Patna has been developing rapidly over last ten years. Now, is the right time to change gears and make this development rapid and world class? To bring Patna back to world stage Patna needs to become now a new center of industries, commerce, administration, education, production, marketing and IT. Can we do it?
Basically, Patna can focus on a five-fold economic configuration – pilgrimage economy, industrial economy, Education and Health sector economy, IT and a strong agricultural economy. Patna needs to develop industrial estates around it in places like Bihta, Fathua, BakhtiyarPur, Punpun, Sonepur, Hazipur and more.
Real estate development in Patna needs to take place in a very collaborative manner. Landlords with sizable agricultural land holdings on Patna’s fringe areas need to either sell their land or enter into joint venture agreements with developers in Patna and move farther away from Patna for their agriculture activity, thus infusing land as well as capital into Patna’s real estate market.
Patna needs to offer very encouraging fundamentals for real estate investors to come to as a world class city. It needs:-
1) Well-developed physical infrastructure, roads, sewerage and drainage, Metro, Highways, rail connectivity, waterways, Electricity etc.
2) Adequate and good quality water supply,
3) Comparatively lower environmental pollution,
4) Efficient intra and intercity commuting facilities,
5) Excellent connection with other regional growth centres,
6) Developed industrial estates
7) The Software Technology Parks
8) Safe and secure social environment and also interactive national positioning with other Indian cities,
9) Air connectivity with national cities,
10) Generous and increasing availability of skilled labour
11) Numerous high-grade healthcare facilities and educational institutions, also for higher and professional education.
Also, the IT/ITES sector in Patna needs to rapidly become a force to reckon with. BPOs must begin recognizing Patna as a very viable destination because of the lower real estate costs while at the same time being a very good catchment of educated, English-speaking talent.
Private Banks, life insurance companies and telecom companies have been major drivers for commercial real estate in Patna, with ICICI, HDFC and HSBC having expanded their operations phenomenally.
All these factors will boost employment and prosperity in Patna, which will directly influence the demand for residential real estate. Little wonder, then, that more and more investors will focus on this city. They will be attracted by the fair property rates in Patna and excellent mid and long-term demand projections.