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| Good days are here !!! |
Has the “turbulent air” passed
over the Patna real estate!! This is what the seasoned players in Patna real
estate are asking in 2018. Patna real estate was put to hold by government “checkups”
and delays in “Kuldeep Narayan Era” of Patna real estate, 2013-2016. With the
formation of new government in Bihar, the realty market gained hope but then
the Central government bombed it with slew of measures like de-monetization,
RERA and GST to name a few. What will be their effect will unfold gradually in
2018. The uncertainties still prevail over Patna real estate but the hopeful
builders and developers of Patna feel that 2018 will begin the upward trend and
the implementation of policies will be the key. The good signs for Patna Realty
market are a number of new launches in western Patna and work starting in full
swing in a number of stalled residential projects in Patna. We explore that if
2018 is going to turn the tide than what are ingredients required to gain and
sustain momentum in Patna property market. Patna realty market wants it trust
and reliability back!!!
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| Digital Patna Real Estate |
Once the RERA(Bihar) office comes in full swing and the online applications for passing the
building maps in sleepy Patna Nagar Nigam is fully operational; The Bihar
Government should launch a “SINGLE WINDOW CLEARANCE SYSTEM” in place. The major
obstacle a real estate developer faces in Patna is the property clearance which
usually takes 18 to 36 months. The majority of delay happens to procure
approvals from authorities who take months to reply. Single Window Clearance is
the compulsion of the real estate developers in Patna especially after RERA,
where there is penalty on late delivery of projects. The real estate is already
facing the regulatory pressures. So implementing this method will not only
bring down the project delivery deadline delay but also the cost of the project
implementation. By going online, it will boost the transparency and curb the
scope of undue gratification.
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| RERA |
In the year
2018, builders in Patna will majorly focus on selling and completing the
existing projects within the deadline. Though new project launches too will
take place which are in pipelines from years. Hence, the year 2018 will witness
major sales and delivery in the residential and commercial property market in
Patna. RERA has given opportunities to builders in Patna to stay transparent
and complete the project by the mentioned deadline.
2018 is a year where builders in Patna (specially the seasoned ones) could ready themselves for FDIs which will flow in India with new regulations in place and REITs seeing the light of the day. FDI in real estate project in Patna…..are we stretching too much ….
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| REITs |
I do agree with all of the ideas you have presented in your post. They're very convincing and will definitely work. Still, the posts are too short for novices. Could you please extend them a bit from next time? Thanks for the post. Alex Shcolyar
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