BIHAR is in a Transition Phase,Real estate Booming all over the major Town.

Bihar.s economy growth has spurred a steady rise in real estate prices in not only Patna bur also in similar Town like Muzaffarpur,Chapra,Vaisali, Nalanda,and Darbhanga.

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Bihar stands as a model state for development across the country today.It has gained recognition even overseas,as one of the fastest growing states in India.This positive publicity coupled with a strong law and order has lead to a real estate spurt in the state with the close cooperation of private builders and developers and the state government.

This transition stage has opened new opportunities of investment for realtors in the capital city,Patna,as well as in adjoining areas like Muzaffarpur,Ccchapra,Begusaraii and Bhagalpur.A Darbhanga based builder and owner of Labh Heritage,Rajesh Kumar says,"Bihar is in a transition phase,Real estate is booming in Patna.It has now become like any other developed city.But the best part is that other towns like Muzaffarpur and Darbhanga are also growing.It's like the real estate growth in Patna is pulling up these areas too,primarily because now there is a good road connectivity to these places."Looking to capitalize on this opportunity, kumar has recently launched another new project,Kamla Heritage,in Darbhanga.

"Since Patna is now saturated,developers as well as buyers have shifted their focus to other cities,which are driving the realty development in these places.The travel time to most of the district in Bihar has reduced substantially,and it has become easier to explore options of investment outside the capital city,"says Dilip tiwari,Who is associated with a Gurgaon based reality firm TDS Projects and Construction.TDS has recently launched an ambitious project,Dashrath Binda Enclave in Mithanpura,Muzaffarpur.

"After having launched projects in patna,choosing Muzaffarpur was a natural choice for us as it is one of the most developed cities in North Bihar and there are good opportunities for investment.People have the spending capacity to buy luxury properties here,[provided they are offered better facilities.This explain why thers is property consumption in Muzaffarpur despite residential selling rate of Rs.2,500-3,500per sq ft and commercial monthly rental rate of Rs 30-50 per sq ft.

Darbhanga's case and that of other developing towns of Bihar,and like Patna ,Property prices in Darbhanga are also soaring because of non-availability of land and growing demand.Since Darbhanga is an educational and Medical hub of Mithilanchal,people migrate from village to this place in search of better job,better life style etc,fuelling the demand of property and consequently,the realty rates.In fact,this is also the case in other city and town inthe state,which are witnessing growth in construction sector and rising property prices.

In Darbhanga ,commercial monthly rentals are Rs-25-30 per sq ft.For resident,the selling rate is in the range of Rs. 2,800-3,500 per sq ft."However,most of these apartment do not have basic facilities like parking space,open area,community center etc.In fact,this is true for almost all the cities in Bihar.

   












source:Rakesh Ranjan reports times property