Property Investment in Patna: All You Need to Know

This comprehensive guide delves into the intricacies of property investment in Patna, Bihar, offering vital insights for potential investors. From economic growth fueled by sectors like IT and healthcare to the city's rich cultural heritage, Patna presents a promising landscape for real estate ventures.

Explore key factors like infrastructure, affordability, and growth prospects to uncover the potential for lucrative returns in this evolving market.

What is Property Investment in Patna?

Property investment in Patna presents a promising opportunity due to its growing economy, improved infrastructure, and strategic location. With areas like Gola Road, Bailey Road, and Boring Road known for their affluence, investing in Patna's real estate market offers the potential for high returns.

Additionally, the city's historical significance as Pataliputra, its status as The Capital of Bihar, and its cultural importance make it an attractive destination for investors. As Patna continues to develop and attract businesses like IT companies and multinational corporations like Wipro Infotech, Dabur, and Hindustan Unilever Limited, property values are expected to appreciate, offering investors a lucrative venture in the evolving real estate landscape.

Factors to Consider Before Investing in Patna Real Estate

Economic Growth

Patna has witnessed steady economic growth in recent years, largely fueled by the information technology, education, and healthcare sectors. Initiatives like the Bihar Startup Policy and the development of IT parks like the Rajgir Knowledge City are promising, and investing in real estate in areas closely linked to these sectors can yield favourable returns.

Infrastructure

The city's infrastructure is pivotal in determining a location's desirability for real estate investment. Monitor ongoing and proposed infrastructure projects such as road expansions, metro rail, and airport upgrades. Areas like Bailey Road and Patliputra Colony are prime examples of locations benefiting from improved infrastructure, which leads to increased property values.

Affordability

Affordability is a crucial consideration for both investors and homebuyers. While certain areas in Patna may have high property prices, pockets of affordability remain, especially in emerging suburbs and outskirts. For instance, areas like Danapur and Bihta offer relatively affordable options without compromising connectivity to the city centre.

Rental Yield

Assessing the rental yield potential is essential for investors looking for regular income streams from their properties. Areas with high demand from students, professionals, and migrants typically offer better rental yields. Localities near educational institutions like Patna University and commercial hubs like Frazer Road are known for their strong rental market. The average rental yield in Patna is 2%.

Potential for Growth

Evaluate the chosen location's future growth prospects. Look for upcoming development and investment signs, such as forthcoming residential projects like Ghar Lakshmi Buildcon and Green Ghar Infrastructure commercial centres and planned infrastructure upgrades. For instance, areas along the proposed metro corridors or upcoming expressways hold significant potential for appreciation in property values.

Demand of the Location

Understanding the demand dynamics of the location is crucial for making informed investment decisions. Factors like proximity to employment centres, educational institutions, healthcare facilities, and recreational amenities influence the demand for properties in a particular area. Areas like Kankarbagh and Boring Road, known for their central location and established neighbourhoods, consistently attract demand from homebuyers and investors alike.

RERA Compliance

Ensure that the project and the builder comply with the regulations set by the Real Estate Regulatory Authority (RERA). RERA registration assures project timelines, quality standards, and transparency, thus safeguarding the interests of buyers and investors. Prioritise investing in RERA-approved projects to mitigate risks associated with delays and disputes.

Builder Reputation

Research the builder's reputation and track record before investing in any real estate project. Opt for builders with a proven history of delivering quality projects within the stipulated time frame. Customer reviews, past projects, and legal clearances indicate the builder's credibility and reliability. Mundeshwari Group, JG Realcon, and Dev Buildhome are some of the reputed developers in Patna.

Steps to Invest in A Property in Patna

Step 1: Begin by conducting a market survey to establish your investment budget.

Initiate your property investment journey in Patna by researching the real estate market and determining your investment capacity. Take into account factors like property prices, location, and potential returns to refine your budget.

Step 2: Next, narrow down your options by shortlisting properties that align with your criteria.

Refine your choices by selecting properties that meet your specific requirements. Consider factors such as location, size, amenities, and growth potential to create a shortlist of promising options.

Step 3: Schedule visits to the shortlisted properties to evaluate their various aspects, including infrastructure and accessibility.

Arrange site visits to assess the properties personally. Evaluate factors like infrastructure quality, proximity to essential amenities such as hospitals and schools, transportation options, and the overall neighbourhood ambiance to make an informed decision.

Step 4: Before finalising a property, conduct a thorough background check and verify all property documents.

Prior to making a decision, conduct a comprehensive background check on the seller or builder. To ensure no legal issues or encumbrances, verify the authenticity of all property documents, including ownership records, land titles, and local authorities' approvals.

Step 5: Once satisfied with the property, prepare all necessary documentation for the purchase.

After confirming the property's legality and suitability, gather all required paperwork for the transaction. Draft a sale deed, purchase agreement, and any other relevant documents to formalise the purchase process and avoid future complications.

Step 6: Complete the purchase by making the payment and covering stamp duty and registration charges.

Finalise the property acquisition by fulfilling the payment terms as agreed upon. Comply with stamp duty and registration fee requirements to legalise the transaction and secure your ownership rights.

