An under-construction apartment in Gaya. Picture by Suman

Gaya, June 3: House rents have spiralled beyond the common man’s reach, forcing many to purchase apartments on easy instalments.

A few residents, who have recently bought apartments, say that when calculated, the amount of instalment often turns out to be equivalent to house rents.

During the past nine years since Gharana, the first apartment in Gaya town that was completed near Gewal Bigha bus stand area in 2002, the trend of purchasing apartments has grown.

Presently, more than 10 new apartments are being constructed at different places around Gaya town. Three of these have been completed including one at Gewal Bigha and two at Durga Bari and Chandauti Mor, where people have already taken possession of their flats.

During the past nine years the price of flats have increased four times. In 2002, the first flat of Gharana apartment was booked for only Rs 5 lakh and subsequent flats were sold for a price around Rs 7.5 lakh. Now, two bedroom-hall-kitchen (BHK) flats are being booked for prices between Rs 10 and Rs 12 lakh and three BHK flats between Rs 15 and Rs 20 lakh.

Those booking flats are mostly bankers, doctors, businessmen and retired persons. The reason behind the increasing demand of flats is security besides round-the-clock power and water facility. Couples who live alone prefer to live in apartments, as their children are either studying or settled outside the town for job.

The price of plots have increased manifold and is equivalent to metro cities like Patna and Calcutta. Moreover, land is not even available in prime localities. Price of one cottha land in prime localities like GB Road, Gewal Bigha Chowk area, Swarajpuri Road, Chand Chaura is priced between Rs 20 lakh and Rs 50 lakh. As the cost of constructing a house has gone up manifold, people from middle-income group prefer to buy an apartment.

Manish Kumar, a civil engineer-turned-builder, who constructed Gharana told The Telegraph: “Another major reason behind the rise is because the house rents have increased three to four times. Now one has to pay at least Rs 4,000 to Rs 5,000 as rent for a two-bedroom flat, which is non-refundable. On the other hand, easy monthly instalment (EMI) of a flat comes to around Rs 10,000 per month. With little extra money one can own a flat. Besides this investment has a resale value with a chance for the amount to get doubled in five years.

Manish said he had five new projects in hand. This includes three at Chandauti Mor, one each at Durga Bari and New Area. Other builders are getting the apartments constructed. There are proposals for construction of apartment near Bodhgaya bypass on the military cantonment area, New Area, Chandauti Mor and Vishnupad area.

However, the negative aspect of the development is that although Apartment Ownership Act had come into force in the state, many developers in Gaya do not have the licence issued by Gaya Municipal Corporation (GMC).

There is a need to have an expert team with knowledge of the act and a town planner appointed by the government. The maps of apartments were also getting passed without following the norms of the act.

When contacted the GMC executive engineer, Rama Raman Prasad, told The Telegraph: “The corporation would soon start the process to issue license to the developers for clearance of the maps.” He said there were at least 20 architects registered with the corporation.

Social worker and Rotarian, Ajit Agarwal, said: “It is good that people are purchasing apartments. However, the developers should follow the norms. The apartments should not be constructed in congested places to ensure that fire tenders can arrive easily in case of any emergency and there should be proper arrangement of rainwater harvesting in view of the water problem in Gaya.”