Ranchi Property

Ranchi, the capital city of Jharkhand’s state, has derived its name from “Archi”, which is a Nagpuri word meaning bamboo forest. It is probably the only city in the entire nation, which offers unique mix of contemporary urban traditions along with dazzling, picturesque and serene warmth of nature’s beauty in the background of pleasant climatic conditions.

Ranchi property rates are gradually escalating when it comes to property index with many main commercial and residential projects coming up through the courtesy of the leading real estate developers in India.

It is considered as the commercial capital city of the state of Bihar, and is currently regarded as an emerging real estate destination in India. The city is heading towards becoming a completely modern city, but at the same time it hasn’t lost its highly impressive traditional touch. The total land volume covered by the city of Ranchi is about 110 square kilometers, while the average altitude is around 2,140 feet above the mean sea- level.

In the past, it was only known for its high-quality mental asylums, but now the city is identified as the hometown of World Cup winning uber cool captain Mahendra Singh Dhoni. Moreover, Ranchi is well-known as a city of beautiful waterfalls along with a multiplex and a delightful countryside.

No wonder, this beautiful city is being eyed upon by big investors for its tremendous potential to put itself on the path of rollicking improvement. Already, it has shown phenomenal development, particularly in the real estate segment, after it was declared as the capital city of Jharkhand in the year 2000. With many leading companies having started their organizations here, there is a good possibility of a huge boom in the Ranchi real estate sector, both commercial and residential sectors within the next couple of years.

Property Developments in Ranchi

Ranchi property prices are considerably high, while the vacant land plots are really less, says the president of State Unit of CREDAI. The city is witnessing a massive retail boom, with many leading giant retailers including Reliance Fresh, Spencer, Big Bazaar, Reliance Hypermart etc. having started their outlets in many regions in the city.

One multiplex has already come up, while many others are already in the pipeline. Many high-class 5 star hotels have also been established within the city’s limits that cater to business class people. Even the income tax department of India discovers this city as a place for generating massive incomes, which has multiplied nearly 3 times since the city became Jharkhand’s capital.

The income tax department has been reported to collect around Rs. 650 Crore annually from this area. In the present real estate segment of this place, there is an enormous requirement of space for many sectors, including education, banking, insurance, telecom and finance. As per the prediction, more than ten million square feet of land has been generated in order to meet the growing demand.

The real estate prices in Ranchi have increased by almost 4 times in the past 5 years. Land prices are in the range of Rs. 1.2K to Rs. 1.7K per square feet in some areas of the city, while the price could drastically vary in case of plots in other parts.

The State Government of Jharkhand has joined hands with many leading private real estate players to come up with multi-storied apartments in Ranchi, and also in other cities, including Dhanbad and Jamshedpur. During the early phase of development, the government has planned to provide 0.5 to 1.5 acres of land to private developers to construct apartments.

Ranchi alone has been reported to have a total of 19 plots in Harmu, Bariatu and Argora, while Jamshedpur has only 6 plots left. All these developmental projects will be executed in joint-collaboration with many private real estate investors in the city, which will offer them bountiful chances to invest in the Ranchi real estate sector, big time.

So, the bottom-line is that the Ranchi real estate market is far from being saturated, and you can generate great returns, provided you don’t mind waiting for another 5-6 years to see good appreciation in the rates. Good things swell up with patience and time. Hold on, and Ranchi is sure to get you goodies for life.