Is Patna now set for a RE boom? - Indian Real Estate Forum

vikky55 · 28-11-10

With law-and-order under control and renewed interest by industry and in fact by the non-resident biharis themselves, is this a great time for RE boom in Patna to take off ?

Agastya07 · 29-11-10

Quote:

Originally Posted by vikky55

With law-and-order under control and renewed interest by industry and in fact by the non-resident biharis themselves, is this a great time for RE boom in Patna to take off ?

Hope so. Good Luck to Patna and Bihar.

Yamban · 02-12-10

I am hoping the new govt will do a lot of good to the state and that means better RE boom

vikky55 · 11-12-10

Real estate rides wave of hope
ROSHAN KUMAR

Patna, Dec. 3: Real estate prices in Patna have touched an all-time high, spurred by the expectations of Bihar’s resurgence.
The return of Nitish Kumar, who has promised a naya Bihar, to power appears to have fuelled expectations among property developers and construction companies that prices would shoot up further.
During the NDA-1 regime, the prices of flats had soared in Patna because of the people’s confidence in law and order and creation of a new segment of buyers — Biharis residing outside the state wanting a home in Patna.
This time they are expecting investments to roll in and the creation of a segment consisting of corporate executives, company guest houses and many more non-resident Biharis wishing to purchase land, flats and commercial property here.
With the main areas of the state capital saturated and prices demanded for land almost unreachable, deputy chief minister Sushil Kumar Modi has already dropped hints to builders and property developers of the government’s thrust on real estate.
“This time we will focus on satellite townships,” he said.
The construction companies appear to have taken a cue. Nanhey Kumar, the state co-ordinator of Builders’ Association of India (Patna chapter), said: “The urban development department had recently prepared a master plan according to which the government has mooted that new apartments and flats should have all basic infrastructure such as parks, gymnasium, schools and other facilities.”
Kumar also said that since prime locations such as Boring Road, Frazer Road, Exhibition Road and other places are saturated, the new boom would happen around Khagaul, Digha and on the Gaya-Patna route near Guarichak and other adjoining areas of the state capital.
The optimism is borne out by the earnings to the state exchequer. The registry office has crossed its revenue target for registration of flats.
As per figures available with the registry office, it earned a revenue of Rs 196 crore last year from registration of flats as compared to their target of Rs 163 crore. This year, the registry office, expecting a boom in the market, has targeted a revenue of Rs 267 crore.
Ajay Krishna Mishra, district sub-registrar, told The Telegraph: “With the earning of excess revenue last year, this year we have targeted a revenue of Rs 267 crore from the registration of flats. From April to November we have achieved almost 67 per cent revenue earnings.”
Moreover, in the financial year 2009-10, the number of flats registered was 3,585 under Patna Sadar area, which covers prime locations such as Boring Road, Bailey Road, Exhibition Road, Dakbungalow and Kankerbagh.
According to figures available from April to November this year around 1,501 flats have been registered and they expect that the number will go up to 4,000.
“Real estate prices have appreciated more than 100 per cent in the last three years. Now the residential properties in prime locations are priced around Rs 3,000-3,500 per square feet whereas commercial space in malls varies from Rs 6,000 to Rs 10,000 per square feet,” Kumar said.
“But this sudden rise cannot be seen in isolation as the real estate sector was almost stagnant for more than a decade in Patna,” he added.
The real estate boom came after the enactment of the Apartment Act when Nitish Kumar came to power in November 2005 for his first full term in office. With the enactment of the Apartment Act, the state government divided the city into five zones.
The flat registration charges and per square feet rates are determined by the locations and infrastructure facilities provided in these areas. Boring Road, Frazer Road, Exhibition Road and Dakbungalow come under Zone I where the registration charge is Rs 1,800, while the market price of flats in these areas go up to Rs 3,000 per square feet.
Flat rates are expected to go up by 20 per cent in the next one year, making Patna one of the costliest cities in India as far as prices of real estate is concerned.

