Saturday, 18 November 2017

LET THE FINAL FRONTIER OF PATNA BE “SPACE” !!!!

As a Patnaite, have you ever wondered, what is Patna known for in the world today!! We went and asked this question to 230 Patnaites. The sample size consisted of equal number of women and men. It also had equal number of respondents in each age group, 18-35; 36-55 and 55 and above. We also balanced the income size of the group, including all economic strata. We also ensured that the each respondent was the resident of Patna for at least 15 years continuously.
Unfortunately, the majority of the respondent (67%) did not know what to say and replied “can’t say”!! The second best answer was “Glorious Past” followed by Gol Ghar and Litti chokha. It is really a sad state; for once the great capital of a great Magadha empire that it has nothing significant to be known about.
But why did we conduct such a survey!! We conducted it to know the single most important thought that resides in every Patnaites mind about her/his city., a city which after a lot of struggle has made into the “to be developed as Smart City” list. It is the spirit of the city that “needs to be” reflected in the day to day life of citizens.
As the second best answer of the survey conducted by www.buysellrentpatna.in, the local real estate portal of Patna was “Glorious Past”; the smart city Patna should emphasize on the Past of the city and at the same time reflect the modern times we are living into. For example, the Smart City Patna must reflect the importance of Khagaul, the karm-bhoomi of the Great Chanakya of Arthshastra fame and Aryabhata, the Einstein of ancient History. Aryabhata was an astronomical genius. Now while we build our Smart City, we should blend past with modernity at Khagaul. Revive our glorious past and develop a new Space Center for Astronomical studies and research at Khagaul. Let the final frontier of modern Patna, the erstwhile Patliputra of mighty Magadh Empire be SPACE.
The very great thing about Patna and its development into smart city is that there are many locations such as KHAGAUL with historical importance. Examples are Pushpura (present Phulwarisharif) Kumhrar to name a few.
Smart city means manifestation of a city life, and Patna breathes past in its present. Therefore the Smart City Office holders in Patna should remember that there is much to be innovative in Patna. They do not need to be copy cats and just bring in new imported technology but blend the new tech with our Glorious Past to give the world the SMARTEST CITY in the world. The only thing required is “Attitude”.

WE LOVE PATNA!!!! Do You ????  Watch this video:- https://youtu.be/Tm8XVF1KS4U

Thursday, 12 October 2017

If only, Bihar Government stops meddling with Real Estate.






Ease of doing business in Bihar, is a joke. When the state does not know, what “business” is, how could it work on making it easier?  It is that simple in Bihar. The state government is anti-urbanization and anti-industry. Irony is that these two are the most significant pillars of growth in modern economy. This is not only true for the present government but true for all governments ever formed in Bihar since independence.

Business has not got the social and political respect in Bihar that it needs to have in a growth centric economy. The agricultural economy of Bihar urgently needs the support of growth from other sectors. The leadership in the state is rudderless on economic front with no long term agenda and short term goals. One psychological reason for this utter disenchantment from urbanization is the rural background of most of the present leadership in Bihar and their rural vote bank. With time the ignorance of leadership has germinated into arrogance of bureaucrats and has become the main hurdle for Real estate in Bihar.

All the plans regarding real estate is delayed, when they come to floor, there are mass confusion. Why does government make so many rules? For example, why building bye laws are so complex in Bihar. Why cannot it be simplified? A one pager can do for building bye laws:-
1)    Remove FAR (FAR only applicable in airport area.)
2)    Any constructed area in Patna must have 70:30 ratio of constructed and open space whatever the width of the road in front. Old Patna cannot have broad roads now.
3)    No road henceforth could be less than 25 ft broad. Roads to have sewerage lines, water pipe line, and gas pipe line, broadband lines compulsorily.
4)    No need for any MAPS to be passed by government authorities, timely inspection to be carried by officials in every area. Due action to be taken if violations found. And if action not taken than due action to be taken on officials responsible for inspection in respective areas.
5)    Quality of construction be specified for all high rises and commercial building and due inspection to be carried to see they are followed.
6)    Inspection team should compromise of Experts and a Judge. No bureaucrats and no political leader. Any illegal construction should be the joint responsibility of this team and DSP of that area along with SHO.

