Patna Real Estate – Growth and Profit

28 Dec

Following the double digit growth of Bihar’s economy for successive years, the Real Estate in Patna has witnessed significant growth rate in past few years. The obvious affects of growth can be seen as rise in business opportunities and labour migration from all over Bihar to Patna, which further resulted in high demand for commercial and residential properties in Patna. No wonder, just like the agricultural sector and construction industry, the Real Estate Sector in Patna has a significant role to play in the overall growth of Bihar and its habitants.

real estate Patna

The growth of Real Estate in Patna in future will be directly associated with the evident improvement in other sectors such as hospitality, entertainment and retail that include hotels, cinema theatres and resorts respectively. Besides, economic services including hospitals and educational institutions and Information Technology enabled services basically including BPOs, KPOs, Call Centers, etc. will also have a significant part in the growth of Real Estate in Patna.

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All in all, the Patna Real Estate Industry is going through a positive transformation that has provided the builders and developers with numerous investment opportunities in Patna. People who are directly or indirectly associated with the Patna Real Estate Sector are sure to get high returns in the near future since there are several favourable factors to capitalize on. Some of the major factors that have greatly influenced the Residential Real Estate Industry in Patna are:

  • Easy accessibility of funding
  • Constant growth in population
  • Abundant employment opportunities in service sectors
  • Influx in the number of people migrating to Patna
  • Increase in nuclear families
  • Increasing income levels and purchasing power of people of Bihar
  • Feasible policies for the Non Residential Biharis(NRBs) to invest in properties in Patna

As well, some of the major reasons for the increased demand for Commercial Real Estate in Patna can be stated as:

  • Liberalized legislative framework regarding investment in Real Estate Sector in Patna
  • Increase in the number of Companies coming to Patna
  • Investment opportunities in Bihar
  • Requirement of large office spaces
  • Well-developed infrastructural facilities resulting in the initiation of significant construction projects

Malls in Patna

 

Considering that the Real Estate Sector of Patna has emerged as one of the most flourishing segments, it is judiciously the best time for industrialists as well as common man to look out for investing opportunities in Patna.

Sky is the limit :- Patna.

9 Dec Buy Sell Rent Patna

Well-developed and secure urban spaces attract foreign investments and give citizens access to quality healthcare, good governance and robust public transport systems. However, one of the biggest challenges that Bihar’s urban development faces is availability of real estate. Lack of space has led to cheek-by-jowl constructions dominating Patna’s urban landscape.

By 2050, India is projected to add 404 million urban dwellers. With only 11.2 percent of urban population in the state as per 2011 data; Bihar will engulf a large part of 404 million by 2050. This means more and more people will need homes to stay and offices to work in cities of Bihar.  Where will these homes and offices be? Where is the space to make newer towers? The answer lies in going the Burj Khalifa way. To counter the growing space crunch in cities of Bihar, we need to expand vertically.  We need to create safe, secure and sustainable high-rises.  Besides altering the city’s architectural landscape and skyline, skyscrapers make economic use of space and minimize urban sprawl.  However, building these super-tall structures is easier said than done. From construction and maintenance to energy consumption, there are a number of challenges when it comes to tall towers.

In order to make real estate in Patna affordable and address the problem of congestion in cities of Bihar, Floor Space Index (FSI), also called Floor Area Ratio (FAR), needs to be increased in many cities – a case in point being Patna. FSI refers to the ratio between the total built-up area and available plot area. The government determines the FSI for a particular locality. This will let builders bring down old structures and construct taller towers. Besides, it will also be a major step in realizing ‘Housing for All’.

While more FSI will mean more skyscrapers, not everyone is optimistic about this prospective move. Urban planners and housing experts are of the opinion that this move will only put further strain on Patna’s already crumbling infrastructure. If cities are to reap the benefits of more FSI, they must put an integrated urban infrastructure plan in place. Ample attention should also be paid to the neighbourhood plan of any new construction. This includes approach road, parking space, recreational area and the likes. The neighbourhood layout should be in consonance with the structure being constructed. Only then will vertical growth be accompanied by holistic development of cities.

Construction of skyscrapers cannot happen in isolation. It needs to be in harmony with a city and its resources. While designing super tall towers, ample attention must be paid to water and waste management, energy usage and other related infrastructure.  Architects and urban planners must take care to ensure that such structures do not put a strain on urban resources. In fact, they should be sustainable structures that use energy efficiently. There should be emphasis on renewable energy, environment-friendly design and intelligent use of technology.

Tall towers are often termed as energy guzzlers, especially the ones that house offices. Lighting usually consumes tremendous amounts of electricity. An effective way of incurring less power bills is to judiciously use natural light, have sufficient ventilation and tap renewable energy effectively.