vikky56 · 04-01-11

The new Bihari: Special Report : India Today

Real estate prices in Patna have appreciated more than 250 per cent in the last three years. "Today, people from all over the state are willing to buy flats in Patna," says builder Ejaz Hussain of Pristine Construction. Many non-resident Biharis also want a home in Patna. "Bihar is growing," says Sagar Shankar, 24, an mba from isb, Kolkata, who returned to Bihar to work for Coca-Cola India. "nris are showing interest in Bihar," says Dr Shaibal Gupta, noted economist and member secretary of the Patna-based Asian Development Research Institute. "Most haven't settled down here yet, but the current trend suggests that nris will start business operations in Bihar soon." US-based Kamal Verma is one such Bihari, who now frequents Patna to expand her business. "The Nitish Government has inspired faith to launch new business activities in Patna," she says. An upmarket owner of Patna's well-known Shagun Banquet Hall, Verma also owns the Shiamak Davar Dance School franchise in the state capital.

Magadh_Pride · 27-03-11

Which are the cities that you see potential for future development?

There are a lot of places like Navi Mumbai and Rajarhat in Kolkata. They have the potential, but they need a good government and a good policy. Why was Gurgaon developed? Because the Haryana government made policies that was conducive to development. The atmosphere has to be made like that.

Patna is a good place, but the regional planning is bad. Prices are high, we are making a slum into another slum. That is not real planning. There should be another Patna made from the existing Patna.

Like in Bhopal, there is a new Bhopal around the highway. The same with Indore and Gwalior. They have good city planning and good infrastructure. This again is a job for a regulator.

Source: Indian Express

View Poll Results: Are RE prices in Patna now all set to zoom over next 1 year?
Yes by over 10 percent	3	100.00%
No - people will still wait and watch	0	0%
Prices are already high	0	0%
Voters: 3. You may not vote on this poll

28-11-10	#1
vikky55 BANNED Join Date: Oct 2010 Posts: 611 My Mood: Thanks: 0 Thanked 1 Time in 1 Post	Is Patna now set for a RE boom? With law-and-order under control and renewed interest by industry and in fact by the non-resident biharis themselves, is this a great time for RE boom in Patna to take off ?

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02-12-10	#3
Yamban BANNED Join Date: Dec 2010 Posts: 356 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	I am hoping the new govt will do a lot of good to the state and that means better RE boom

