Real estate rides high on Nitish governance

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[size=12pt]Nearly two-and-half months ago on November 24 when Nitish Kumar came to power for the second term with a massive mandate, prices of property in Patna soared like never before. Realty prices in Patna rose by over 25 per cent overnight.

Observers explained that the fact of Nitish Kumar retaining power restored faith in realtors, who have begun to invest in land in a big way.

A recent study by a realty website MagicBricks shows that real estate prices in Patna have gone skyrocketing and Rs 3,500 sqft, Rs 4,500 sqft and Rs 6,000 per sqft flats are normal in residential areas of the Bihar capital today.

Recently, an official of CISF had emailed Chief Minister Nitish Kumar requesting him to order a probe the reasons behind the soaring property prices in Patna, which has gone beyond the capacity of an honest person like him. The Chief Minister’s secretariat reportedly took notice of the letter and sent it to the State urban development department with a direction to probe the matter and submit a report.

Interestingly, land prices in some areas of Patna today are comparable to major satellite cities like Noida, Gurgaon, Goa or Navi Mumbai.

The apartment buildings springing up in every nook and corner of the State capital are indicators of the huge demand, said builders and developers of Patna.

“Property rates in Patna are comparable to Noida, Gurgaon and Goa as there is a huge mismatch in supply and demand. And people who live outside Bihar have now making investment in the State hoping for a prosperous State under Nitish Kumar,” Narendra Kumar, a real estate developer of “Kumar Buildcon” told The Pioneer.

“People were scared and leaving the State during Lalu’s regime. Six years ago, a two-room flat even in a posh locality of Patna cost just Rs 8 lakh. Now, this will cost over Rs 35 lakh,” said builder Sanjeev Singh.

“The distinction between affordable and premium categories of flats in Patna has virtually diminished as the non-availability of land is driving up the prices,” said Kankerbagh-based developer Rajesh Kumar.

In 2002, Kumar had constructed an apartment in the same Kankerbagh area and sold three-bedroom flats with a super built up area of 1250 sqft for Rs 12 lakh.

Now he has fixed Rs 40 lakh for similar flats in an upcoming apartment in the same area.

Builders and developers of Patna said that even Rs 1crore flats are sold in no time in the State capital. “A flat costing between Rs 50 lakh and Rs 75 lakh is no news in Patna today,” said one of them. He boasts of a successful record of selling such premium flats in the surrounding of Patna’s main Duk Bungalow crossing area.

“There has been increase of over 200 per cent in the property prices in Patna in the last five years, But prices have soared phenomenally in the last two-and-half months after Nitish came to power for the second term,” said Rajesh Kumar. The situation was just opposite during the previous RJD regime when builders and developers used to live under the threat of criminals and kidnappers.

“Even if we mustered courage to invest in apartments very few buyers used to turn up and that too in a very hush-hush manner. Then every prospective investor was fleeing Patna,” said a builder.

Builders admitted that many of them had stopped construction of flats ahead of the last year’s State Assembly poll and waited for the NDA to return to power. “The prices would have crashed had Lalu captured power,” said a builder.

When asked about the focus of construction in metro cities like Delhi, Mumbai, Bangalore, Kolkata shifting to “affordable housing”, the real estate developers in Patna said it is not the case in Patna.

However, the Opposition charged that it’s because of the black money hoarded by Government contractors, engineers, politicians and corrupt babus that the real estate in Patna has become unaffordable for common men.

“The so-called development in Bihar is only because of three things — construction, cement and communication — and all happened because of corruption in the State,” charged RJD leader Ram Kripal Yadav.

Counter noted economist Shaibal Gupta. “Prices of real estate in Patna have gone up because of the people putting their confidence in the present Government.” [/size]

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