BUY sell RENT Patna

residential/commercial

PRICE OF PLOTS IN PATNA............ ( 23/10/2014)


 


 

It is a known fact that land market value keeps on appreciating in Patna, and that has always been a plus point for investors in Patna real estate. Even though people are interested in buying flats in Patna, investing in land in Patna will give potentially higher returns to the investor in Patna in the long run.


Buying land in Patna can be a rewarding experience, particularly in a city that is struggling for space and where the real estate value is sky-rocketing. Although the culture of buying apartments in Patna has spread, still people are interested in buying plots and they look for plots for sale to create their dream house. When purchasing land in Patna, it is very important to know the factors that decide the price of plots in Patna. Let’s take a look at them:

 

Location


This is the first and foremost important factor which determines the price of land in Patna. One has to check whether the land is near a main road or any other important landmark. The closer the land to such population centers, the higher the value. The most desirable location for buying a land in Patna for investment is where one can find thick population and good infrastructural development, resulting in higher prices.

 

 

Use of land


Depending upon the use of land, the land value can drastically increase. If the land is vacant for some time and then it is utilized to build an institution, office space or for commercial purpose, it enhances the value of the land much more than if it is used for residential purpose. A commercial piece of land is always more valuable than the residential one. Agricultural land has the lowest price still in Patna.

 

Amenities and facilities


The government bodies play a significant role in enhancing the value of land in Patna. If a road is build or any other structure of importance springs up in the locality; the value of land increases manifold. The facilities can be anything like roads, communication, transport, water supply, electricity, power, sanitation, street lights, highways, etc.

 

Surroundings


The term means those things that border the plot that have a vital effect on its value. The residential plot which is surrounded by lavish greenery will definitely have a high price even if the residential plot in Patna is far from city center. A residential plot in front of 8 feet road in city center will not appreciate much.
 
Speculation

 

Speculation also affects the land value. Generally, when the demand is higher than the supply, this gives space for speculation. For instance, in Patna when there is rapid development and population growth it results in migratory movement of people from rural areas of Bihar to Patna. It augments demand for land in Patna and results in ever rising price of land in Patna. We saw this phenomenon just five- seven years back.

 

Floor area ratio or floor space index


The floor area ratio is often restricted by the zoning code and may have an imperative influence on the land value. The land in Patliputra colony in Patna is still available at a price of Rs. 75 lakhs per kattha and the land on main Gola road is fetching Rs 60 lakhs per kattha. Patliputra cannot have multistoried buildings whereas Gola road has turned into commercial cum residential hub. FAR is used as a measure the floor size on the piece of land on which the building is built. If the planning authority increases the floor area ratio, then the market value of the land or plot increases. To be precise, this ratio controls the land value. The land owners have no contribution to it, but they gain benefit if the floor area ratio increases.


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