Patna: even as the RJD spokesman criticized Nitish Kumar’s government for causing a significant boom in real estate prices, the CM himself admitted to reporters that it indeed a worrying matter that Patna real estate prices should be touching the levels of Gurgaon and Noida.

It is well known that real estate, mining and virtual ‘estate’ , and government contracts are the three major areas involving mega-corruption in the country, as was indeed confirmed by Swaminathan Anklesaria in his Times of India recently.

Dramatic rise in real estate prices and the general buoyancy is indeed good news for the sector, except that quite habitually, embezzlers and scamsters tend to invest their money in land and buildings. Indeed, Patna is full of whispered tales of buildings made with money from fodder and various other well-known scams.

In the end, the Patna real estate story is too multilayered a story to unravel all the reasons, but the following chain should throw some light on the matter.

Sushasan and Nitish brand pushes real estate, then come in factors like Deegha bridge, the new Airport, IIT, and AIIMS, followed by the X factor, call it black money if you like, perhaps not in the same sequence. Lastly, of course the decisive push by the upcoming industrial units such as the railway wheels factory in Daryapur, Saran.

This is why, while the real estate lobby would like to cheer Nitish for the rise in prices, opposition groups like the RJD would want to blame him for the insidious growth’! As for the rest of us – we are split into two– the sellers and the buyers.

Source: Bihar days are the three major areas involving mega-corruption in the country, as was indeed confirmed by Swaminathan Anklesaria in his Times of India recently.

Dramatic rise in real estate prices and the general buoyancy is indeed good news for the sector, except that quite habitually, embezzlers and scamsters tend to invest their money in land and buildings. Indeed, Patna is full of whispered tales of buildings made with money from fodder and various other well-known scams.

In the end, the Patna real estate story is too multilayered a story to unravel all the reasons, but the following chain should throw some light on the matter.

Sushasan and Nitish brand pushes real estate, then come in factors like Deegha bridge, the new Airport, IIT, and AIIMS, followed by the X factor, call it black money if you like, perhaps not in the same sequence. Lastly, of course the decisive push by the upcoming industrial units such as the railway wheels factory in Daryapur, Saran.

This is why, while the real estate lobby would like to cheer Nitish for the rise in prices, opposition groups like the RJD would want to blame him for the insidious growth’! As for the rest of us – we are split into two– the sellers and the buyers.

Source: Bihar days
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  • Boom-time: Flat prices in Patna near tier-1 city levels

    PATNA: A 3-bedroom flat with a super built-up area of 1,500 sqft in an apartment under construction at Phulwarisharif is up for sale for Rs 52.5 lakh! Another 3-bedroom flat of 1,750 sqft in Doctors' Colony at Kankarbagh is on sale for an identical sum!
    These eye-popping prices have been quoted in an online ad. Have realty prices in Patna reached the levels of tier-1 cities? "Well, almost," says Prabhat Kumar, a city-based corporate manager.




    Prabhat should know. For, he himself scouted for a flat in an apartment in Noida recently. "I finally homed in on a township being developed by a multi-thousand crore corporate group. Flats in this 1100-acre township on the outskirts of Delhi were available at prices that compare favourably with Patna prices. While one type of 815-sqft apartment was available for a starting price of Rs 39 lakh, another type of 935-sqft flat cost Rs 34 lakh and yet another 850-sqft flat Rs 27 lakh."

    However, Prabhat is not complaining about high prices in Patna. In fact, he has benefited immensely from the realty boom in Bihar capital. He owns a 1300-sqft flat in Boring Road area, just behind Krishna Apartment, which he bought in 2007 for approximately Rs 15 lakh at the rate of Rs 1,150 per sqft. "Now", he says smilingly, "flats in the area are available at nothing less than Rs 3,500 per sqft." At this rate, his flat commands a price of about Rs 40 lakh, a cool gain of 150% in three years!

    Kalyan Ghosh is also patting his back for purchasing a 990-sqft flat in 2004 for Rs 8 lakh in Boring Road area. "From what I hear from others, the present value of my property would be anywhere between Rs 30 lakh and 35 lakh," he says.

    A recent study, jointly done by The Economic Times and realty website MagicBricks, too shows that real estate prices have touched the sky in Patna. According to this study, affordable and premium- category flats in Rajendra Nagar are available for Rs 3,500 per sqft and Rs 4,500 per sqft respectively; in Boring Road area for Rs 3,500 per sqft and Rs 6,000 per sqft respectively; and in New Pataliputra Colony for Rs 3,000 per sqft and Rs 4,500 per sqft respectively. In less-coveted areas like Bailey Road, flats of the two categories are being bought and sold for Rs 3,000 per sqft and Rs 5,500 per sqft respectively; on Patna bypass for Rs 2,000 and Rs 3,000 per sqft respectively; and near Saguna Mor for Rs 2,000 and Rs 3,000 per sqft respectively.

