The baseline philosophy behind the creation of any mall in Dhanbad is that it must be a place that continually attracts people into its premises, keeping them engaged and tempting them to stay for longer periods. This cannot be done just by providing a massive number of shops.
Today, mall visitors in Dhanbad expect various entertainment options and engagement mechanisms, as well. Malls in Dhanbad cannot be just shopping complexes – they must be one-stop family destinations. If they fail at this, they invariably fail completely. With these and other reasons malls in Dhanbad can potentially become under-productive and sub-optimal.
Mall developers in Dhanbad are now discovering that professional mall management can be a catch-all solution. In fact, one of the most common causes for the failure of malls in Dhanbad is that they were are not professionally managed and promoted.
High-grade mall management is the single-most reason why some malls have managed to perform well even during the worst periods of economic distress. Professional mall management is about a lot more than just keeping up the facilities in a shopping centre. It is about strategizing and implementing success formulae that have been specifically tailored to the mall in Dhanbad.
Often, a professional mall management firm can undo a significant amount of ‘done damage’ by reinventing the mall’s positioning, facilities and operations almost from the ground up. Significantly, a mall management agency can result in operating costs reducing by between 5-7% in an up-and-running mall, and by up to 10% if it is engaged at the very inception stage. However, the cost-saving element is just one side of the story. With the implementation of professional mall management, even a languishing mall can be realigned into a destination that provides the needed success ingredients – and an overall ‘experience’ for customer. A mall management agency can re-engineer the shopping complex’ parking arrangements, tenant mix and internal customer traffic, and also assume the responsibility of promotional activities. Simultaneously, such an agency will ensure optimal staffing solutions and keep all facilities within the mall running flawlessly. Not surprisingly, more and more mall developers in Dhanbad need to adopt the mall management mantra as a one-stop solution to ensure that their investments in Dhanbad reap the best possible returns for them.
The real estate sector plays a significant role in the economy: it is second only to agriculture in terms of employment generation in the state and substantially contributes to the state gross domestic product. The construction sector has also been responsible for the development of over 250 ancillary industries such as cement, steel, paints, brick, timber, building materials, etc in our country. A study by a credit rating agency ICRA shows that the construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy. A unit increase in expenditure in the real estate sector can generate a fivefold increase in income of the people of state. But it seems that the development is a not a word in the dictionary of political class of Jharkhand.
The true test of the professionalism in the Dhanbad real estate sector has to be seen now; . In the past a seller’s market existed, in which it was only necessary to market products or think about what kind of products to make. But now the market has perceptibly shifted towards the buyer and products must be designed to respond to market requirements. Because the demand in the affordable housing segment is encouraging, real estate developers in Dhanbad now need to concentrate on profits through high-volume, low margin deals instead of high-margin and high-quality transactions. This will mean designing affordable housing options suited to average Dhanbad’s families whose disposable income is steadily on the rise. Far-flung suburban locations in Dhanbad , where land was relatively inexpensive, have witnessed the launch of aggressively priced projects in the recent past in Dhanbad real estate. With a huge latent demand for housing units in Jharkhand, the residential sector is a strong driver to lead the recovery in the real estate market in Dhanbadin terms of sales volume and asset pricing. As far as the commercial segment is concerned, Dhanabd real estate is yet to take off. Few malls and one two corporate parks . Rest of the commercial segment looks adhoc and not really planned. A lot of action will unfold in the coming 10years in Dhanbad real estate. A facilitator role by the government will go a long way in developing Dhanbad real estate.
The second home buyer or investor in Patna normally falls into the dilemma when it comes to investing in land in Patna or an apartment in Patna. Both the investments in Patna have some merits and demerits, but there are a few important points that can help an investor in Patna arrive at a definite stand.
Buying an independent land in Patna means sovereign choice to build a house depending on one’s own requirement and constraints. On the other hand, a flat apartment in Patna is a redesigned, multi-floored construction. The apartment buyer in Patna has lack of freedom to change the shape and size of the construction area. However, it benefits the buyer in matters related to security, accessibility and location advantages.
