Patna fascinates many history enthusiasts every year as the city has witnessed many eras. And with a long history that dates back to 3000 years. Since then, the city has grown tremendously and there’s no sign of slowing down anytime soon. So, If you’re planning to invest in the property in Bihar. Then Patna is an ideal destination. There are numerous on-going real estate projects in Patna at best locations and convenience. However, property prices in Patna fluctuate a lot due to various factors, And which are as follows:
Property Prices in Patna:10 Factors
1. Increase in Income-
When household income in Patna rises, even property prices begin to increase. The extra income earned is used to buy property in Patna. And As most of the customers invest in Patna real estate with the help of home loans, which simplifies the EMI payments.
2. Stamp duty and property rate as per area-
The state government of India revises the real estate rates. Depending on the different localities and Patna is not an exception in this regard. When there’s a hike in the circle rate, the payment of stamp duty elevates. The circle-rate eventually raises the property rates in Patna.
3. Raise in foreign buyers-
A recent instance of this is the crisis in the Gulf. So, Property prices in Patna increased tremendously. As people living in Gulf countries of Bihar began to invest here. Similarly, when Rupee drops against the dollar. The people of Bihar residing abroad find properties in Patna more affordable, resulting in the rise of property prices.
4. Growth of urbanization-
As we’ve mentioned before that Patna witnessed a lot of history. That is why modernization is embraced by people of Patna at a faster pace. For instance, Gola Road, you could find many people migrating to this place and to improve their lifestyle. Enjoy the comfort of luxury, smooth transport, and various modern equipments.
5. Renting also effects the property rates–
Many localities in Patna witness a tremendous rise in tenants. Because of a dramatic reduction in the vacant houses, the property rates also uplift. Mostly, buildings near the school, colleges, and universities have the possibility of more tenants.
6. Growth in infrastructural developments–
Construction of a new road or a flyover affects the pricing of the property. And Which can be positive or negative? If the building below the flyover, you’ll experience a decrease in property price. On the other hand, a new road boosts the cost.
7. Developing areas that play a role in property rates-
New developed areas of Patna are facing a downfall in property rates. As they’re too messy and less spacious. People are facing issues while parking their car and so many are moving towards more spacious areas of Patna.
8. Home loan rates-
Home loan rates can have notable effects on the property rates. If customers find that the rates of home loans are exceptionally high. They won’t be interested anymore in that property. Everybody seeks fewer rates of interest and the best home!
If customers want customization to their property. Like adding a yard beside their kitchen or a huge balcony, etc. This affects the property rates as the builder is not going to invest from his pocket. Hence, make sure your customization needs suits your budget.
10. Luxury homes-
Investment in villas or second home increases the property rates. As such locations are mostly eco-friendly and in a good environment.
These are some of the factors that one should consider while investing in Patna’s real estate and make a better decision.
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