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Residential Real Estate

Why Invest in Patna’s Residential Real Estate?

Let’s explore why investing in residential real estate in Patna can be a smart choice:

  1. Enhanced Connectivity:
    • Patna’s metro project has been funded and approved, which will boost property prices near metro stations by 25-35%.
    • The city is well-connected by road, rail, and air to major cities across India.
    • Lok Nayak Jayaprakash Narayan International Airport connects Patna globally.
  2. Amazing Facilities:
    • Patna offers essential amenities like shopping malls (such as Patna Central) and renowned hospitals.
    • With ongoing metro construction, highway development, and airport expansion, Patna is an ideal place for real estate investment.
    • Property prices are expected to rise, providing better returns in the future.
  3. Residential Real Estate Investment Opportunities:
    • Gola Road: Located in western Patna, Gola Road is witnessing substantial growth. It offers residential plots and low to mid-rise apartments near business hubs.
    • Bailey Road: Running through the heart of the city, Bailey Road connects well with industrial areas like Patliputra. It mainly comprises residential apartments and housing projects.
    • Bihta: This fast-growing township benefits from institutions like the National Institute of Technology (NIT) and Indian Institute of Technology (IIT).

Investing Steps:

  1. Set a Budget: Determine your investment budget.
  2. Shortlist Locations: Identify suitable localities based on infrastructure, amenities, and connectivity.
  3. Visit Locales: Plan field visits to assess each location.

Remember that Patna’s real estate market is dynamic, and property prices are expected to rise. By making informed decisions, you can tap into the city’s growth and secure promising returns on your investment. 🏠💰

Nutan Lotus Garden: Modern Living in Patna

  • Location: Nestled in Danapur, Patna, Nutan Lotus Abode spans 2.25 acres of prime real estate.
  • Luxurious Apartments: Thoughtfully designed 2 BHK and 3 BHK apartments (sizes: 709.0 to 1067.0 sq.ft.).
  • Amenities: Well-equipped gym, 24/7 security, and more.
  • Ideal Locale: Strategically located near key amenities and landmarks.
  • Legal Compliance: RERA Registration No. BRERAP00041-6/105/R1410/2022 ensures transparency.
  • Quality of Life: Close to schools, hospitals, and essential facilities.

Experience comfort, convenience, and sophistication at Nutan Lotus Abode! 🏠💫

Let’s delve into the compelling reasons to invest in Patna’s real estate:

  1. Increased Connectivity:
    • The upcoming Patna Metro project has received funding and approval. This development is expected to significantly impact the real estate market.
    • Properties near metro stations are likely to experience a surge in prices, estimated at 25-35%.
    • Beyond the metro, Patna boasts excellent connectivity through well-established road, rail, and air links. The Lok Nayak Jayaprakash Narayan International Airport connects the city globally.
  2. Abundant Amenities:
    • Patna offers a range of essential amenities, enhancing the quality of life for residents.
    • Notable shopping malls like Patna Central cater to diverse needs.
    • The presence of reputed hospitals ensures access to quality healthcare.
    • As the city continues to grow, residents can enjoy a comfortable and peaceful lifestyle.

Investing in Patna’s real estate presents an opportunity to tap into its promising future. Whether you’re a seasoned investor or a first-timer, consider these factors while making your decision. 🏢🌆💡

Let’s break it down into simpler terms:

  1. Gola Road:
    • Located in West Patna, Gola Road is a hotspot for real estate development.
    • It’s well-connected and close to commercial centers, ensuring job opportunities.
    • You can find residential plots and apartments here, with prices around ₹7000 per square foot.
  2. Bailey Road:
    • Bailey Road runs through the heart of the city and connects to industrial areas like Pataliputra.
    • The residential sector on Bailey Road is growing rapidly, with various apartment options.
    • Property rates in this area are approximately ₹6000 per square foot.
  3. Bihta:
    • Bihta is a fast-developing township, thanks to institutions like NIT and IIT.
    • Many residential plots are available here, starting from around ₹1000 per square foot.

