PATNA: After being shorn of all its mineral wealth, Bihar seems to have finally put one over on Jharkhand as reflected in the real estate prices, which have skyrocketed in the state capital in the past two years.
In fact, property rates in Patna have, unbelievably, surpassed NCR — Noida, Ghaziabad and even in some cases in Gurgaon — and also many areas in the Capital. For instance, a 1,000 sq ft flat here costs more than Rs 60 lakh.
Riding high on Bihar CM Nitish Kumar’s “development wave in the state, coupled with overall improvement in the law and order situation”, prices in the city now range anywhere between Rs 5,000 and over Rs 6,000 per sq ft, which is actually more than the ongoing rates in Noida. In Nageshwar Colony on Patna’s Boring Road, the current rate is Rs 5,000 per sq ft. In the S K Nagar/Kidwaipur area, it is around Rs 6,000 per sq ft.
In Gurgaon’s Sohna Road area, which is being touted as the next big destination in the Millennium City, rates range between Rs 4,000 and Rs 5,000 per sq ft. In Noida, hardly 5 km from the City Centre, the rates are pegged at Rs 3,500-Rs 4,000 per sq ft.
And if that’s not enough, check out land prices. A katha of land (around 1,300-1,400 sq ft) in Nageshwar Colony is now selling for Rs 80 lakh. A katha of commercial space on Patna’s Exhibition will set you back by Rs 1.25 crore.
Builders are, actually, struggling to justify the phenomenal growth. The sudden upswing has been fuelled by the perception that the government means business.
“It has all happened so soon that we’re not being able to justify it. Even rentals have gone up drastically. The monthly rental for a 1,500 sq ft flat is around Rs 25,000, which was unheard of earlier,” says Prabhat Kumar, director of Apna Awas Construction. He cites the example of a building near Boring Road, where flats were being sold for Rs 1,200 per sq ft till around two years ago. Now, the price in the same locality has escalated to Rs 4,000 per sq ft.
The Biharis seem to have extracted their pound of flesh as realty prices in neighbouring Jharkhand’s capital Ranchi are on the wane. For instance, a shopping-cum-residential complex constructed by Kumar’s group on Ranchi’s Main Road — the heart of the town — is still looking for buyers.
On the contrary, `bhoomi poojan’ is good enough to draw hordes of buyers in Patna.
Read more: Patna scores big on realty – The Times of India http://timesofindia.indiatimes.com/city/patna/Patna-scores-big-on-realty/articleshow/6867008.cms#ixzz14M4tdrOI