    However, realtor Rakesh Kumar says that the distinction between affordable and premium categories has virtually evaporated in the city. "Non-availability of enough land is driving up realty prices," he says.
    "In fact", he says, "real estate market is down. The number of customers is down as rates have reached elevated levels. Most of the flats on sale are in the price range of Rs 25-Rs 30 lakh. The demand is mostly from contractors, government officials, doctors, those in the field of education and jewellers. The present rates may be unsustainable and I feel that the realty market may fall in the coming days."

    Another builder, preferring anonymity, says in Rajendranagar and along Boring Canal Road and Boring Road, which are well developed, the going rate for flats is around Rs 3,500 per sqft. In adjacent areas like Maheshnagar and Nehrunagar, where roads are narrow, the going rate is between Rs 2,500-Rs 3,000 per sqft."
    Indeed, early birds have got the worm.

    Source: Times of India
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  • The western fringes have lent the city an urban look but at the cost of unplanned and haphazard development.

    The areas have emerged as the new hub for realtors and commercial activities apart from boasting several educational institutions such as Delhi Public School, RPS, DAV and St Karen’s Secondary School, automobile showrooms and a corporate park.

    They are abuzz with the construction activities of hundreds of upcoming high-rises and a large section of population are shifting into the swanky apartments.

    The authorities, however, are yet to get their act together to provide these areas with proper sewage network, piped water supply, drainage system and good internal roads. (See graphic)


    Voicing concern, Subodh Kumar, a shopkeeper from Priyadarshni Nagar, said: “It is strange that these areas lack basic civic infrastructure, including roads, water supply and drainage among others. Still, the authorities have given permission to build the high-rises.”

    Development in the western part beyond the Digha-Danapur canal picked up mainly from the late-1990s. Prior to that, barren land made up majority of these areas, which remained waterlogged almost throughout the year.

    The abundance of the vast chunks of vacant land proved to be a bounty for realtors. “Such large size plots were not available anywhere else in the city. Besides the areas have good road connectivity. Bailey Road is just few hundred metres away from most buildings. Apart from the Rupaspur-Bailey road railway overbridge, the upcoming Jagdeopath-Sheikhpura More flyover would ensure express movement of traffic on this stretch,” said Arindam Guha, the director of the city-based Expression Buildtech Private Limited.

    Guha’s mega residential project, Crystal Apex, coming up near Gola Road boasts of having Hafeez Contractor as its chief architect.

    At present, most of the western Patna areas are divided into 40 wards, which fall under the Danapur Nizamat municipal council.

    Deputy chairman of the municipal council Raj Kishore Yadav admitted that the allegations of the residents regarding lack of civic infrastructure in the areas were true. “The stretch between Danapur canal and Saguna More witnessed rampant development especially in the past decade (2000-2010). Hundreds of multi-storeyed apartments and thousands of houses have been built without any master plan for development. The engineers and architects approved the building plans and maps without any ground verification and in violation of construction norms. As a result, the present residential colonies in these areas lack basic facilities such as drainage, roads and water supply among others,” said Yadav.

    He also claimed that the total population of the Danapur municipal council is around 1.6 lakh according to the 2011 Census.

    The elected representative, however, added that the municipal council had some plans in the pipeline for providing civic amenities. “The master plan for Danapur municipal council and a detailed project report for the drainage network are being prepared at present. We have also recently approved plans for installation of 10 sodium vapour lamps in every ward here,” said Yadav.

    Secretary, urban development and housing department, S. Siddharth told The Telegraph: “Western Patna has witnessed unplanned development. However, it would be included in the master plan for Patna Metropolitan area to ensure planned development from now on.”

    Meanwhile, realtors have claimed that construction activities in western Patna have recently come to a standstill. “There has been a considerable decline in the demand in the real estate sector in western Patna. One of the major reasons responsible is the recent hike in property registration charges. After the hike in minimum value register (MVR) effective from May 16, 2013, the government rate of property in this area has gone above the market rate. Lack of civic infrastructure like drainage and water supply in this area is also a major cause of concern for buyers,” said Sachin Chandra, state chairman, Bihar chapter, Builders Association of India.

