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Patna,(BiharTimes): With property prices in Patna almost falling to the level of March 2010 prospective home buyers are in a real dilemma. They are faced with two equally compelling choices of either waiting for a further correction or making the most of the present opportunity.
The opportunity seems real as it comes after a long and abnormal spell of upward movement in property prices. Patna can not remain insulated from the impact of economic slowdown all over the country and even abroad. In such a situation genuine home buyers may get a better deal.
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Many of them are not impressed by small discounts offered by the property dealers.
While the overall city index has taken a hit of 17 points, that is, from 146 points at the end of March 2011 to 129 in March 2012, a downward movement was observed in all the zones with zone three, comprising posh localities of Pataliputra Colony, Kidwaipuri, Rajapur, Krishnanagar, Buddha Colony, Shanti Vihar, R-Block and Gandhinagar registering the biggest fall of 25 points.
The property price index of zone two comprising Shivpuri, Nehru Nagar, Patel Nagar, Anand Puri, Dujra, Chakaram, Uttari Mandari localities etc, which was at 120 points in 2010 and 145 in 2011 have slipped to 131 points for the period ending March 2012.
The story for posh localities of West and East Boring Canal Road and R K Bhattacharya Road constituting zone five is also the same.
The property price index for Kankarbagh, Phulwari, Bailey Road (New), Gola Road etc has also fallen below 2010 levels of 135 points.
However, the chairman of the Patna Chapter of the Builders Association of India, Sachin Chandra, rules out the possibility of any substantial correction and slackening of demand in the property market saying this is the best time to negotiate the deal.
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