Why it is profitable to invest in Residential Projects in Patna
Finally, good times have come for all those who are in seek of a profitable property deal in Patna to invest his/her hard earned money.
Yes, you heard it right!!
According to realty expert stats,
Property buyers in Patna were struck by the high real estate rates during the past 3-4 years. However, now it’s the right time for investing bucks in Patna’s real estate. The reason behind this is the fall down of price rates of residential projects in Patna by around 3.5%.
According to research held by the National Housing Bank,
Patna does hold a prominent position in the 22 cities which have seen definite rate-cut in the property prices.
Here below, we have listed 5 distinct reasons why investing in residential projects in Patna is profitable.
Why it is good to invest in Residential Projects in Patna?
The city includes sites for profitable investment
According to the words of the World Bank,
Patna is the second big city for doing business in India.
With numerous companies setting up business in the capital of Bihar, assumptions are high that this city is all set to witness a huge price rise in the coming few years.
It is just the perfect time for buying property in Patna and double your investment.
Mentioned below are the main areas in Patna with appreciation rates reaching an all-time high around 10-12%.
With the development of AIIMS in the Phulwarisharif, Patna, there has been a drastic boom in the employment rate of this area. Increased demand for the residential facility has led to the development of a number of enclaves, townships and housing societies.
Sampatchak and Parsa
Expectations are high that the proposed airport in Bihta and the development of NH82 and NH83 will raise the property prices in this region. Real estate experts advise potential home buyers to invest in residential projects in Patna for getting high ROI.
The proposed four lanes project passes through this road, raising the real estate rates of the areas connected. Bihta road is also a high-investment zone because of the IIT situated in this region.
With numerous well-established and emerging industrial units in this area, the price of housing projects in Patna (particularly in this region) is expected to encounter an upsurge in the coming years.
The decrease in Residential Index
According to the Residential Index stated by the National Housing Bank,
Comparatively to several cities such as Ahmedabad (reside 215), Bhopal (239), Lucknow (200) and Meerut (163), the price of residential projects in Patna is still low with a resident of 160.
In Patna, the overall resident for 2015 might have reached 160, but for some of the individual areas such as Akashwadi with resides 117 and other areas like Bailey Road (New), Kankar Bagh, Phoolwari and Gola Road with a resident of 149 have encountered a decrease.
According to the NHB,
The residential index in Patna is all set for encountering an upsurge in the coming years.
Our realty experts strongly recommend you to invest in residential projects in Patna, as it is the right time to invest your money.
With the approval of the proposed Patna Metro project and funded with an amount of Rs. 11,545 crore, assumptions are high that areas linked by its several routes will see a roar in the price of residential projects in Patna.
According to real estate analysts,
The value of land will be affected by around 22% because of the incoming of Metro.
The areas connected by the initial phase of metro i.e., Danapur and Mithapur Bypass, will see tremendous growth in the property rates.
Cost of 3 BHK flats in Patna by a renowned real estate developer is estimated to cost somewhere between 25 lakhs to 30 lakhs. However, the price of an under-construction apartment is rounded off @ 2622/Sq.Ft.
Several other factors such as railways, road, and air connectivity also play a very crucial role in deciding the price of residential projects in Patna.
Government Scheme for Easy Home Loans
Understanding the requirement of a permanent house for the inhabitants of Patna, Bihar government has introduced several easy home loan schemes.
Chief Minister of the state, Mr. Nitish Kumar has proposed a scheme where government employees could get a home loan for up to Rs. 30 lakhs at an incredible interest rate of only 8%.
The government besides owns loan schemes providing a loan up to Rs. 7.5 Lakhs.
Now investing in residential projects in Patna has become easier for government employees of theirs.
High Rent Rates
It is one another reason why you should invest in residential projects in Patna, as it bags a high rent rate appreciation of about 8% annually onto the moderate priced properties. In a case, if you have experienced a hole in your pocket by shelling out the monthly rental amount, then it is advised to buy flats in Patna. The prices encountering an all-time low, it’s probably the best time for investing in residential projects in Patna.
Purchasing apartments or flats in Patna always requires careful research and planning.
So, with seamless connectivity, appreciation rate and increasing reside, expert property analysts at Saakaar Constructions recommend you to invest in residential projects in Patna. As according to them, it will definitely provide you with high ROI in the nearby future.