    MVR is the base rate for fixing the stamp duty of any property in a location.

    Reality hits realty boom
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  • Spanish Firm To Help Patna Go Smart

    A Spanish company, with expertise in infrastructure and urban planning, has been selected as the management consultant for the state capital's smart city mission.

    Spanish company Eptisa Servicios de Ingenieria SL has been chosen as the project management consultant for developing the Patna Smart City

    the city's divisional commissioner, Anand Kishore, told media. He said the schemes under the Patna Smart City project would involve an estimated expenditure of over 2700 crore. Of that Rs 930 crore will be provided by the Centre and the state government.

    "Another Rs 982.31 crore will come from the convergence of Central government schemes and Bihar government schemes and urban local bodies' resources. The remaining Rs 800.37 crore is likely to be raised under a PPP (public-private-partnership) model," he said.

    A global tender was floated for the project, following which several companies from various countries placed their bids. Last week, five companies that fulfilled the eligibility criteria were shortlisted. Of those five companies, Eptisa made the lowest bid.

    "The Spanish firm also agreed to our condition of deploying a team of 43 experts to implement the smart city project. These experts would be from the fields of urban planning, infrastructure, information technology, transport and finance," he said.

    Eptisa Servicios de Ingenieria SL has a global presence, with 1,800 professionals offering their services across 45 countries. In India and Bangladesh alone, 438 experts from the company were involved in various projects, the divisional commissioner said.

    "The Spanish company has been asked to begin work within three weeks. The company is already providing its

    services as project management consultant for smart city

    projects of Indore, Jaipur and Udaipur," he added.
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  • Sushil Modi for GIS-mapping of buildings in Patna The deputy CM became the first taxpayer to pay property tax through the new mechanism. A website — www.patnamunicipal.net — was also launchedTNN | December 08, 2017, 15:00 IST

    PATNA: Deputy chief minister Sushil Kumar Modi (SuMo) has favoured GIS (geographic information system)-mapping of all the properties located under the Patna Municipal Corporation(PMC) area for taxation purposes.

    Speaking after the launch of the PMC’s door-to-door property tax collection mechanism at a city hotel on Thursday, SuMo said all the commercial and residential properties should also be given an identification number.

    The deputy CM became the first taxpayer to pay property tax through the new mechanism. A website — www.patnamunicipal.net — was also launched. City residents can get details of their property tax on this website.

    Around 2.18 lakh properties are registered with the PMC. However, the deputy CM said the actual number of properties on which tax should be paid to the PMC could be around five lakh.

    “The PMC should use the GIS to identify all the properties and up its revenue,” SuMo said and added the state government was also contemplating offering rebate to the taxpayers paying taxes online.

    Talking about the Bihar Municipal Act, the deputy CM said the PMC had the power to seize bank accounts of tax evaders. It can also such properties, he said and added electricity connection to new buildings should not be given unless the applicants showed the property tax receipts of the buildings.

    The PMC in 2016-17 collected Rs 44 crore. It targets to collect at least Rs 75 crore during the ongoing fiscal 2017-18 and Rs 196 crore in the next financial year.

    State road construction department (RCD) minister Nand Kishore Yadav, who was also present, announced that the roads with width of six metres and above in the PMC area would now be constructed by the RCD.

    Urban development and housing department (UDHD) minister Suresh Kumar Sharma, Kumhrar MLA Arun Kumar Sinha, Patna Mayor Sita Sahu, deputy mayor Vinay Kumar Pappu, UDHD principal secretary Chaitanya Prasad and PMC commissioner Abhishek Singh besides several ward representatives also attended the function.












    https://realty.economictimes.indiatimes.com/news/regulatory/sushil-modi-for-gis-mapping-of-buildings-in-patna/61977429
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  • After Lalu Prasad's conviction, kids to face heat for benami assets The I-T department has already attached the property and is waiting for confirmation from the adjudicating authority before confiscating it and launching a prosecution in the courtPradeep Thakur | TNN | January 07, 2018, 11:54 IST

    NEW DELHI: At a time when RJD chief Lalu Prasad has been convicted in another fodder scam case, the income tax department has prepared a detailed dossier against his heir apparent and former Bihardeputy chief minister Tejashwi Yadav, along with two of Lalu’s daughters, in a Benami Transactions (prohibition) Act case for a property worth Rs 40 crore acquired using ‘unaccounted money’ in New Friends Colony, Delhi.