Escalators and elevators are the main forms of transportation within any tall building. As cities get taller and taller, these two assume a lot of importance, especially elevators. As buildings grow skyward, there is a growing demand for high-speed elevators. However, while choosing lifts, speed should not be the only criterion. It must be tested for energy efficiency as well. This is crucial because during peak hours, the energy consumed by elevators and escalators can be as high as 50 per cent of the energy used in buildings.  That’s why choosing an energy-efficient elevator can significantly bring down the costs of operating a building.

As more and more cities get created in Bihar, the number of skyscrapers is only going to go up. While these towers will no doubt solve space-related problems, they will also necessitate deployment of intelligent technology systems — technology that uses energy economically and is able to provide sustainable solutions.

Urban planners should ensure that vertical expansion does not happen in an unchecked manner. All stakeholders must be taken into confidence before creating any tall tower. As mentioned earlier, such towers cannot exist in isolation. Their day-to-day operations will directly impact the city they are located in. As a result, while designing any skyscraper, there should be a complete blueprint of how it will interact with the rest of the urban infrastructure. Only then can we have smart and sustainable skyscrapers and cities in Bihar.

Internet Marketing In Real Estate Patna

19 Nov

“Ideas are worth nothing if the people behind them are not good. The people always come first.”

Patnaites have been rather quick in going online, and the depth of Internet penetration across the city is quite remarkable. However, when it comes accepting the Internet as a serious medium and tool to boost business, there is considerable disbelief and change aversion among Patna’s developers. The general feeling is that the Internet is a ‘new age’ medium with little potential, and that the tried-and-tested ‘offline’ approach to marketing real estate in Patna is still the most reliable.

This mind-set needs to change drastically and developers in Patna should make active use of digital media for marketing properties in Patna. This acceptance will come primarily because developers in Patna are experiencing that valid and actionable inquiries do indeed come from their web sites as well as real estate portals where their properties are featured. Today, every developer in Patna has a website, and many also maintain blogs and social media accounts to garner further visibility online.

 

For consumers of real estate in Patna, the Internet has become an unmitigated boon. Visiting developers’ web sites allows buyers to inform themselves about a project before actually making site visits. They can also make quick comparisons of all available options that meet their requirements, and to do a considerable amount of elimination to arrive at a final checklist. Online forums allow them to poll others’ opinions and experiences with regards to developers and their projects in Patna.

Obviously, property marketing on the Internet will also become highly competitive. Developers in Patna soon will be vying for online space and buyer attention in every possible way. In fact, a significant chunk of real estate marketing will go online in Patna real estate, and will reap very satisfactory results.

Internet marketing outreach will become an inalienable and highly effective part of most developers’ overall marketing programme in Patna; purchase inquiries triggered online can account for as much as 25-30% of the total annual sales tally. Real estate developers with clear USPs – such as projects in exciting new locations or within affordable price brackets – have clear advantage online.

Most developers in Patna will realize shortly that their websites – rather than their marketing offices – are now their primary calling cards, and will invest heavily into making them more attractive and user-friendly. Likewise, tie-ups with leading property portals will become  a default route for major developers in Patna

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It is early days yet, and internet marketing in most business fields has yet to find its ‘true North’. Meanwhile, it is important that real estate buyers in Patna see it as a useful tool, but by no means the only tool at their disposal.  At the end of the day, real estate is still very much a ‘people’ business – as such, it cannot become entirely virtual. When it comes to buying a home for which one will make a very large financial commitment, nothing will replace a site visit and personal inspection.

Patna Real estate

14 Nov

Buy Land In Patna

14 Nov

real estate Patna

Buying land in Patna can be rewarding in the long term. However, to identify the best investment option in land in Patna, you have to do some hard work. We will make an attempt to dispense some myths about investing in land in Patna and inform readers of the best practices to adopt and pitfalls to avoid when it comes to reinforcing your investment portfolio with land as an asset class.

Let’s take the example of Rahul Sharma, who wants to invest money to satisfy long-term goals in solid investment assets which will combine great returns with lower risk. While real estate will crop up as a possible option, there are various factors which make it seem unattractive. The volume of investment required to purchase a flat or a weekend home or a plot in Patna is too high. For a salaried individual, this involves heavy and lengthy financing options which will put a constraint on the quality of his family life. Adding to this, the murky reputation of the housing industry, non-transparent and long-drawn legal paperwork makes matters worse.

Let’s focus on an oft-ignored product in Patna real estate that is land. Investment volumes are lower than other real estate products and returns are stable and are in the high category bracket if the locations are chosen correctly.

