Why NCR wins buyers from Patna?

When 29 year old Prateek Mishra, working with a software firm in Noida, contemplated an investment in Patna, his folks advised that Noida could be a better deal. For a lot of buyers, stuck in a similar situation, this may help-

Today, a handful of areas in Patna such as Boring Road, Pataliputra Colony, Kankarbagh, Doctor’s Colony, Ashiana Nagar and Rajendra Nagar are preferred for the amenities they provide. Space constraints has pushed Patna outwards to areas like Danapur and Sonepur. But considering the number of families that move out of the city for work or higher education, many first time buyers are wondering how to zero down on any one city?

Need property related advice? Here you go!

Let’s take Rs 50 lakh as the base for the sake of convenience.

Prices and Sizes

Shrinking spaces is what worries most home buyers. A quick search on Magicbricks shows that while properties in Noida are in the size range of 450-1400 sq ft, those in the upcoming areas of Patna like Bihta, Sampatchak, Phulwari Sharif etc are in the range of 600-1200 sq ft. Prices for these are Rs 2,000-6,500 per sq ft depending upon whether the area is developed or still needs infrastructural lift.

While lower prices may attract you, the high density population is worrying. Nishant Galgotia, a resident of Kadamkuan smiles, “Landed gentry in the villages are now able to send their children to Patna for education. Over time, 40 per cent buyers in Patna are the wealthy masses from adjoining villages. Hence, those with better education are skipping out because the city is becoming excessively congested and development is doubtful.”

Galgotia says, “People used to laugh at the number of years it took for Kadamkuan to graduate from being Kadam-kadam-pe-kuan area to a maintained residential locality.”

Sushil Singh of Infinity Realty says, “If you are looking for an established locality in Patna, prices are very high. This is another reason why buyers prefer rental properties and do not wish to compromise on their lifestyle. Malls, multiplexes, pubs, gaming zones, fashion boutiques, prestigious convent schools, renowned colleges, automobile showrooms and hangouts are at a convenient distance and thus the high values.”

Rental returns

Raman Gupta, 46, had been living on rent till 2004 paying Rs 3,600 monthly for a 1400 sq ft, 3BHK unit in Pataliputra. Since the landlord was known to Gupta’s family, he couldn’t ask him to raise the rent and would keep saying he’d have to sell the property. “Every day prospective buyers came to see the house and it was too much invasion of privacy. I researched on how much our fellow neighbour-tenants were paying for their house and was taken aback when they said it was Rs 8,000 monthly. I got the point and asked my landlord if he could postpone his idea of selling the house and take a higher rent. He obliged.” Over time, Gupta turned an investor and draws Rs 20,000 for the same house as rent.

In the upcoming areas of Noida, the crowd cosmopolitan and depends on the number of job markets close to the area. Noida has the capacity to draw rental in the range of Rs 5,000-30,000 monthly. Manish Shekhawat of MS Realty says, “Connectivity and better planning will help Noida in the long run. Rental returns in the established localities of Patna is close to what upcoming areas of Noida will yield in the next five years. Thus, those with a long term perspective are buying in Noida or at least keeping their options open.”

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/why-ncr-wins-buyers-from-patna/80226.html