Real Estate in Patna

patnaThe word ‘ancient’ has a deep connection with the cityPatna. Earlier known as Patliputra (so the story goes like this: There was a queen called Patali and in the honour of her first born son, Patliputra was named, Putra in Sanskrit means son), the city has enormously rich history that longs back from 350 BC. Ruled by bravest kings like Ajatshatru, Chandragupta Maurya and Samudragupta, Patna, one of the oldest cities of India has now marked its global presence by becoming the 21st fastest growing city in the world.The birthplace of the Magadha Empire, the strong traditional foundations and vibrant festivity in the moods of people defines the city. Located on the banks of the holy river Ganga and built on the lands from where lord Buddha passed in his later years of life, Patna has everlasting beauty with the smell and touch of old wood.Not to mention, the city is growing at a startling pace. Facilities of transportation (road, air, and water), education and sports have been greatly improved. Also with the heavy production of consumer goods, the advent of green revolution and high performing service sector under the great rule of Nitish Kumar, the economy has boosted up, making Patna the second best city to start up a business (said by World Bank).The capital of Bihar with more than 3,202 sq km of land area has now grown in itself not just saplings of agriculture but giant buildings that are widening the eyes of Pataniyas. Entering into the real estate sector of Patna, slow and steady can be the best term that can be attached to its shoulder. As the development of infrastructure is slowly picking up the pace, developers are getting motivated and the scenario of the city is like of a mushroom in the early stages that is ready to multiply. Thus it can be said that the phase of real estate in Patna is at its best and investment now will promisingly prove profitable.The arrival of malls, gigantic buildings, industries and technology parks all together acted as a catalyst in the overall growth of the city. The city now caters to premier institutes like IIT and NIT and companies like TCS. It is natural that Patna has reached to a stage of blooming and attracting business from outside its sphere. If we look at the official data of increment in the rates of the land, more than fivefold increment is witnessed. Taking an example, a property at a particular area 10 years back costed Rs 10 lakh and now it’s more than Rs 50 lakh. This is a sheer boom in the realty industry echoing around the city.Apart from a high rise in the residential market, commercial sector is no less behind. Commercial space in areas like Dak Bungalow and Boring Road have seen a steep hike in the circle rates. As the office space is in great demand, a sharp appreciation is witnessed in the rental values too. The residential prices in the western outskirt areas like Khagaul have also risen up touching greater heights with bringing more luxury into the life of citizens of Patna.Patna has developed itself a bit late than other important cities in the country, but the prime thing is now it is one of the highest GDP producers. Rapid development has pulled the city to newer heights.  And with its astoundingly superior infrastructure, Patna is becoming the hot city. Well the roads have become like the cheeks of a heroine and what’s left? Nothing but becoming one of the crucial cities of India. And we don’t have to wait for it, Patna is here!

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