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.
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.
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
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.