11000000 | 6000000 |
Rajbanshi Nagar | DNA | DNA | DNA |
Rajapur Mainpura | 8600000 | DNA | DNA |
Rajendra Nagar | 9200000 | DNA | DNA |
Sampatchak | 4200000 | DNA | 3400000 |
Sheikpura | DNA | DNA | DNA |
Shivpuri | 8700000 | DNA | DNA |
Sri Krishnapuri | 11000000 | 28000000 | 11000000 |
Sri Krishna Nagar | 9800000 | DNA | DNA |
Shaguna Mor | 5200000 | 13000000 | DNA |
Shiwala-Usri | 3800000 | DNA | 3200000 |
Rent in Patna fluctuates like weather prediction. What we mean? In the same apartment for same type of FLATS, similar attributes, the rentals may vary upto 15%.
To calculate the rentals in different locations in Patna we have taken a minimum sample size of 15 and taken MEDIAN rental of our sample.
We grouped the FLATS IN PATNA in 100 sq ft basis. It means 1101-1200 one group and 1201- 1300 sq ft flat in Patna in another group.
As far as commercial rental in Patna is concerened , we are still to find a way out to bring out the average pricing to present to our visitors on our real estate website. We are collecting DATA but even after SIX years we do not have much to do our calculations. We are hopeful that in times to come we will be able to bring out commercial rental prices too.
With EIGHT years of experience in Patna real estate market we would like to stress that rental in Patna is still case to case basis rather than standard pricing.
Locality Name | 1 Bhk Flat ( 750 sq ft. avg size) |
2 Bhk
Flat ( 1000 sq ft. avg size) |
3 Bhk Flat ( 1350 sq ft. avg size) |
---|---|---|---|
Anishabad | 4500 | 9000 | 14000 |
Agam kuan | 5000 | 7800 | 11500 |
Ara Garden | 5000 | 10000 | 15500 |
Ashiana Nagar | 8000 | 12000 | 16000 |
Anandpuri | 8000 | 14000 | 18000 |
Ashok Raj Path | 6500 | 12500 | 17500 |
Ashok Nagar | 4500 | 9500 | 11000 |
Beur | 3500 | 7800 | 9500 |
Boring road | 9500 | 17000 | 24000 |
Bank Road | 11500 | 18000 | 27000 |
Buddha colony | 7200 | 12500 | 19000 |
Bailey Road | 6200 | 11500 | 17000 |
By Pass | 3800 | 9000 | 14000 |
Danapur DRM Office | DNA | 7500 | 9500 |
Digha | 5500 | 9000 | 12500 |
DPS MOR | 5200 | 7800 | 11000 |
Exhibition Road | 10500 | 18000 | 30000 |
Fraser Road | 12500 | 18000 | 30000 |
Gola Road | 6500 | 10000 | 16000 |
Gardanibagh | DNA | 11000 | 14500 |
Hanuman Nagar | 4200 | 9000 | 13500 |
Kadamkuan | 6800 | 11500 | 18000 |
Khagaul | 4500 | 7000 | 9000 |
Kankarbagh | 8800 | 14000 | 22000 |
Kidwaipuri | 9000 | 16000 | 27000 |
Kumhrar | DNA | 12000 | 14000 |
Kurji | 6400 | 11000 | 14000 |
Lodipur | DNA | 9000 | 12500 |
Nala road | 11000 | 12000 | 19000 |
Nehru Nagar | 7500 | 12500 | 17000 |
Mithapur | 4200 | 10500 | 14500 |
Jagdeo Path | 6400 | 11000 | 16000 |
Jakkanpur | DNA | 8500 | 12500 |
Patna City | DNA | 12000 | 18000 |
Patliputra | 12000 | 18000 | 24000 |
Patel Nagar | 7200 | 13500 | 18000 |
Phulwarisharif | 4800 | 11000 | 13500 |
Punaichak | 7200 | 12500 | 15500 |
Ram Krishna Nagar | 2700 | 6000 | 9500 |
Rukunpura | 4800 | 10000 | 14000 |
Raza Bazaar | 8000 | 14000 | 18000 |
RPS Mor | 4800 | 11000 | 14000 |
Rajbanshi Nagar | 7800 | 12500 | 16000 |
Rajapur Mainpura | 6800 | 12000 | 15500 |
Rajendra Nagar | 12500 | 17000 | 22000 |
Sampatchak | DNA | 8000 | 10000 |
Sheikpura | 6700 | 14000 | 17000 |
Shivpuri | 7500 | 16000 | 18000 |
Sri Krishnapuri | 12500 | 18000 | 24000 |
Sri Krishna Nagar | 12000 | 21000 | 27000 |
Shaguna Mor | DNA | 8500 | 12000 |
Shiwala-Usri | DNA | DNA | DNA |
Property in Patna are bought and sold for many reasons and therefore these reasons reflect in the property prices in Patna. There is no hard and fast rule for pricing a Property in Patna. Our team has tried to build an indicative Price, for property buyers in Patna and Property sellers in Patna.
These prices are reflection of on field primary data collection and participation in many of the property deals in Patna in the last EIGHT years ( April 2012-April 2020) of our existemce in Patna realty market.
The NEGOTIATION plays a very important role in the purchase of any property in PATNA. All sort of references and pleading determines the final property prices in Patna. Also the need of the seller ( how urgently he needs to sell and for what) plays an important role. Secondly the payment duration ( time taken to pay the FULL amount ) also matters.
Finally, remember Patnaites believe and really believe that buying a property is like arrange marriages, matches are made in HEAVEN and you never know which property will be yours.
Gola
Road, Patna.
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WRITE TO US
info@buysellrentpatna.in