    The I-T department has already attached the property and is waiting for confirmation from the adjudicating authority before confiscating it and launching a prosecution in the court. If convicted in the Benami Act, an accused can get jail term for up to seven years and can be liable to a fine which is 25% of the “fair market value” of the property. A convicted politician is also debarred from contesting elections for six years, in addition to the prison term he or she serves. The property in question worth Rs 40 crore was purchased in 2007, when Lalu Prasad was still the railway minister in the UPA government, in the name of AB Exports.

    The directors of the shell company, as claimed by I-T, transferred all the rights and shareholding of the company to Tejashwi Yadav in 2010-11, soon after Lalu demitted office, for a mere consideration of Rs 4 lakh. In its dossier, income tax officials have compiled witness statements after interrogating half-a-dozen accused. These recorded statements will be produced in the court as evidence where the accused have stated that the beneficial owners of the said property were Lalu’s three children.

    “The statements of these persons are clear evidence that they were working as intermediaries to convert unaccounted cash into white capital in the guise of unsecured loans,” a senior I-T official associated with the probe said. The accused had deposited Rs 5 crore ‘unaccounted money’ in AB Exports Pvt Ltd which had no other business transactions, either before the purchase of the property or after. Though the market value of the property was higher, the book value was only Rs 5 crore.

    Along with Tejashwi Yadav, Lalu’s daughters Chanda and Ragini are the other directors in the company that now owns the property—98% of the shareholding of AB Exports is with Tejashwi and the remaining 2% is with Chanda. “AB Exports is not engaged in any kind of business activity which is evident from the balance sheet and profit and loss account of the company since its inception as filed by the company with the ministry of corporate affairs.

    The sole asset held by the company is the above mentioned property in New Friends Colony using the funds whose prima facie source is bogus,” according to the I-T investigation. The dossier has documentary evidence to “prove that the said loans were received from bogus shell companies” and backed by statements from other accused who operated the shell companies involved in the transactions. The property was attached by the I-T department last year after officials feared that it may be may be “alienated to thwart the process of law”.











    https://realty.economictimes.indiatimes.com/news/regulatory/after-lalu-prasads-conviction-kids-to-face-heat-for-benami-assets/62400569

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  • Patna: Government staff told to vacate quarters Notices have been issued to 173 existing allottees – all state government employees – and they have been informed that demolition of the old quarters will start soonPiyush Tripathi | TNN | January 19, 2018, 17:00 IST PATNA: State buildingconstruction department has asked occupants of all old and dilapidated government quarters at Gardanibagh to vacate the premises by January 31 in order to pave way for construction of the proposed multi-storied residential and non-residential buildings.

    Notices have been issued to 173 existing allottees – all state government employees – and they have been informed that demolition of the old quarters will start soon. The parent departments of the occupants have also been asked to initiate departmental inquiry against their employees if they do not vacate the premises at the earliest.

    Nearly 200 government staff quarters, constructed at Gardanibagh between 1920s and 1930s, have been found unsafe for inhabitation. Accordingly, the state cabinet headed by chief minister Nitish Kumar, gave its nod to the master plan for construction of ultramodern multi-storied residential and non-residential buildings at Gardanibagh on January 2.

    The master plan envisages construction of multi-storied residential buildings for judicial officers and administrative officers on 14.5 acres and 13.16 acres of land, respectively, by razing the existing dilapidated government quarters.

    Senior building construction department officials said difficulties were being faced in execution of the ambitious project owing to reluctance of the existing allottees to vacate the old quarters. Incidentally, 83 existing allottees have requested the state government to allow them to stay in their respective quarters till their retirement.

    “Based on photography and site inspection, it has been found that none of the existing quarters are safe for inhabitation. Accordingly, all 173 existing allottees have been asked to vacate the quarters at the earliest. They can take house rent allowance as per government norms,” said a senior official.

    The master plan for redevelopment of Gardanibagh area envisages development of multi-storied apartments and civic amenities over an area of 278.03 acres. Altogether 1,184 flats are proposed to be constructed in multi-storied apartments for grade III and IV employees and another 752 flats for officials. Besides, 20 residential units each are proposed to be constructed for ministers and judges.

    The master plan also envisages construction of non-residential buildings, which would house several offices of central and state governments, such as Information Commission, Lokayukta, Human Rights Commission and Finance Directorate, among others.

    Apart from government offices, the new urban centre will also have hospital, hotel, business centre, textile centre, parks, playground, parking facility and other amenities.









    https://realty.economictimes.indiatimes.com/news/residential/patna-government-staff-told-to-vacate-quarters/62566214

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