30/04/2015

Real estate business likely to be hit in post-quake Patna


Patna,(BiharTimes): The Saturday-Sunday earthquakes and subsequent tremors are likely to cause social and economic aftershocks in crowded Bihar capital, where thousands poured out in the open field on these two nights.


As a sizeable number of those who have left their homes were apartment-dwellers the business of building residential and commercial complexes is likely to be hit in the months to come. Not only the price of these flats may be affected even the rented apartments may not cost as much, fear the builders.


As the real estate business started showing signs of weakness in the last few months the earthquake may stabilize the price of land and apartments in and around Patna.The state capital may no more be as attractive a destination as in the past. After Saturday and Sunday earthquakes a large number of people living in the rented house with their family started going back to their native villages or small towns as fear of impending disaster grip their mind. Many of the apartment-residents have moved to the house of their relatives or friends in Patna itself as they have lost faith in the flat they are living.As many as 32 apartments in Patna have developed cracks or are not safe enough to live in. Unofficials sources put the figure at much higher. Even the P and M Mall developed cracks.


It is not only that these structures proved unsafe, in the time of earthquake it is difficult for the people, especially old and infirm, to climb up and go down through stairs. As lifts do not work in such a situation those living on higher floors face much difficulty.As the electricity and road situation have improved in the rural areas in the last few years many old people may prefer to spend post-retirement years in their ancestral place.


Many people would buy flats for the sake of investment. After the quake it would no more be a good business.Quakes have a psychological impact on the mind of the people, especially kids and elderly citizens. For example, Muktaji, an aged activist of Nehru Vihar, suffered heart attack. He is not alone. Several people even lost their lives in the state.Experts are of the view that if the construction boom slows down in Patna it may have a negative impact on the growth rate of the state. So the devastation caused by the powerful tremors may not be much, but they certainly will have a long term impact on Bihar.


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