That is it. Keep it simple. Fewer rules; understandable; simple to implement and execute. Responsibilities and accountability earmarked.



Bihar needs industries and urban centers to take care of its free citizens. The government should withdraw immediately from spaces like tourism, transport, hotels, small scale industries because after 70 years of independence we should realize that government cannot work with SPEED. There is nothing bad or good but acceptance of truth is BEST. And the best way to tackle corruption is to improve the ease of doing business, less permissions from government so you don’t have to go and knock on the government and pay/delay at every door.


Leave real estate to free citizens, stop making rules and tangling growth of Patna. 

And Government of Bihar will be a total laggard in implementing the SMART CITY idea, this is a prediction.

Sunday, 8 October 2017

Is green building too expensive a proposition for Patna Real estate?

The irony of our times in Patna is that in a largely agricultural based economy of Bihar, a GREEN Building is seen as LUXURY, which only wealthy (which itself is handful in one of the most economically laggard state of India) can afford. In our poor state the poorest people are living the greenest lives and they need money not to be GREEN but to afford a “HOME”. Therefore “GREEN HOME” is luxury in Bihar for both the classes, one cannot have GREEN and the other cannot have HOME.
The idea of Green Building is to limit the impact of construction and habitation within the limits of the construction on the environment without compromising human comfort. There is a perception that going GREEN requires increased cost for the developer in Patna as compared to traditional construction costs in Patna. It is more so in Patna because builders in Patna do not participate in the maintenance of the building they have erected. If an INTEGRATED approach is adopted by developers in Patna, the initial higher costs may turn into income generating long term investments. For example, when buildings are carefully designed to be energy efficient, heating/ventilation/air conditioning (HVAC) equipment can be downsized for significant savings in the maintenance part. There are also many green products and materials that cost the same or even less than conventional ones.
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Nowadays more and more people in Patna are realizing the initial higher cost of a Green Building in Patna to be a fair price for a safe, comfortable, durable house that does less damage to the environment than a typical house. The effects of global warming and the attention focused on them; make it easier to see the long-term heavy cost of building homes that rely heavily on fossil fuels.
The technologies that are used in Green Building lead them to be more energy efficient. Although these technologies might have greater upfront costs, they will save money in the long run for all the stakeholders. Green buildings make up for their slightly higher premiums through higher energy efficiency and reduced energy intake. A study shows that LEED certified buildings (https://new.usgbc.org/leed) are 25-30% more energy efficient than conventional buildings.
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Many homeowners in Patna and business owners in Patna are now looking towards more sustainable real estate in Patna in order to fit in with the times. More customers are demanding sustainable practices, and businesses in Patna will have to listen, the sooner the better. The best way for developers in Patna to go Green is to rub their own offices within a Green Building. It will make convincing customers in Patna for the same easier. Not only the actual building is an advertisement in itself, but Green Buildings will also cost the company less in the long run.
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Thursday, 3 August 2017

THE DNA OF PROPERTY BUYERS IN PATNA REALTY MARKET.

"नहीं, भइया बोले की रेट फ्लैट का ज्यादा है ! आठ साल से भईया हमारे इसी इलाके मैं रहते हैं !! आला अधिकारी हैं गवर्नमेंट में ; सारी जानकारी रखते हैं। ...... 

Property buyers in Patna evaluate a lot of things before taking a plunge; and we respect the time and effort that they take in taking the LIFETIME decision.

In addition to serving the basic need of access to a decent accommodation, many property buyers in Patna also evaluate the economic benefits (such as saving on rent and capital gains) a property in Patna would deliver. Thus, while property purchase decision may or may not be out of necessity, the financial aspect is largely the driving factor behind a property purchase decision.

Other important consideration of home buyers in Patna apart from financial is the number of their relatives or friends or in local parlance; परिचित in that particular location.  We, Biharis are really social, though it is reducing with time and nuclearisation of our families. But still reference plays a large role in Patna property market.

The lady of the house plays a major role in Patna in buying FLATS particularly, not so much in land or commercial properties. It is also helpful if the children have their friends residing in that particular neighbourhood.” 
मम्मी मेरी बेस्ट फ्रेंड भी बगल वाले अपार्टमेंट में रहती है !!!  The children are very important in our nuclear families. As the lady and children are gaining bigger roles the Kitchen and Balconies are becoming deciding crucial factors.

