Patna Property

Patna, constructed on the antique ruins of Patliputra, has resurfaced as a major city in India. Patna property market has begun to flourish big time as many leading builders and real estate developers have sprung up with the advent of many large scale commercial and residential developmental projects over the past few years. It’s almost as though every big city has been witnessing a great boom in the past 2-3 years.

The whole of Patna real estate industry market has started undergoing a complete renovation, turning into a fresh housing and profitable property market. A notable growth in Patna real estate property investment has been recorded from both building contractors and housing companies in Patna.

The whole of India has been really surprised with the recent bang in the Patna real estate market, leading to a considerable hike in the property prices in the city. Despite international recession prices of both residential as well as commercial properties, Patna has been able to witness remarkable growing swing in the past few years.

In the earlier times, due to poor infrastructure services and absence of major industries and trade within city jurisdictions, Patna miserably failed to become the major destination for other state residents to settle or invest. As a matter of fact, even the local residents loved to shift from the city to live elsewhere, but times are certainly changing again!

Property Rates in Patna

When you look at the market trends and Patna property rates in the past 3 years, the real estate costs in the region have increased by more than 100 percent. Now, the residential land property prices in the major places of the city are priced at nearly Rs. 3000 to 3500 per square feet, while the price of the commercial plots varies between Rs. 6000 to 10,000 per square feet.

The city is expected to be blessed with at least 3 big upcoming shopping malls in various areas, and the cost quoted for sale ranges from Rs. 6200 to Rs. 10,000 per square feet.

Despite the differences in the modernization between Delhi and Patna, land rates in Patna are almost equal to the price rates on Barakhambha road in Karol Bag and Connaught areas of Central Delhi.

The first commercial multiplexes in the city were built by the real estate company of Prakash Jha. It has been constructed in a total land area of around 2.25 square feet, and it provides all essential modern amenities.

The sudden rise in the real estate price has even been reported to rake up a new controversy. This particular prime land area was priced at Rs. 14 lakhs per acre by the BIADA (Bihar Industrial Area Developmental Authority). So, the land could have been easily given to any other real estate developer on the basis of fifty percent share of the industrial land as is already prevailing in Patna.

By doing so, the state treasury could have easily obtained Rs. 62 crores in a span of just 3 years, or nothing less than Rs. 40 lakhs per month as the rental fee on the preset real estate market rate, and that rental fee would have been more than enough to backup resource starving Patna City Municipal Corporation. With only some risk, when an entrepreneur could earn such quick bucks, what actually prevented the state government officials and related agencies from selling it? The actual answer for this question is yet to be discovered.

All real estate developers and builders operating in Patna are constructing communities with land plots in many remote regions that are close to Danapur. Also, the State Government could have easily exploited the present boom in the real estate industry to their advantage by invading some land to create commercial space so as to offer an additional standard source of revenue to PMC (Patna Municipal Corporation).

Any national level developer will be very keen on taking up these projects. Presently, Maurya Lok continues to be the only profitable area in the city with plentiful open room for parking and travels. So, if you have plans of owning a house or a land property in Patna, this would be the best time to do it.