2021 is going to be an year of Property investment in Patna
The last decade saw Patna real estate really sliding down from its top and undergoing many reforms and policy changes. Changes as always brought with them uncertainty and the investors and buyers did not find it attractive to invest in property markets in Patna. Now the clouds are going away and it seems year 2021 will see again the sun rising in Patna real estate. As far as property prices in Patna real estate is concerned, certain localities like Gola Road in last five years have seen very high appreciation of almost 100% but on an average Patna real estate has seen slow or crawling demand from flat buyers. In times of uncertainty, ready to move flats were high on demand but things are now changing for better.
Building Bye Laws in Patna.
Patna Nagar Nigam as always took a bit longer to draft the new building bye laws in Patna and it had resulted in chaos for almost four years. The main reason was that the “maps for Constructing Buildings” were not passed by the Patna Nagar Nigam. It almost halted new construction activities in Patna real estate. To add to the woes a umber of cases were lodged across the city on the under construction projects in Patna due to irregularities in their construction. Thankfully, now things have settled and the construction in Patna is under full swing under the new building bye laws and even “construction Maps” are getting passed.
Due to many rivers around Patna, it is blessed with abundance of sand. But the government wants to control its excavation from the rivers. More the regulations more the deformity in trade is the rule in Bihar. And this is what the government did. The sand which costed only Rs.2500 per 100 cft now costs Rs,6000 per 100 cft in local market. Arbitrary rules which would never be implemented and more troubling for general public were enacted resulting in hefty price hike of sand. A free resource is regulated to make few in power happy. Patna real estate has taken it in stride and moved on and has settled for higher prices.
In 2017 RERA was implemented all across our country and Bihar too implemented it. And as it often happens with new rules and acts no one knew what and how to do things. It took its own sweet time to settle issues but now RERA Bihar is acting smoothly and has gained confidence of all stakeholders of Patna real estate.
There were minor winds like demonetisation in 20116. There were a number of minor local issues too. Fortunately all are settled and the last straw “Corona” will also pass by mid of 2021 with the launch of vaccine. It may take few years for the economy to get back to where it was but the growth cycle will be back in Patna real estate.
NRBs and NRIs buying flats in Patna
Flats for sale in Patna has undergone many face-lifts. The under construction residential projects in Patna have seen many changes and have shifted their focus towards QUALITY of living. This shift is attracting buyers specially the NRIs and NRBs back to Patna real estate.