Let’s get into details so we can explore the investment category to its full potential. Land investment in Patna includes different kinds of potential land investments like:

 Residential development land, which is predominantly used to build houses. These plots can be used to build independent houses, apartment buildings and villas.

Another option is commercial land whose intended use is commercial in nature like office space rentals or sale.

Farm land is typically devoted towards agriculture, so if you plan to cultivate on it, then invest in the farm land in accordance with its fertility level.

While recreational land might be part of or might qualify for several governmental programmes, it is necessary to procure permits from the municipality or you can take help from a developer in Patna.

Land investment in Patna, like any investment option comes with its own set of advantages and challenges, which depend primarily on your investment goals. The main highlight of purchasing land is that it is a tangible asset and because of a constant and steady increase in demand, the returns are more or less assured over time. Land has better resale value with comparatively lower cost and property tax than residential properties in Patna. Another advantage is that land is available at most locations with different sizes; this makes it easier to invest in small portions and keep increasing the investment according to your savings. The primary challenge with this investment is that there is very little return versus the effort required in the short term.

Entering into land investment in Patna can be substantial due to many reasons. Few reasons why you should think about investing in land are:

  • It is ‘Hands-off investment’ You don’t need to worry about too much of an extra cost for the upkeep of the area. In a residential property in Patna, one has to worry about maintenance, tenants and other issues. With land investment, you only have to worry about its management or minimal maintenance to prevent encroachment.
  • Future plan with vacant land, you will have many options like selling it, building your house, building commercial property or convert it into farm land. The sense of liberty is limited with residential properties like apartments in Patna.
  • Value addition for long term Land investment is more affordable than residential property in Patna. With less need for maintenance, you will save a considerable sum of money.

However, land investment in Patna can be tricky and also fraught with risks. In order to ensure safety of your venture, you will need to be mindful of a few things before investing:

Budget Before you start research on your land investment options, take time to pan out your budget. Make a checklist:

  • Evaluate your savings and income:- To begin with, estimate your savings and debt-income ratio should you be availing of financing for this venture. Other investment instruments like fixed deposits or mutual funds, which are more liquid in nature might also be a good source of financing. Together, analyse the amount you will be investing along with the amount you will be left with. Investors should be careful while investing as the liquidity in land investment in Patna is less as compared to gold, fixed deposits and mutual funds.
  • The amount you are willing to invest: – After all the calculations estimate how much amount you will invest in land and keep in mind any legal or maintenance costs. Research is probably the most crucial step in successfully investing in land in Patna. Exploring and collecting information regarding the investment is an essential step in making the right location and developer choice. Learn more about market trends and the news related to the area you are interested in. This information will add up to your overall knowledge regarding the sector and will aid your decision-making.
  • Market trends: – Investigate further on the recent market reports and trends in the real estate sector. Keep an eye out for news related to price, popular investment plots or areas, investment options, type of land investments and details on whom to contact.
  • Pricing: – When you are planning your different plot options in Patna, compare them on the basis of the amount and the quality they offer for that amount.
  • Infrastructure development can be a game changer. For example, Bihta was a village up until the 2000s due to its remote nature but is now bustling with commercial and residential hub.
  • Government policies or legal issues:– The plot may be under litigation or may be due for a government project.
  • Zoning:- Also note that a few areas may be categorized as forest land. Investigate and enquire about these factors before you invest. All the information you will obtain from local municipalities and development authorities.
  • Location:- Plots situated near to upcoming airport, railway station or business sector will be a great investment in Patna. This venture will also secure employment opportunities. Try to invest in areas in the proximity of such sectors, this will ensure maximum future returns. Patna has its growth corridors.. If you want to steer clear from these variables, then make sure you invest in a location which provides you basic amenities at a good price.
  • Workforce and labour:- If you are planning to build a house or commercial property on the land or sell it to a developer in Patna, keep in mind the potential for employment prospects. If the plot is near a developed segment, the employment options will be aplenty.
  • Public transport and amenities:- If you are planning to develop estate on the land, it’s better to search for amenities like public transport, water supply, hospitals etc.
  • Scope of growth:- Always invest in land where you see possibility of growth and development. This judgment will be easier if you thoroughly research your options. How long can you stay invested? Plan out your long-term goal.

Land is not a liquid asset and the efforts are considerable when it comes to finding a buyer at a fair price. Make sure you have an alternative source of income or savings that you can bank upon during times of crisis. Your land investments will gain on capital appreciation when you sell the land. Long-term goals like child benefits or a retirement corpus are more suited to land investments. Planning will help you maximize returns and turn your venture into a success. Remember, turning ignorance into knowledge and action is more a factor of your approach rather than purely focusing on the negatives and challenges of possible outcomes.

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