With the Indian government turning its attention towards Tier II cities for affecting infrastructural development, cities like Patna have gotten onto the fast track towards a booming real estate sector. This has further been advantageous for a number of real estate developers who had been on the lookout for a new hunting ground.
Patna is the capital city of Bihar and the second largest city in the country, right after Kolkata. Of late, the city is emerging as a smart city as the drive for proper infrastructure, the development of urban areas, and the proper utilization of plots in Patna, all have gained momentum that surpasses the development seen in previous years. For a long time now, Patna has enjoyed the status of being one of the most important hubs for trade and commerce in the area. Apart from this, the city is also a major agricultural zone in Bihar. But now, as the government directive turns its spotlight on Patna and other similar Tier II cities, buying land or investing in real estate projects in Patna would definitely be a profitable decision with regards to all the aspects.
Top news of real estate in Patna points to the fact that with the completion of a number of upcoming real estate projects by the end of 2018, the sector is slated for a 10-12% increase in the coming few years. Here are a few reasons why you should consider Patna for investing in real estate:
According to the World Bank, Patna is the second best city in India in terms of real estate investment. With a number of companies setting camp in the city, Patna is expected to witness a high price rise in the coming years. The presence of numerous educational institutions, including the IIT and the NIT, and the upcoming Bihta Airport only add to the surety of this prediction. Plus, for the time being, the residential index of Patna is quite low as compared to cities like Ahmedabad and Lucknow, making properties quite affordable for the time being. According to the NHB however, the residential index too is slated to rise in the near future.
The plans for the Patna metro project have been approved and funded, which will further lead to an approximately 22% hike in property prices near the metro. Patna is also well connected by road, rail, and air to other major cities. The sanction of the proposal to build a bridge over the river Ganges, parallel to the present bridge will also help enhance the connectivity. All these factors go hand in hand with the increasing demands of real estate.
As Patna moves towards a shining future, the time is right to invest in the city’s real estate sector, before the anticipated price hike raises the property rates in the city.
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