The easier access of native village from the part of Patna where they are purchasing the flat too is important. The people from आरा , छपरा  will prefer western Patna, whereas people from नालंदा , बिहारशरीफ  will prefer Kankarbagh side of Patna. “हमलोग अभी भी गांव से जुड़े हैं !!”

The ATTITUDE of builders and their Accessibility is very important for home buyers in Patna. Gone are the days that the home buyers are ready to wait to meet to builders. If it is the manager only interacting with the buyer ; the buying probability reduces. "बहुत घमंडी है , छोड़िये इसको, दूसरा फ़ोन कर रहे थे। ....  

Yes the time has changed and buyers love humble, simple professional builders. No धिकावा will work that the builder is busy, they know you are on facebook…..or  गप  मार रहे होंगे , काम क्या है …

We think and hope that the transformative reforms such as Real Estate (Regulation and Development) Act, 2016, Prohibition of Benami Transactions Act, 2016, and Goods and Services Tax (GST), etc. will lead to higher transparency and efficiency in the real estate sector. Going forward, property buyers in Patna would be more confident while investing in real estate. Let us see what Property buyers look for in Patna real estate market.

The decision of a buyer to purchase a property competes with numerous other investment opportunities, such as gold, stock market and bank deposits. Real estate is amongst the most preferred asset classes for Bihari investors and it is estimated that real estate accounts for about 40 per cent of total household savings in Bihar.


With the availability of multiple units in Patna real estate industry, property buyers in Patna can now make an informed decision to help them take full advantage of their returns from residential properties in Patna. 

Tuesday, 1 August 2017

The Patna real estate in NEAR FUTURE.






Over the last decade, affordability to own properties in Patna have reduced 50 per cent, as the income growth has lagged behind the growth in property prices in Patna. Residential property in Patna currently accounts for over 85 per cent of the real estate industry in Patna and touches the lives of every one of us.

Real estate as the asset class spells hope, social status and a definite return on the investment, intended or unintended. Houses are the only asset class that the consumer purchases for self-use but benefits from value appreciation. A home in Patna is a product that is continuously usable from Day 1, continues to appreciate in value and gets the buyer the status of an asset owner. However, when the user turns seller he or she is often confused as to the final value since benchmark property rates in Patna have traditionally not been available. (See property rates inPatna).


Patna holds a strong potential for residential property market growth as there would be a significant property price appreciation in Patna over the next decade, with property market fundamental drivers, such as the SGDP, urbanization, income growth, savings rate, mortgage growth and affordability, expected to improve going forward in Bihar.

There are a few areas that still need attention from the policymakers to restrict uneven/unplanned growth in the property market in Patna, which puts pressure on the available resources and infrastructure —thereby impacting the property prices and affordability of houses in Patna.

Real estate developers in Patna have become more cautious. They have started aligning their business strategies with the changing dynamics of the industry. For example, the new residential supply has been controlled cautiously owing to headwinds in the real estate over the past two–three years. Further, the ticket sizes of housing units in Patna have been reduced in order to make housing units more affordable.

A majority of the demand lies in affordable and mid segment housing in Patna and potential buyers falling under this category usually depend on home loans/mortgage to buy their homes. Hence, increase in loan disbursement support the demand for real estate Patna which will lead to the growth in Patna property market.

Property prices have witnessed moderate or negligible growth after inventory overhang reached 24-30months in Patna during Kuldeep Narayan Era. Micro-markets, such as Gola Road which have limited number of residential projects, have though continued to witness high inventory overhang without any corresponding impact on property rates.


