After five years of upward trends the builders are receiving inquiries but are now no more translating into sales at the same rate.

Till a couple of months ago this was not the situation. Even the chief minister had to make a statement on the uncontrolled rise in price, particularly after the NDA was voted back to power last November.

Prospective purchasers are now delaying their decision in the hope that prices would cool down. The fall in land and flat prices after reported warning to corrupt officials and enactment of new law against them go to prove that there is some link between the two. It suggests that a sizeable section of the buyers were corrupt government officials who were beneficiaries of the government schemes.

Apart from that many people started realizing gradually that investing the years of saving to buy an apartment at astronomical prices in Patna without guarantee of quality is meaningless.Whatever tall claim the state government has been making the state capital is heading to become another garbage city. One or two parks worth hundreds of crores are not going to improve the overall public amenities in Patna, which is perishing and not Paris-ing, as was claimed. Localities like Kankarbagh has got reduced to a big cess-pool and heap of grabages can be seen at any place in the city.

Thus those with disposal income now prefer to buy quality property in Delhi and its vicinity called the National Capital Region.There is better scope of bargain for less than one-third of price than Patna.
With Patna reaching saturation point and fear of bubble about to burst investors are looking to invest elsewhere rather than here. Besides, the deal is competitive and transparent and design is aesthetic in Delhi than Patna. There is a scope for development and the amenities are much better.

The quality of construction is much better in Ghaziabad, NOIDA, Faridabad, Pune,Gurgaon at lower prices than those available in Patna.

Rakesh Kumar Singh, MD of Hope frontline, a leading developer of Patna told BiharTimes that the boom was more artificial in nature than real in Patna. Thus the prices was bound to come down sooner than later. Hopefully. this would be a short time correction in the market further added Singh.

As more and more people with Bihar connection are taking up construction activity in Delhi they are targeting customers back home. Promiment builders of Delhi like Amarpali Group, Assotech, Vaundara House, Green Homes, Aastha Green etc have Bihar connection.

Better educational and medical facilities and good job prospect have also tilted the balance in favour of Delhi and NCR.Reports say that owing to short supply of apartments in Patna the rush for inquiries is still there but as builders have entered into development deals on stiff term they are unable to accommodate prospective buyers. Thus the inquiries are not only taking longer time to translate but buyers are also not turning up in much larger number.

Comment

comments...

The mushrooming and uncontrolled growth of apartments in Patna is going to covert this capital town with a glorious past into a sprawling and stinking slum devoid of basic civic amenities. Patna High Court has times and again castigated the government and the Patna Municipal Corporation on lack of planning and supervision and complete indifference to the compliance with established norms and yardsticks. The builders are flagrantly violating the norms for FAR (floor area ratio) ,leaving no required setback space between two buildings, constructing apartments on very small-size plots on narrow roads, no parking space and not meeting their legal requirements to construct drainage and sewerage facilities. As reported by a leading national daily last month, the Director of Urban Planning of the Patna Municipal Corporation (PMC) admitted that 400 constructions have violated the building norms but he chose not to mention the action to be taken against the culprit builders. In any other state capital , these illegal constructions would have been demolished after following the due process of law.
It was no surprise the the Patna High Court ,while hearing a petition filed by a Danapur resident aggrieved by illegal constructions remarked in January this year that “Patna is jungle. There is no rule of law here.” (Indo Asian News Service, January 15, 2011).

Ramadhar, Patna

--------------------------------------------------------------

Every second or third house in most of the residential areas are being converted into 6-7 floor apartments on 7-8 feet road. What will happen to senitation traffic and drinking water. So city wil collapse soon and people will soon move out from the main residential areas like any other old city. This is perhaps only capital city in the country with no safe drinking water facility, no motorable road, no drainage, no street light and so on. So wonder why people would rush to Patna with no career and business opportunity.

Praveen Prakash , Patna

-----------------------------------------------

May be price of flat may decrease by 5-7% . But I don’t think that price of Land showing downward trends.
The population of Bihar is 10 crore . everybody of Bihar have dream to purchase home & stay at Patna .No any other city of Bihar where anybody want to invest except hometown. If some facility Bihar have that is in Patna . every Bihiris want to study @ patna, job @ patna Hospiatal @ patna. So event rent is also hike 20% per year @ Patna

Craze of properly in Patna Best example Digha Acquire land (Illegal Land 15 lakh Per Kattha only public purchase on agreement.)

So I don’t think to property rate & rent down in patna

Alok ray
Baroda

-----------------------------------------

This boom has finally thrown out honest middle class from the city.

Vikas Singh

---------------------------------------------------

Patna flats cost double the price of Ranchi and many other capital cities of India. With no civic amenities why the prices were sky rocketing. Not only corrupt govt. officers were buyers but even corrupt Mukias and Panchayat fuctionaries too investing in real estate. If income tax department and vigilance and CBI jointly do a scrutany exercise prices would automatically come to a realistic level.

Rakesh Sinha

.........................................................................

This is really a good news for PATNITES / Biharis. The Way prices were going up was of course a bubble like what has happened in Dubai in 2008. Basically the land price and flat price were the offshoot of the bribe money changing hands of the corrupt politician, bureaucrats, police officials and mainly due to lot of government funds flowing from the grassroots level where mookihiya, its members and contractors are minting money. Nitish Kumar must take a bold action on corruption and remove this filthy trends and pariah from Bihar. The prices are out of reach for a common man and when it happens it means there is something wrong. I was shocked to hear that in my native village (Nohsa- Phulwari Sharif) the prices has gone upto 13 Lac per kuttha which was only 50K few years back. So how can a middle class can afford to buy a land and the funny thing is that there are plenty of middlemen who are minting money and not paying even a single rupees as tax. So I would suggest Nitish Kumar to implement a law wherein all the middlemen should have a broker license and registry without broker license is not allowed in order to check the brokers income and their tax. It is really high time and the state government must do everything to crack this phenomena.

Ejaz Ahmad

Dubai, UAE