With increased Foreign Direct Investment in real estate in Bihar over the last year, demand for both residential and commercial properties in the state is on an upswing," says Avinash, Kumar, Manager, Badal Construction Pvt Ltd. Numerous expansion plans by government, private companies at Nalanda, Vaishali, Muzzaffarpur, Begusarai, Chamaparan and various other cities are driving the real estate growth in the state. New residential and commercial complexes are being designed keeping in mind global standards of design and construction. The upcoming Software Technology Park in Patna is expected to boost the real estate prospects of the city, further escalating the demand and property prices.
Upcoming residential developments
The Bihar residential property market had earlier witnessed a period of stagnation as housing projects in Patna were at a standstill. Despite increased demands for decent housing and dwelling units for all sects of society, the efforts by Patna Regional Development Authority were falling short. As the ruling government changed in late 2005, the situation improved and gates were opened for private developers to step in and add to the workforce for development of housing spaces in Patna. The capital city Patna is now growing at an astonishing rate with posh localities, better amenities and enhanced lifestyles, raising property in Bihar to newer heights. Some of the upcoming residential properties in the state include:
Lakhan Raj: This is a residential project by Lakhan Homes in Patna offering 3 BHK flats of 1,042 sq ft each. The project offers features like pool, modular kitchen, fitness gym, child's play zone, reading corner, silent genset and landscape exterior. It is likely to be completed by July 2012.
Vasundhara La Greeno: This project by Vasundhara Homes Pvt Ltd in Patna offers apartments in the range of 1,350 sq ft to 1,570 sq ft. It also offers amenities like a health club, swimming pool, kids play zone, community hall, fire safety management, etc. Badal City: This is a project by Badal Construction Pvt Ltd comprising a block of G+6 floors having 48 apartments of 2-3 BHK.
Upcoming commercial developments
The commercial property market in Patna is gripped by the mall culture, business technology parks and sprawling multiplexes. Old shopping hubs of Patna, including Lalji Market, Hathwa Market, Heera Place and Kurji Market have metamorphosed with retailers and shoppers welcoming glitzy shopping malls, super market stores and multiplexes, etc housing all the leading retail chains and mega brands. Top builders and developers are flooding the Bihar market with business technology parks, office complexes and entertainment hubs, which will expand opportunities in property investment in Patna. Some of these upcoming projects in the state include:
L Mall: This is a commercial complex cum mall in Patna by Lakhan Homes. It comprises a mall of G+6 floors having retails shops and offices with all amenities provided. It is likely to be completed by January 2012.
Thermal Power Project: This project by Kanti Bijlee Utpadan Nigam involves the construction of a main plant of a 2x195 MW thermal power project. It is likely to be completed in 34 months. The project will be executed by Hindustan Construction Company.
Bridge project: Bihar Rajya Pul Nirman Nigam Ltd is building a 1,840 m long 4-lane high level bridge over river Kosi near Vijayghat in the Bhagalpur District.