Why Should I Invest In Property in Patna
Patna, the capital city of Bihar, is a beautiful place to live and work. It is the 19th largest city in India, with a literacy rate of 83.37%. With a GDP growth rate of 7.29%, it is the 5th fastest-growing city in India. Many real estate websites have ranked the city as one of the best places for investment. This emerging smart city is driving the development of urban areas and proper infrastructure to make it a real estate hot spot to invest in.
The city is known as the “City of Palaces” because of its rich heritage and historical monuments. From Commercial properties to residential projects, there have been several upcoming projects by various Real Estate companies in the last few years, which makes this city an ideal choice for investors.
| With the announcement of the Patna Metro Project, property rates in the city are expected to surge by 30%. |
Hence, it is the best time to invest in residential property in Patna. Let’s quickly evaluate the 10 most convincing reasons to invest in Patna!
10 Reasons Why One Should Invest in real estate in Patna:
The booming real estate has made Patna and Greater Patna (Bihta) a hot investment spot. Here are the ten reasons why investing in Patna real estate is profitable:
1. One of the fastest-growing cities
Patna is one of the greatest growing cities. It ranked 21st in the world and 5th in India, with an annual growth of 3.72%. Since 2005, the city has seen unprecedented growth from the Green revolution business. Incremental growth in the service sector and the Fast-moving Consumer Goods industry contributed to its development, making it an excellent avenue for real estate investment.
| According to the world bank, Patna is the second-best city for start-up businesses. With a GDP growth rate of 7.29 percent, the GDP per capita of Patna is around Rs.1,06,000. |
2. Low cost of living with Better Opportunities
According to reports, the average cost of living in Patna varies from 25000 to 35000 for a middle-class family, making it one of the least expensive cities to live in. Being the largest town and capital state of Bihar, Patna offers ample of job opportunities. This is not only the ancient city of Bihar but also stands No.1 city to live among Muzzafarpur, Bhagalpur, Gaya, and Rajgir. The city scores 43.1% of urbanization and 6% of the state road network, making it the most desirable place to live in Bihar.
3. Rich Heritage & Historical Monuments
Patna is known for its rich cultural heritage and beautiful historical buildings. Places like Golghar, Ruins of Pataliputra, Agam Kuan, Naghol Kothia, and Padri Ki Haveli bespoke about the city’s traditions. Places like Harmandir Takht and Begu Hajjam Mosque reveal the enriched cultural history of the town.
4. Affordable housing
Various affordable property options are coming up in Greater Patna (Bihta) that offers some great housing options within your budget. Many housing plots are available at Nisana City Land in Bihta.
| Spread across 2600 acres, there are many upcoming residential projects in Bihta in the forthcoming 3 years. |
Many residential plot projects are available at Suvidha Enclave Phase 2, West Park, etc., make it a promising investment real estate sector. There are many 2BHK and 3 BHK properties for sale, along with another residential plots available in Shivala Par, Gola Road, Bailey Road, Khagaul Road, etc.
5. Good connectivity
The city is well connected through roadways and railways. Jayprakash Narayan Airport and Gaya Airport are the two international airports offering ample connectivity worldwide. Bihta Airport is the new airport development in the Patna District that will provide excellent connectivity, making Bihta a hotspot to invest. Bihta Airport shall be well connected with Patna via Metro. A plan of 12 metro stations to be developed between Mithapur and Danapur.
6. High employment opportunities
Bihar is considered the hub of IT services in India. With the increasing demand for skilled manpower, the state government has been providing high-paying jobs to people who want to work in the field of Information Technology.
| According to recent reports, Patna’s unemployment rate has decreased to 13.3%. |
7. Attractive investment returns
Investing in real estate can be a profitable venture if done right. If you have a clear idea of how to invest in property, then investing in Patna can be very rewarding. The low-cost housing projects open avenues for investors with limited budgets to invest in Patna real estate. According to reports, the average 10-year investment in real estate yields a 10% return.
8. Education Facilities
Education facilities play a vital role in attracting students to any city. Patna has some of the best educational institutions, including government institutions such as Chanakya National Law University, South Bihar, Patna Science College, and Indian Institute Of Technology Patna. The city is also home to many CBSE-affiliated schools providing ample opportunities for children to get quality education.
9. Less Crime Rate
According to the Hindustan times, the city is witnessing a decreased crime rate. The crime rate went down by 5.1% in 2020 compared to the last year (2019). Another report suggests that Patna and Coimbatore are the two cities that recorded the lesser number of sexual assaults, making it safe for women.
10. Good Climatic Conditions
Like most North Indian cities, while the summers are hot and oppressive, the winter is cold. The temperature typically varies from 49°F to 100°F with no extremities, which makes human living difficult in the city. So, overall, the city experiences a moderate temperature and allows the residents to taste different weather conditions without getting adverse.
Key Takeaway
The city has witnessed tremendous growth in recent times, thanks to the state government’s efforts. The upcoming Bihta Airport Project has made Greater Patna a hotspot to invest. While the residential index of the city is still low, the investment proposition in Patna is highly affordable. The government is working on various projects to improve the overall infrastructure and connectivity of the city.
Hence, it is the best time to invest in the real estate sector of Patna to reap the benefits of the anticipated price hike on your property investment.
