Patna, the capital city of Bihar, has emerged as a dynamic region witnessing a strong growth in its real estate sector. The city’s real estate landscape, steeped in history and culture, has undergone a noteworthy evolution, and the metamorphosis is not just visible in the skyline but also reflecting in the shifting aspirations and economic vibrancy of its residents. While the city’s residential market was largely characterized by traditional homes in the past, that were often passed down through generations, the last decade has seen a surge in modern housing complexes, high-rise apartments, and gated communities.
Factors Fuelling Growth
Given its growing residential market, Patna has found itself in the top 20 cities list of the September 2023 IRIS Index, Housing.com’s monthly index that tracks the online property search volume of high-intent homebuyers.
One of the primary catalysts for the growth of Patna’s real estate market has been the significant strides in infrastructure development. Improved connectivity expanded road networks, and the inauguration of work on the Patna Metro have made distant areas more accessible, thereby opening up new possibilities for residential development. Patna’s economic landscape has been undergoing a transformation as well, driven by a burgeoning IT sector, increased industrial activity, and a growing service sector. As job opportunities multiply, there is a corresponding surge in demand for housing, both from the local populace and migrants seeking employment in the city.
Where Are People Looking to Buy a Home in Patna?
The online search trends for homebuyers in Patna depict that a major share of the search queries was concentrated in locations such as Danapur, Rukanpura and Phulwari Sharif.
The fact that these localities top online home searches represent Patna’s evolving real estate market. Factors such as strategic location, commercial vibrancy and affordability, make them highly preferred among homebuyers. The blend of modern amenities, connectivity, and cultural richness in these localities reflects the dynamic and diverse aspirations of those investing in Patna’s thriving residential real estate market.
Why Are These Locations More Popular?
A number of factors have made these neighbourhoods an appealing choice for individuals and families seeking housing in Patna. For instance, Danapur attracts families pursuing quality education for their children as the locality houses several reputed educational institutions, including military schools and colleges. The residential property prices here range between INR 6,000/sqft to INR 6,500/sqft. On the other hand, Rukanpura has evolved into a bustling commercial and business hub, attracting professionals and entrepreneurs. The presence of corporate offices, commercial complexes and retail spaces, coupled with substantial infrastructure development, make it an attractive location for those seeking a live-work-play environment. The property prices here hover INR 5,500 to INR 6,000 per sft. Meanwhile, Phulwari Sharif is known for its rich cultural heritage and often offers more affordable housing options without compromising on essential amenities. The weighted average residential price here is pegged at around INR 5,000 to INR 5,500 per sft.
More Buyer Preferences Revealed in Online Search Data
Most of the online searches revolve around 3 BHK homes, with budget preferences in the INR 50 lakh and below category.
This emphasizes the need for spacious yet adaptable housing solutions, with the favoured price range underscoring the pivotal role that affordable housing options play in stimulating the expansion of Patna’s residential real estate market. Fortunately, developers have acknowledged the demand for economically viable housing, leading to the emergence of numerous projects throughout the city. This trend enhances the feasibility of home ownership for a wider segment of the population.
Thus, with strategic planning, continued government support, and a keen understanding of market dynamics, Patna is set to carve its niche as a thriving real estate destination in the years to come.