11-12-10	#4
vikky55 BANNED Join Date: Oct 2010 Posts: 611 My Mood: Thanks: 0 Thanked 1 Time in 1 Post	Real estate rides wave of hope ROSHAN KUMAR Patna, Dec. 3: Real estate prices in Patna have touched an all-time high, spurred by the expectations of Bihar’s resurgence. The return of Nitish Kumar, who has promised a naya Bihar, to power appears to have fuelled expectations among property developers and construction companies that prices would shoot up further. During the NDA-1 regime, the prices of flats had soared in Patna because of the people’s confidence in law and order and creation of a new segment of buyers — Biharis residing outside the state wanting a home in Patna. This time they are expecting investments to roll in and the creation of a segment consisting of corporate executives, company guest houses and many more non-resident Biharis wishing to purchase land, flats and commercial property here. With the main areas of the state capital saturated and prices demanded for land almost unreachable, deputy chief minister Sushil Kumar Modi has already dropped hints to builders and property developers of the government’s thrust on real estate. “This time we will focus on satellite townships,” he said. The construction companies appear to have taken a cue. Nanhey Kumar, the state co-ordinator of Builders’ Association of India (Patna chapter), said: “The urban development department had recently prepared a master plan according to which the government has mooted that new apartments and flats should have all basic infrastructure such as parks, gymnasium, schools and other facilities.” Kumar also said that since prime locations such as Boring Road, Frazer Road, Exhibition Road and other places are saturated, the new boom would happen around Khagaul, Digha and on the Gaya-Patna route near Guarichak and other adjoining areas of the state capital. The optimism is borne out by the earnings to the state exchequer. The registry office has crossed its revenue target for registration of flats. As per figures available with the registry office, it earned a revenue of Rs 196 crore last year from registration of flats as compared to their target of Rs 163 crore. This year, the registry office, expecting a boom in the market, has targeted a revenue of Rs 267 crore. Ajay Krishna Mishra, district sub-registrar, told The Telegraph: “With the earning of excess revenue last year, this year we have targeted a revenue of Rs 267 crore from the registration of flats. From April to November we have achieved almost 67 per cent revenue earnings.” Moreover, in the financial year 2009-10, the number of flats registered was 3,585 under Patna Sadar area, which covers prime locations such as Boring Road, Bailey Road, Exhibition Road, Dakbungalow and Kankerbagh. According to figures available from April to November this year around 1,501 flats have been registered and they expect that the number will go up to 4,000. “Real estate prices have appreciated more than 100 per cent in the last three years. Now the residential properties in prime locations are priced around Rs 3,000-3,500 per square feet whereas commercial space in malls varies from Rs 6,000 to Rs 10,000 per square feet,” Kumar said. “But this sudden rise cannot be seen in isolation as the real estate sector was almost stagnant for more than a decade in Patna,” he added. The real estate boom came after the enactment of the Apartment Act when Nitish Kumar came to power in November 2005 for his first full term in office. With the enactment of the Apartment Act, the state government divided the city into five zones. The flat registration charges and per square feet rates are determined by the locations and infrastructure facilities provided in these areas. Boring Road, Frazer Road, Exhibition Road and Dakbungalow come under Zone I where the registration charge is Rs 1,800, while the market price of flats in these areas go up to Rs 3,000 per square feet. Flat rates are expected to go up by 20 per cent in the next one year, making Patna one of the costliest cities in India as far as prices of real estate is concerned.

04-01-11	#5
vikky56 BANNED Join Date: Dec 2010 Posts: 139 My Mood: Thanks: 10 Thanked 11 Times in 5 Posts	The new Bihari: Special Report : India Today Real estate prices in Patna have appreciated more than 250 per cent in the last three years. "Today, people from all over the state are willing to buy flats in Patna," says builder Ejaz Hussain of Pristine Construction. Many non-resident Biharis also want a home in Patna. "Bihar is growing," says Sagar Shankar, 24, an mba from isb, Kolkata, who returned to Bihar to work for Coca-Cola India. "nris are showing interest in Bihar," says Dr Shaibal Gupta, noted economist and member secretary of the Patna-based Asian Development Research Institute. "Most haven't settled down here yet, but the current trend suggests that nris will start business operations in Bihar soon." US-based Kamal Verma is one such Bihari, who now frequents Patna to expand her business. "The Nitish Government has inspired faith to launch new business activities in Patna," she says. An upmarket owner of Patna's well-known Shagun Banquet Hall, Verma also owns the Shiamak Davar Dance School franchise in the state capital.

27-03-11	#6
Magadh_Pride Veteran Member Join Date: Dec 2010 Posts: 1,322 My Mood: Thanks: 132 Thanked 140 Times in 101 Posts	Which are the cities that you see potential for future development? There are a lot of places like Navi Mumbai and Rajarhat in Kolkata. They have the potential, but they need a good government and a good policy. Why was Gurgaon developed? Because the Haryana government made policies that was conducive to development. The atmosphere has to be made like that. Patna is a good place, but the regional planning is bad. Prices are high, we are making a slum into another slum. That is not real planning. There should be another Patna made from the existing Patna. Like in Bhopal, there is a new Bhopal around the highway. The same with Indore and Gwalior. They have good city planning and good infrastructure. This again is a job for a regulator. Source: Indian Express