5 Point-Plan For New Govt To Spur Real Estate Development in Patna

On September 9, the Election Commission announced the dates for the Bihar Assembly Elections. The five-phase polling for the 243-member Bihar Legislative Assembly will be held between October 12 and November 5.

As elections approach, a look at the state's fiscal performance shows the income levels in the state are among the lowest in India. This, however, has not stunted the development of Bihar's capital, Patna. Patna is among the 500 towns that are included in the Centre's Atal Mission for Rejuvenation and Urban Transformation (Amrut) Project. Under the Amrut project, infrastructure and amenities in Patna will be developed. Even now, real estate prices in Patna are comparable to that of major Indian cities. However, Patna is not among the cities nominated in the Centre's smart cities list. The reason behind this could be that Patna's performance in existing service levels, institutional systems and capacities, self-financing and past track record of reforms are not considered satisfactory. Being the second-largest city in eastern India, the capital of Bihar has a lot of scope to grow.

A look at how a new government in the state can help improve Patna's performance, and further raise the value of real estate in Bihar.

• Improving the sanitation, drinking water and transportation system are the fundamental steps urban-local authorities may take to improve the city. As the potential of the city is yet to be unlocked, this would raise the value of urban land in Patna. On August 9 this year, the Suvidha superfast train services began. The state needs more such projects.

• In August, the city's Urban Development and Housing Department began the approval of house maps. If you wish to construct a home or have constructed a home in a 300 sq mt area, you will receive the approval within two months. This move will give real estate in the city a major boost.

• As the availability of ground water and river water is high in Patna, many experts believe that the prospects of vertical growth are good here. Urban policy experts believe that unlike many other Indian cities, the availability of fallow land will allow the development of more urban land in the city, leading to greater development of real estate. 

• The availability of fallow land in Patna and other cities across the state would make urban development possible on non-agricultural land parcels. Only few Indian cities have potential for such growth. The new government could use this for developing the state further. 

• Many successful Chinese cities like Shanghai were built channelising river streams. Situated on the banks of the river Ganges, Patna is one of the Indian cities where this can be done.