2019 Patna Real Estate

Forecast for the Patna Real Estate in 2019

 

 

 

Post a series of initiatives by the government like RERA, DE-MONETISATION and GST the confidence of the homebuyers in Patna has increased with a clear understanding of the property market in Patna and a regulator (RERA BIHAR) to look into their interest. 2019 will remain a buyer’s market in Patna dominated by end users plus affordable segment and investors still will keep away from residential segment in Patna property market. The builders in Patna, on the other hand have also witnessed a new regulatory business process in Patna real estate. 2019 will see them coming to terms to new demands of the sector and playing by new rules set up for REAL ESTATE. With the ongoing changes in the real estate market in Patna, builders in Patna should pay more heed to the end user's preferences in terms of social infrastructure, price, construction quality, location, and unit size.  Residential projects in Patna which come under affordable range and are located at strategic locations will be more in demand. A number of new commercial projects will take off in western Patna around Saguna Mor and especially on road from Saguna Mor to Khagaul railway station.  

 

 

Commercial real estate in Patna to boom

 

In 2019, there will be a huge surge of launches in Patna for the commercial real estate due to the widening of road from Saguna Mor to Danapur (Khagaul) railway station. It is almost a 3 km stretch.  On both sides of this road, MALLS and Office Spaces would spring up. A number of commercial cum residential properties too will start on this road. A large number of schools and colleges are already nested in this locality of Patna. Rentals in commercial realty in Patna will become an epitome of growth, as the investors tend to rent a commercial space rather than buying it.  Also, the increase in educational institutions in this area will drive student housing, which is a huge demand in Patna real estate.  

 

 

Warehousing to get a major boost

 

Another rising sector for Patna Real Estate in 2019 is going to be warehousing. There has already been a sharp increase in the demand for organized warehousing in Patna due to the advancements in e-commerce and implementation of GST. The demand for warehousing industry in Patna is expected to escalate more in 2019. 

 

The electronic and white goods segment is expected to be another key driver for growth in warehousing in Patna. The retailers entering Patna market in 2019 will require large warehousing spaces in Patna. By-Pass and Patna-Gaya road up to BELDARICHAK will see the main warehousing activities. One can expect an increased warehousing demand on Shivala- Bihta main road too in 2019. 

 

 

Home buyers sentiment in Patna to shift: Affordable & Mid-market housing to see maximum traction

 

2019 is going to be a bright year for both the developers in Patna and homebuyers in Patna, as mid-market and affordable housing in Patna will be a huge opportunity to invest in Patna. Home buying sentiments will shift towards the homes with compelling price over luxurious spaces because of the additional charges that the luxury properties come with. Hence, properties in Patna consisting of amenities and features of a premium project which are also affordable to a larger segment of the population, will be in huge demand in 2019. 


 

Millennials to bring a demographic shift in Patna real estate 

 

The real estate companies in Patna, since long, have been hearing about the rise of Millennials for a demographic shift in the market; however the impact has not been seen. 2019 is expected to be the year where Millennials will start impacting Patna real estate. The preferences and the needs of millennial buyers, like - residential projects with basic amenities, urban connectivity, and public infrastructure in a liberal neighbourhood, are likely to have a healthy traction in the Patna real estate market in the upcoming years.  

 

 

Co-working and Proptech to be a game changer

 

The numerous facets of Proptech and Co-working will be a major driving force for Patna real estate. The technological developments of digital tools combating the challenges of real estate industry by creating virtual and augmented experiences for the buyers, will add a futuristic scope to the sector. Also, the advents of chat bots, BIM, drones and next-gen innovations will further prove to be highly efficient and beneficial in making construction faster and safer for everyone in Patna.

 

Start-up eco system will further gain momentum in Patna and with it usher demand for Co-working spaces in Patna real estate. The new office culture of modern age will be on doors of Patna real estate in 2019.

 

2019 overall will set up new trends in Patna market which will set the ball rolling for years to come.