Patna office real estate

14 Apr

 

 

Patna is rapidly urbanizing. The skylines of Patna are changing quickly with new buildings and modern architecture. Patna is metamorphosing in unprecedented ways through  expansion of transportation networks and by numerous residential projects. Patna metro needs to be expedited by the state agencies to take development in Patna to another level.

 

All these changes have not been caused by irrational enthusiasm – they are indeed necessary, given the influx of people to Patna, the state capital, from all over Bihar. Bihar boasts of a population of ten and half crores and a decadal growth rate over twenty percent. The growth mandates the needful creation of employment. As existing commercial hubs have become saturated, Patna’s commercial real estate markets have grown in terms of both the density of existing business centers and  emergence of new ones.

 

During the past decade, Patna’s commercial property segment has witnessed a steady rise in demand for office space. All these activity is attributed to the significant shift within the country and Patna from developing average-quality commercial space to building superior-quality projects with advanced amenities that support the business environment. Also, the ongoing infrastructure initiatives are aimed at transforming the areas in Patna into successful commercial centers.

 

The companies are planning to expand their operations in Patna in the next five years. These companies may prefer to shift to suburban (periphery of Patna, west Patna, Bihta) locations because by doing so they will be able to reduce their real estate costs and move into superior quality projects, which are available at lower rents and offer modern amenities, car parking and safety in a developing modern Patna.

 

To boost further development in this regard the state needs to attract the big names in Indian and international IT sector to open their offices in Patna. No doubt we are an agricultural state with focus on Education, Health, Law and order and Roads. IT would be of help in all these sectors and secondly will start a new modern growth of Patna. We know that the banking, financial services and insurance (BFSI) sector dominates the office real estate market due to its willingness to pay higher rents, whereas IT/ITES occupiers dominate the real estate market in terms of occupancy due to  availability of larger office space areas and because the nature of their business makes them vulnerable to higher real estate overhead costs. Therefore the “wholesome”  IT revolution needs to touch Patna. The sooner, the better.

 

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5 Responses to “Patna office real estate”

  1. sunnychaubey May 23, 2013 at 4:13 pm #

    Hie
    Your blog is awesome. I have a project which is launched recently in sector 107 Noida. Project name- Sunworld Vanalika

  2. sunnychaubey May 2, 2013 at 4:53 pm #

    Its great Sunworld Arista

  3. sunnychaubey May 2, 2013 at 4:49 pm #

    Your Blog is Awesome Kavita G. In a day a lot of time i visit in your Blog 🙂

  4. Kavita Joshi April 23, 2013 at 5:40 pm #

    thanks a lot for visiting my blog 🙂

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