Besides the initiatives by the government like DE-MONETISATION. The introduction of RERA and GST the determination of the home buyers in Patna is developing. With a clear knowledge of the property market in Patna and a regulator (RERA BIHAR) to view their interest. 2020 will remain a buyer’s market in Patna real estate ruled by end-users plus affordable section and investors are showing interest in flats in Patna. The developers in Patna, on the other hand, are also beheld a new regulatory business process. So, let’s know the Forecast for the Patna Real Estate in 2020.
2020 will fortunate in many new terms getting implemented across the market. With the ongoing changes and flats for sale Patna, builders are paying more. Heed to the end user’s preferences in terms of social infrastructure, construction quality, price, location, and unit size. Several new commercial projects will begin in the western Patna around Saguna Mor. And primarily going to start on the road from Saguna Mor to Khagaul railway station.
Here is the 2020 real estate forecast for Patna City:
1. Commercial space has become a boon-
The year 2020 will witness a new Patna in terms of infrastructure. There will be an immense wave of launches in Patna for the commercial real estate. It is due to the widening of road from Saguna Mor to Danapur (Khagaul) railway station. It is about a 3 km stretch. On both sides of this road, shopping malls and office spaces would spring up. Moreover, you may also come across co-working spaces in Patna. There is a lot more development of the Patna in the pipeline. Especially in the construction area. It will be helpful due to the increase in the number of connecting roads.
2. Warehousing in trend-
Another growing sector for Patna Real Estate in 2020 is going to be warehousing. There has already been a clear rise in the demand for organized warehousing in Patna. Also due to the ongoing progress in e-commerce and the implementation of GST. The demand for warehousing industry in Patna is expected to escalate more in 2020. So, this also project will start soon. And will be essential for the development of the Real-estate of Patna. And the demand for organized warehousing in Patna will start soon.
3. Patna is viewed as an affordable city for real estate investment-
2020 will be a splendid year for both the developers in Patna and homebuyers in Patna. As affordable housing here brings immense opportunity to invest in Patna. Home buying attitudes will shift towards the homes with attractive prices above luxurious spaces. Because of the extra charges that the luxury properties come with. People will shift to the affordable housing only.
4. Millennials to bring a demographic shift in Patna real estate-
The real estate companies in Patna For a long time have been overhearing the growth of Millennials. Because of demographical shifts in the market. Yet, the result has not been viewed. 2020 is expected to be the year where Millennials will start influencing Patna real estate. The choices and the needs of millennial buyers include residential projects with necessary amenities. Like urban connectivity, and public infrastructure in a tolerant neighborhood. And is expecting to have a healthy impact in the Patna real estate market in the upcoming years. So, Millennials will bring a demographic shift in Patna real estate.
5. Co-working and Proptech will be revolutionizing-
The diverse aspects of Proptech and Co-working will be a significant driving force for Patna real estate. The technological advancements of digital tools are overcoming the challenges of the real estate industry. So by creating pragmatic and augmented experiences for the buyers. This will add a futuristic scope to the sector.
Moreover, if you want to grow in this agile market as a real estate agent. Then opting for digital marketing is an ideal way. You need to be on the web to stay in touch with your prospect and existing client base. And for the future decision this all points will help you to make a clear vision while making decisions.