Factors to Consider:

  • Basic Amenities:
    • Ensure the property has access to necessities like water, electricity, and proper sewage disposal.
    • Nearby schools, hospitals, and banks are essential for convenience.
  • RERA Compliance:
    • Verify that the property follows RERA norms.
    • RERA ensures transparency and accountability in the real estate industry.

Lastly, when buying property in Patna, remember to consider stamp duty and registration fees. These costs vary based on the buyer’s gender. 🏠💡

GenderStamp Duty Rates
Joint buyers (Male + Female)6%
Joint buyers (Female + Female)6%
Joint buyers (Male + Male)6%

Registration fee in Patna

GenderRegistration Charges
Joint buyers (Male + Female)2%
Joint buyers (Male + Male)2%
Joint buyers (Female + Female)2%

Future of Patna’s Residential Real Estate Sector: Patna, being Bihar’s largest city, is experiencing rapid growth in various industries. Investments are pouring in, and projects like the metro and four-lane highways are boosting development. The recent establishment of Patna AIIMS also adds to the city’s appeal. Compared to other Tier II cities, Patna offers more affordable residential property options, making it an attractive destination for investment.

Comparison with Other Investment Options: When thinking about investing in residential real estate, consider how it compares to other investment options:

  1. Residential Real Estate vs. Commercial Real Estate:
    • Residential real estate provides better tax benefits.
    • Commercial real estate tends to yield higher returns due to business tenants.
  2. Residential Real Estate vs. Stocks and Mutual Funds:
    • Stocks and mutual funds offer higher returns but are more volatile.
    • Residential real estate provides more stable returns and tax benefits.
  3. Residential Real Estate vs. Bonds:
    • Real estate typically offers higher returns than bonds.
    • Bonds are more liquid and easier to sell.
  4. Residential Real Estate vs. Gold:
    • Gold has a risk of theft.
    • Real estate allows passive income generation but requires a higher initial investment.

Steps to Invest in Residential Real Estate in Patna: If you’re keen on investing in Patna’s residential real estate, follow these simple steps:

  1. Set a Budget:
    • Determine how much you can invest based on your needs.
    • Shortlist preferred locations within your budget.
  2. Visit Locations:
    • Assess infrastructure, facilities, and connectivity in each location.
    • Look for amenities like schools, hospitals, and markets.
  3. Choose a Property:
    • Finalize a property that meets your requirements.
    • Gather necessary documents, such as encumbrance certificate, sale deed, and tax receipts.
  4. Complete the Transaction:
    • Pay stamp duty and registration fees.
    • Consider property insurance to protect your investment.

Remember, investing in real estate involves careful planning and research. Good luck with your investment journey! 🏠💰

In conclusion

Patna’s real estate market is witnessing rapid growth, and the city has the potential to offer attractive returns on investment in the future. Carefully consider factors such as connectivity, development prospects, price and amenities before purchasing a property. Patna’s upcoming metro and other development projects further enhance its investment appeal. Remember to follow RERA norms and assess your investment options compared to other asset classes to take an informed decision. Happy investing!

Frequently Asked Questions

What is property registration?

Property registration refers to the process of officially recording the sale, transfer, lease or any other disposition of immovable property. It is mandatory under the Indian Registration Act 1908, and once registered, the person becomes the legal owner of the property.

What should be the language of the registration document?

The registration document must be in the language commonly used in the district. If it is in a different language, it must be accompanied by the correct translation in use.

Do I get any tax benefits on stamp duty?

Yes, you can claim tax deduction of up to ₹1.5 lakh on stamp duty and registration charges for purchase of new property or construction of a house. However, this benefit is only applicable to a self-occupied property.

What are capital gains on property purchase?

Capital gains tax is levied on the income earned from the sale of property, as the property is considered a capital asset. These benefits are calculated after adjusting for renewal fees and inflation rates.