Benefits of Investing in Patna Real Estate Property

Rapid Growth and Economic Potential

Patna stands tall among the fastest-growing cities globally, with an annual growth rate of 3.72%. Since 2005, spurred by the Green Revolution, the city has witnessed unprecedented growth in various sectors, such as services and Fast-moving Consumer Goods (FMCG). This growth trajectory ensures a buoyant real estate market and promises substantial returns on investment.

Affordable Living and Abundant Opportunities

With a moderate cost of living ranging from Rs. 25,000 to Rs. 35,000 for a middle-class family, Patna offers a compelling proposition for investors. As The Capital city of Bihar, it provides a plethora of job opportunities, making it an attractive destination for migrants and locals alike.

Rich Heritage and Cultural Significance

Patna has a rich cultural heritage, which is evident in its historical monuments, such as Golghar, Agam Kuan, and Padri Ki Haveli. These landmarks enhance the city's aesthetic appeal and contribute to its tourism potential, thereby augmenting the value of the surrounding real estate.

Affordable Housing Projects

The emergence of affordable housing options in Greater Patna, particularly in Bihta, presents lucrative investment opportunities. With upcoming residential projects spread across vast expanses, such as Nisana City Land and Suvidha Enclave Phase 2, investors have many options to accommodate diverse budgetary constraints.

Seamless Connectivity

Patna's well-developed roadways, railways, and international airports, like Jayprakash Narayan Airport and Gaya Airport, ensure seamless connectivity. Additionally, the proposed Bihta Airport and plans for metro connectivity further enhance accessibility, making it a strategic investment destination.

Thriving Employment Sector

As the hub of IT services in Bihar, Patna offers abundant employment opportunities, particularly in the Information Technology sector. The state government's focus on skill development and high-paying jobs makes the city a conducive environment for professionals seeking career growth, thereby driving demand for residential properties.

Top Locations for Real Estate Property Investment in Patna

Patliputra Colony

Patliputra Colony is a premier destination for real estate investment in Patna, epitomising luxury and modern living. Renowned for its upscale residential offerings, the colony boasts meticulously planned infrastructure and proximity to essential amenities. Notable projects in this area include Safa Enclave, Eco Heights, and Swastik Saraswati Shree Enclave. The price range of properties in the Patliputra Colony is Rs. 35 lakhs to 90 lakhs. making it an attractive investment proposition.

Bailey Road

Bailey Road emerges as a prestigious locale synonymous with opulence and convenience. Home to lavish residential complexes and commercial establishments, it caters to the affluent segment of society. RR Jagdeep Mansion, GA Aangan Heritage, and GBN Aawas are notable projects in this area. The average property rate here is Rs. 5,960 per square foot, reflecting its premium status.

Boring Road

Despite its unassuming name, Boring Road exudes sophistication and charm, making it a sought-after destination for real estate investment. Characterised by colonial-era architecture and upscale amenities, it attracts discerning buyers. Surya Pushpanjali, Kapil Shree Apartment, and Surya Mahalaxmi Apartment are prominent projects in this area. Flat prices in Boring Road, Patna, range from Rs. 8050 to Rs. 12600 per square foot (sq ft), offering lucrative returns on investment.

AIIMS Patna Road

AIIMS Patna Road emerges as a strategic investment hotspot, owing to its proximity to the prestigious medical institution and burgeoning commercial activity. A growing ecosystem catering to diverse needs presents promising opportunities for investors. Notable projects include AIIMS Residential Complex Patna, Manish Residential Township, and Kirti Raman Residency. The average property rate in this area is Rs. 2,000 per square foot, making it a compelling choice for real estate investment.

Kankarbagh

With an expansive layout and diverse populace, Kankarbagh fosters a vibrant atmosphere enriched by esteemed institutions, commercial hubs, and recreational spaces. Sinha Engicon Private Limited, Madhav Palace, Devendra Residency, and Saurav Home are notable projects in this area. The average property rate in Kankarbagh is typically Rs. 9,390 per square foot, offering investors a stable and promising avenue for wealth creation.

Conclusion

What is property investment in Patna?

Property investment in Patna holds great promise for investors, driven by economic growth, infrastructure development, and cultural significance.

Factors to consider before investing in Patna real estate

• Economic Growth
• Infrastructure
• Affordability
• Rental Yield
• Potential for Growth
• Demand of the Location
• RERA
• Builder

Steps to invest in a property in Patna

• Step 1: Conduct a market survey and finalise your investment budget.
• Step 2: Shortlist a few properties based on your requirements
• Step 3: Plan a field visit to the properties to assess their various aspects, such as infrastructure, transportation facilities, hospital proximity etc.
• Step 4: After finalising a property, make sure to do a background check and check all the property documents.
• Step 5: Prepare all the necessary documents, such as the sale deed, agreement, etc., to purchase the property.
• Step 6: Go ahead with paying for the property. Remember to pay the stamp duty and registration charges as well.

Benefits of investing in Patna real estate property

• Rapid Growth and Economic Potential
• Affordable Living and Abundant Opportunities
• Rich Heritage and Cultural Significance
• Affordable Housing Projects
• Seamless Connectivity
• Thriving Employment Sector

Top locations for real estate property investment in Patna

• Patliputra Colony
• Bailey Road
• Boring Road
• AIIMS Patna Road
• Kankarbagh