Jharkhand Property

Ever heard of Bokaro Steel City, We are sure you have, and who hasn't! The city that made the country proud of the burgeoning steel business has a repute of holding the biggest steel manufacturing unit in India. Well, let us insinuate that the city belongs to Jharkhand state. Jharkhand is another of those newly formed state in the country which has experienced a great boom in the realty sector after separation. It was carved out of the state of Bihar on November 15th, 2000, with Ranchi as the capital city of the state.

Jharkhand, of late, has emerged as one of the hotspots for real estate investments. The rich mineral sources have led to the extremely fast growth of industrial sector, which in turn has given a big boost to the Jharkhand real estate market. The big cities in the state, like Ranchi, Dhanbad, Jamshedpur and Bokaro, are considered as some of the biggest industrial cities of India today. Some of the other major attractions in the state are the eye-capturing plateaus, rolling hills and scintillating rivers that add a lot of charm to tourism in the state. Some of the famous tourist spots include Betla National Park, Baidyanath Dham and Netrahat.

Today, big investors from every nook and corner of the country are investing in the Jharkhand property markets. The in-house Jharkhand State Housing Board is also coming up with several multi-storied housing apartments in major cities like Jamshedpur, Ranchi and Dhanbad. Many of these projects are in collaboration with private real estate firms that are also taking keen interest in establishing some commercial complexes across the state. Thanks to these continuous rise in construction works in the state, Jharkhand property rates have been shooting up at a confounding rate.

The capital of the city has seen the biggest boom in realty segment. The fact that the pricing of properties have gone up four folds in the last few years re-affirms the strength of the capital investments in real estate. No doubt the average public is feeling the heat of rising rates, but the real estate firms and land owners have every reason to smile.

Property Prices in Jharkhand

Depending upon the locality, the rates vary in the range of Rs. 1200 per sq. ft. to Rs. 1700 per sq. ft. in Ranchi. One of the posh localities in Ranchi, Kanke, has seen property rates rise like nowhere else. Today, the rates vary from Rs. 1500 per sq. ft. to Rs. 1700 per sq. ft. against the rates that existed six years ago, which were in the range of Rs. 400 per sq. ft. to Rs. 500 per sq. ft.

Dhanbad is one of the fastest rising cities in the Jharkhand property markets, both in terms of real estate and lifestyle. The cosmo feel of the city due to the presence of BCCL (Bharat Coking Coal Limited) has continuously brought in people from other states like Gujarat and South India.

Many of them are moving in to settle down in Jharkhand for good. As per the industry experts, the Jharkhand real estate sector started growing much before Jamshedpur and Ranchi due to the industrial feel of the town. Apart from BCCL, industries like Indian Iron and Steel Company and Tata Steel have opened their centres here. All these reasons put together have caused around 20 Lakh sq. ft. of construction in the coal capital of country in the last two to three years.

Upcoming Projects in Jharkhand

Jharkhand real estate will see some of the very promising projects over the next couple of years. JSHB has revived the plan of constructing apartments with the help of private firms in main cities like Bokaro, Dhanbad and Ranchi. In the first phase of the plan, the private firms will start the construction of these apartments in six to seven different plots varying from 5 acres to even 15 acres. The entire plan includes construction of many massive commercial buildings as well.

Ranchi has a total of 19 plots included in the plan. Most of these plots are situated in Harmu, Argora and Bariatu. On the other hand, the steel capital Jamshedpur has 6 plots in the plan, including the biggest 15 acres plot in Chota Govindpur. So, this is a really good time to invest in one of these areas because you can be rest assured of great appreciation in the property value of these areas once these projects are executed successfully by JSHB.