The dream of swanky and affordable flats in the city is all set to come true at a time when real estate prices are sky-rocketing.

Bihar State Housing Board has got three construction firms, which are ready to partner one of the biggest real estate projects in the city under the public sector in the recent past.

Ultra Home Construction Private Limited, an arm of Noida-based Amrapali Group, has submitted bids for the development of 1,596 flats at Sector 5 in Bahadurpur and commercial developments over an area of 0.5463 acres at Hanuman Nagar, respectively.

Patna-based firms Sai Kripa Real Estate Private Ltd and Jalalpur City Homes Private Ltd have submitted bids for commercial development over 1.70 acres of Land at L-Sector in Kankerbagh and 0.5463 acres of land at Hanuman Nagar.

About the bid submission process for the three projects, Anupam Kumar Suman, managing director, Bihar State Housing Board, told The Telegraph on Wednesday: “Wednesday was the last date for submission of bids in our three projects and we have received bids from three firms. Ultra Home Construction Private Limited has submitted bids for residential-cum-commercial project at Bahadurpur and Hanuman Nagar. Sai Kripa Real Estate Private Ltd has submitted bids for our commercial projects at L-Sector in Kankerbagh and Hanuman Nagar. Jalalpur City Homes Private Ltd, on the other hand, has submitted bids for commercial development at Hanuman Nagar.”

Amrapali Group is at present developing a mall in Muzaffarpur. While Sai Kripa Real Estate Private Ltd. has completed four private residential projects in different parts of Patna and engaged in few other projects, Jalalpur City Homes Private Ltd is developing a township near Gola Road in western Patna.

Anupam said the booking of the housing board flats at Bahadurpur was expected to start from January next year.

“We would hold the technical and financial openings of the bid by the end of this week and the contract is expected to be awarded to the selected firm by the end of this month. Accordingly, we expect to start the booking for the residential flats from early January,” said Anupam.

All flats under residential project of BSHB at Sector-5 at Bahadurpur Colony would be 2BHK — two bedrooms, hall and kitchen — on a built-up area of 774 square feet.

Total 1,596 2BHK flats would be built in 14 towers, each having 19 floors with each floor having six such flats.

According to sources, the estimated cost for the residential project is Rs 561 crore.

Under the PPP mode of execution of the projects, the private developer would build housing units on residential land according to terms and conditions of the Bihar State Housing Board and in return they would get commercial land on which they would get lease rights for development of hotels, malls and offices among others.

Bihar State Housing Board started the bidding process for the project envisaging development of 1,596 residential flats at Sector-5 in Bahadurpur and commercial developments over an area of 0.5463 acres at Hanuman Nagar and 1.70 acres at L-Sector in Kankerbagh by issuing the request for proposal on June 26.

Though the bid due date (last date for submission of bids) was set as September 20 but it got extended twice before ending on Wednesday. Citing the reason behind the two extensions, a senior Bihar State Housing Board official said: “Though a few big construction firms had shown interest in the project from the very beginning of the bidding stage but a few local developers in Patna kept on seeking extra time to finalise their proposals. However, we are glad that we have finally been able to receive bids for these projects.”

In several cities across the country, the favoured mode of real estate development under government norms has been the public-private-partnership one.

Usually, the government provides the promoter with land so that people can buy flats at an affordable price.