A comparison between Land Vs Flat investment’s benefits and weaknesses
||Depends on locality, size and availability of space
||Depends on locality, services, accessibility, size, design and developer’s brand
||With space availability vanishing quickly in Patna, it is expected to appreciate very quickly. Flexibility of option to build as per future requirement helps the cost of land and property to increases very fast.
||A flat has a limited life span, so its value has a diminishing effect. After a certain period of time, there is stagnancy in the growth. Lack of flexibility in use, modification and expansion are hindrance to a quicker growth versus land
||The land is prone to litigations and it is very difficult to come out of it once anyone is involved.
||The delay in possession by developer in Patna is one of the most common problems. Quality is often compromised by the developer to control the cost and meet the deadline so the life of flats gets reduced.
||The buyer has limited options to leverage its financial position for buying a land property as banks usually doesn’t provide finance for buying a land/plot.
||It’s very easy to take a bank loan for buying a flat in Patna.
|Regular Income Source/Rental Income
||Land generates a very low income if rented and sometimes it is difficult to reoccupy the land if the tenant pushes the property into litigation
||Flats are ready to generate handsome income from the first day of taking the possession if it is given on rent. There is less chances of litigation with modern laws in place.
|Liquidity and future prospect
||Land is always in great demand. The value normally appreciates immediately due to zero depreciation on land.
||The depreciation on construction reduces the growth rate, therefore its value grows with a diminishing rate.
No doubt a land has an advantage of assured returns, but it usually needs investment in full and there is no choice of taking leverage on the fund hence overall return is limited up to some level. Flats are very easy to buy and an investor can take leverage on its fund, in conclusion the return is also very good. The possession delay by the builder is a major concern in case of flat investment in Patna. Another big problem could be strengthening interest burden while one invests in multiple flats in Patna on a leveraged financial position at a time of slow-down in economy, however, the land investor doesn’t need to worry in such a situation.
To judge the best investment avenue between a land and flat in Patna, one should first focus on one’s own requirements. If the investor wants to use the property in Patna for his personal use, then land could offer an advantage of usage flexibility and handsome value appreciation in long term. However, if the investor wants to resell the property in Patna after a short period then it is more profitable to take a position in flats in Patna. As an investor is not required to hold the flat for a long term, it also eliminates the depreciation factor. If the investor is a senior citizen or someone who cannot devote much time to maintain the property in Patna then again it is advisable to take the choice of a flat over land.
Each household in Patna district has 6 members on average. Patna district has a population of 60 lakhs and about 10 lakhs houses. The density of population is almost 1900 per sq km. The decadal growth rate would be around 20%. Patna master plan for 2031 is therefore to accommodate and facilitate the living of 85 lakhs people at present rate of growth of Patna district. More prudent planning will be for 1 crore as the speed of urbanization in Bihar would increase in coming decades. Patna will be the epicenter of this urbanization.
A smart city of 10 million people!!! Any town planner would need really to think out of box to transform an extended village into a smart city of 10 million people in 16 years. The town planners can remind themselves of Singapore converted from a village to an exemplary city in just two decades. Is it possible in Patna…… Nothing is IMPOSSIBLE. What Patna requires is a PIED PIPER. Remember; the story of PIED PIPER of Hamelin which we read as a child.
Buy Sell Rent Patna
Patna real estate needs PIED which symbolizes Planning, Ideas, Execution & Destination. The Piper stands for a leader focused on world class urbanization of Patna. Urbanization in Patna needs a team which can think 360 degree and is visionary enough to foresee the coming decades of urbanization in Patna. The present lot of planners and executioners are a SORRY lot to say the least.
Though Patna real estate is waiting to see the Patna Master Plan in its final form, one thing is sure there will be nothing “master” about that master plan of Patna. Patna’s real estate waiting for the PIED PIPER will continue…….