Patna, Feb. 22: The Bihar capital might be far behind in terms of facilities in metro cities, but it can challenge them on the property price front for sure.

For many in Patna, their dream home has gone beyond their budget. They could have purchased a decent flat with the same money in the National Capital Region (suburbs of Delhi), though.

According to property pundits, the realty prices moderated on numerous occasions in different parts of the country. But remained an exception. It has been registering a tremendous vertical rise for the past several years (see graphics).

“You can buy a 1500sqft 3BHK (3 bedrooms, hall and kitchen) apartment in Noida or Delhi suburbs for Rs 30-40 lakh. For a same flat you will have to pay Rs 60-80 lakh in the prime locations of the city. The upper middle class families can afford it but for people with lower income, it is becoming increasingly difficult to own a dream house or even a flat in the state capital,” said Prabhat Singh, the director of Apna Awas Constructions.

“Prior to 2005, realty prices were more or less stagnant in the city. But it soared dramatically in prime areas like Boring Road, Frazer Road, Exhibition Road, SK Puri, Shrikrishna Nagar, Nageshwar Colony and Kidwaipuri in the past few years. Five years ago, one could buy a 2,000sqft apartment in about Rs 18-20 lakh. Now, for a similar flat one will have to shell out over Rs 75 lakh. This escalation has been primarily caused by huge demand,” Singh said.

Most of the developers are of the view that the central part of the city has witnessed tremendous increase in property prices, as most people prefer to stay there.

“While the land is limited, going vertical is the only way out. All the apartments coming up in areas like Boring Road, Frazer Road and adjoining residential localities are booked immediately after the project is announced. So the prices have jacked up,” said Vijay Kumar, the proprietor of Radhika Constructions.

Rising salary in private as well as public sector and the aspiration of the middle class to invest in the property has triggered the tremendous escalation in the prices, say property experts.

But there is a ray of hope. With most of the prime areas saturated, the realtors will have to go outskirts and offer houses at cheaper rates. The likely growth areas are Khagaul, Digha and Gaya-Patna Road.

“Infrastructure remains a problem in the upcoming areas but then there is little scope for building houses in the heart of the city. Therefore, the city will grow on the peripheral areas and the property prices in the upcoming areas will be a bit lower,” said Singh. Another prominent developer of the capital said as the state government has pledged to come up with housing schemes on public-private partnership, the upcoming projects would be affordable.