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Property Valuation in Patna: Taking in Right Perspective  (15/09/2013)


Is it the right price for this property in Patna? Perhaps this is the question that keeps on creeping in our mind ever since we make up our mind to buy or sell a property in Patna. Though it is quite crucial to spot the right price for making a successful real estate transaction in Patna, it is all the way difficult to evaluate real estate price in Patna. Neither any formula nor a scientific technique is there to help you out!!! Prices quoted by district administration (circle rates) are not in consonance with the market dynamics and therefore does not represent the actual trading price of real estate in Patna.

There is no established procedure for property evaluation in Patna that developers in Patna or real estate agents in Patna could adopt to derive the current market value of a property in Patna. So, finally, it is the buyer and the seller who has to follow their instincts!!! But one needs to be cautious and at the same time use all references and comparisons. One might have to pay through the nose if one treats this as a trial and error game of real estate in Patna. Hereon, we discuss some of those important parameters that one should always bear in mind to reach the decent levels of property-valuation in Patna.

 

Location profile


A lot depends on the profile of the location where the property in Patna is situated. Market value of an apartment in Patna or an independent house in Patna located at a residential area near the most happening market place or office area can be more than the segregated ones. The same applies to the commercial locations in Patna.

Basic Amenities: Not to mention, plush green surroundings, civic amenities like safe drinking water and systematic drainage system is what a buyer seeks.

Good Infrastructure: Good quality roads around and within the area adds to price of property in Patna.

 

Safety and Security: People avoid locations that are closer or are known as riot prone area. Sharp declines in the prices are witnessed in areas where incidents of robberies, burglary or theft are reported within short spans of time.

 

Connectivity:  Good connectivity with bus depot, railway station and airport is equally important. In fact, real estate in Patna in vicinity to these facilities makes sound investment proposition.

Quality Matters


Since, valuation of property in Patna is rather a subjective process, all the above discussed factors go hand in hand with perception of quality. Besides the tangible aspects of construction, you should also consider the intangible one like the track record of builder in Patna or developer in Patna. It’s advisable to check that the developer in Patna has all the due permissions and clearances from Municipal Corporation and other government authorities like Pollution Control Board. Maintenance, surfaces up as a major woe in the newly developed residential complexes in Patna and even office complexes. Consequently, the value of property in Patna at these locations tends to go southwards or vice versa.

Growth Propellers


You can expect windfall gains on buying property in Patna near the site of mega infrastructure projects. It can be anything like metro rail, airport expansion or internationalization, sports stadium, Special Economic Zone (SEZ) or IT Park. However, valuation of real estate in Patna near such sites can be tricky. The markets may overheat and you fall prey to speculative trends. Therefore the timing becomes the key.

Expert Touch


With respect to the safety and success of your investment in Patna, you can opt for the services of professional surveyors who offer valuation services in real estate in Patna. Moreover, good times are not far away. Patna Real Estate is maturing and systems for deriving fair property prices in Patna are in the offing. Recently a private research firm introduced Real Estate Sensitivity Index (RESSEX) that will act as an instrument to gauge the impact of events like government fiscal decisions, change in interest rate on home loans, and other determinants, on the prices of real estate.


 


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