Posted by Admin I February 29, 2024
The Indian real estate market has witnessed significant growth over the years, with Tier I cities such as Delhi, Mumbai, and Bengaluru consistently hogging the limelight. However, Tier II cities like Patna are gradually making their presence felt. Situated in the heart of Bihar, Patna ranks 21st among the fastest-growing cities in eastern India. Once renowned for its cultural and historical heritage, the city is now emerging as a crucial economic centre. The expanding infrastructure is conducive to a thriving business environment, thereby positively influencing the real estate sector. The city has seen a growth of 43.1% in urbanization and 6% growth of road network. Yet, the question remains: Why should one invest in Patna's real estate market? Here's why.
Unlike other metro cities like Delhi and Mumbai, the real estate market in Patna is affordable. This factor makes it lucrative for first-time buyers and real estate investors who are looking for high returns in the future. Apart from that various affordable properties are coming up in Patna that offers some great real estate opportunities for the seekers.
Patna has witnessed infrastructural development in recent years. The city is well-connected by road and railways. The two international airports – Jayprakash Narayan Airport and Gaya Airport improve connectivity. The upcoming metro station connecting Mithapur and Danapur will soon transform the city.
Education plays a vital role in any city and Patna offers the best educational institutions. Government institutions such as Chanakya National Law University, Patna Science College and Indian Institute of Technology Patna, the city gives ample opportunities for children to get quality education. Therefore another reason to invest in real estate here.
As the capital city of Bihar, Patna has witnessed notable development in various sectors like IT, education, and healthcare. According to reports, Patna’s unemployment rate has decreased by 13.3%. This has fuelled a surge in demand for commercial as well as residential properties. Even with urbanization the cost of living in Patna is low. As per reports, the average cost of living of a middle-class family ranges between 25,000 to 35,000.
The growing population has catalysed the growing infrastructure, thereby inviting more demand in the real estate sector. With an increasing number of residents in the city, there has been a need for residential spaces as well as commercial spaces. The real estate market in Patna has witnessed subsequent growth with property values appreciating.
Patna has seen excellent growth potential in the industrial sector. The state government is developing special economic zones, industrial parks, and other favourable policies and incentives for investors interested in setting up businesses. This is leading to more entrepreneurial ventures and increasing the demand for commercial real estate.
In conclusion, Patna's emergence as a prime destination for real estate developers is indeed a testament to its growing economy, strategic location, rising affluence, government support, and cultural significance.
