Percentage increase in Property prices in Patna in Last 5 years
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||4.5%||17.6%||25%|
|Ready To Move Flats||3.75%||19.3%||27%|
Property prices seem to be going up steadily in Patna – but only in new projects. In the resale market, prices have been stagnant since 2014-16, in Patna.If there is no real price correction, there would be a time correction – that is, price will remain stagnant for a long period. While in new properties developers are artificially jacking up prices, resale property prices have been the same since 2014-16 in Patna.
The second phase of real growth in prices now hinges upon the urban development and systematic expansion of Patna. The second phase will see QUALITY as the driving force in Patna real estate market.
In Patna, there has been decline on an average in the registrations, year-on-year, since 2012. This denotes that people are not buying properties at inflated prices demanded by developers. While, resale property prices in Patna have continued to stay stagnant for past years .
“I wanted to sell a 3BHK in 2016 and I expected to fetch around Rs. 50,00,000, the deal did not go through,” said a resident of Patna. “After that I had postponed the plans, but this month( dec.2018) when I inquired about the price of my flat, I was surprised that the price has been same.” This is the story in Patna of the resale flats.
There are only desperate buyers and desperate sellers at this time in the Patna market. Investors know that the prices are not going to appreciate for another year now, and so it is better to sell the property in Patna at this price point.
Therefore as a seller its time to wait and as a buyer it is a time to bargain hard in Patna’s real estate market.
Note:- we have complete present pricing details of flats and land in Patna; PROPERTY RATES IN PATNA