Thursday, 20 July 2017

READY TO MOVE IN FLATS IN PATNA


The property prices in Patna keep fluctuating year by year. However, in the last three years, the property prices in Patna have been stagnant. Despite of this no change in the price, home buyers in Patna are still in two minds about buying new apartments in Patna. One of the basic reasons behind these two thoughts is due to delay in the delivery of existing residential projects in Patna, which eventually creates a lack of confidence in the minds of buyers. Why not! when the delays are greater than three years. Yes, years and not months. This is also affecting the decision of investors in Patna who may consider it as loss of investment. The after effects of “Kuldeep Narayan era” in Patna real estate continues.
Now with the GST coming into the effect, this has further affected the decision. Under GST, the tax for under-construction project has shot up to 12 per cent. The developers in Patna will be bearing the burden of GST, which will certainly pass on to the home- buyers in Patna.
This is one of the reasons why home buyers in Patna are choosing ready-to-move projects that are less risky in all terms. These ready-to-move homes carry a good resale value also offering less risk compared to under-construction properties in Patna.
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Let us evaluate why ready-to-move homes in Patna are the better choice than under-construction residential projects in Patna:
Tax Benefit:
One can avail the tax benefits from the first day of purchase of the property.
Save on Rentals:
This is the primary benefit the home owner will earn by investing on ready-to- move homes in Patna. If you're not planning to move soon and would like to wait for more years, then you can start earning by renting the home. The house rents are fixed according to the location, amenities available and the quality of new the project. Many home owners usually end up renting the home, especially if invested in Patna.  This will also help you to repay the EMI for loan taken for the flat in Patna.
No Waiting Period:
One of the prime advantages of ready-to-move homes in Patna is that there is no waiting period. With the project already completed, you just have to complete the procedures of buying a home and other things related to the purchase.
EMI and possession starts simultaneously:
The best thing about possession ready home in Patna is that you have to pay only EMIs on home loan immediately, and would include no other payments. In case of under construction property, EMI usually starts after completion of construction. However, if there is any delay in the construction, then the EMI will start once the home loan gets disbursed. However, in some cases, the buyer may cancel the property in Patna due to financial strain .
You get what you see:
Since the housing complex is in ready possession, you will find no changes in the property as seen in the booklet or images. In many cases, the under construction project design may change during construction than what you have seen in the booklet or brochure. In case of ready to move homes, you can get feedback from the residents, examine the location and learn about the residence first hand.  

To conclude we will add that if you're planning for ready-possession property in Patna, evaluate your financial condition, documents required to purchase and about the developer in Patna. If the developer is esteemed, then banks will surely approach you to get yourself a loan. Home buying is a lifetime affair, but buying after good research and considering the long term return will be fruitful.

Sunday, 9 July 2017

Fresh innings for Patna real estate!!


Real Estate Patna


Things are looking up for real estate sector in Patna with proposed implementations of Real Estate Regulatory Act and Goods & Services Tax along with lower home loan interest rate regime. This sentence is qualified by the increase in number of queries on our Patna property portal www.buysellrentpatna.in. The feel good factor is also being supported through fiscal benefits offered to taxpayers and home-buyers in Patna. The sentiment is expected to turn positive and instill confidence among home-buyers, which is extremely important for the revival of the real estate industry in Patna.

The Union Budget's gift of infrastructure status to affordable housing is a game-changing move that will open up more institutional sources for developers in Patna to raise funds at competitive price. The budget has also given leeway to developers in Patna to build bigger houses and extended the time of completion of affordable housing projects from 3 years to 5 years. We strongly believe these moves will encourage leading real estate players in Patna to enter the affordable housing segment going forward thus creating a lot of potential for institutional funds to participate in Patna real estate.
A lot of churning will happen in the times to come because of the implementation of various policy changes and it is important to see how developers in Patna recalibrate their businesses to the changing environment and whether buyers in Patna capitalize the opportunity of the various reforms and change their status quo position of “wait and watch” to buyers.
In the first half of 2017, the residential sector in Patna has been largely muted and there is pressure on prices of Property in Patna. With consumers in a wait and watch mode, demand could be subdued due to a mind-set that property prices could undergo reduction along with a substantial loweringof home loan interest rates. Since buying a house is a discretionary need –a need that can be postponed, it is anybody's guess that the real estate sector in Patna will be the slowest to recover from the impact of new regulations vis-à-vis other sectors.

The after effects of demonetization coupled with legislations like the RERA, GST bill and Benami Transactions (Prohibition) Amendment Act,2016, will further increase transparency and reliability within the Patna realty sector. Furthermore, this will also see a boost in institutional funds flowing into the sector at competitive rates, which will enable Patna real estate to come out of the woods.

Patna Property
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