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Future of Real Estate in Ranchi

Future of Real Estate in Ranchi

For those who had written off the future of real estate development in Ranchi, the reality of the realty market may well be poised for a change. Rising costs of construction, higher interest rates on housing loans, land acquisition problems had slowed down the pace of development for the last one year.

Kumud Jha, president of Credai Jharkhand, says: “The city is going through a ‘correction phase’. This means that whenever there is a price hike, growth rate becomes sluggish. The spiraling costs put a psychological limit on buyers. But it doesn’t last beyond a few months.”

This brings us to the question. So what next. Jha says, “The city has huge potential for development.” Kanke Road, Ratu Road, Main Road, Bariyatu, Hinoo, Argora, Morabadi, Dipatoli, Ashok Nagar, Kokar, BIT, Kathal More, Booty More, Piska More, Pithoria have seen an explosion of development and will see more growth in the coming years, he adds.

The builders, however, believe that developing a property in Ranchi has its own set of problems. Roshan Kumar, GM of Lucky Construction (Ranchi), says: “There is very little clear land bank available for development.” This explains the steady rise in real estate activity on non-tribal patches in the areas mentioned above, he concludes.

This brings us to what propelled this growth. Being located on a plateau 600 mts above sea-level, Ranchi’s favourable climatic conditions have long drawn people to this hilly terrain. Secondly, with a number of good educational institutions, Ranchi is the preferred choice for many in the Hindi heartland.

ranchi city

Thirdly, with a number of public sector units like Mecon, SAIL, CCL, CMPDI, RDCIS having their headquarters in the city, its officials choose to stay back here after retirement. Last but not the least, the absence of a major city within a radius of 100km of Ranchi has stirred development work here.

However, land acquisition continues to haunt builders and buyers alike. The Chotanagpur Tenancy Act (CNT) Act and the Santhal Pargana Tenancy (SPT) Act entail that tribal land cannot be bought by a non-tribal. With only 11-12% of the total land area being transferable due to the this act apart from lease land, government land, the state needs to open up more lands for development through necessary amendments in these acts.

Unlike the rest of the country, there are no qualified town planners for the cities of Jharkhand. “Rules for appointment of town planner have already been notified. We are sending vacancy positions to JPSC for appointment,” said Ajay Kumar Singh, secretary of the state urban development department.

The need of the hour is to have new master plans. “Formalities regarding the approval of the master plan is underway. The next meeting of the RMC board is scheduled for the 24th of this month. Once it gets the RMC nod, it will come to the state cabinet,” added Singh.

Until and unless, the government shows a strong willingness to implement these plans, no headway can be made. Many projects are held up because lakhs of land dispute cases are pending with the civil courts, SAR courts and high court. Judgement on them have to be expedited at the earliest to flag off development work in the city.

Rakesh Kumar Choudhary of Balajee homes says: “There is a huge demand for duplex and highrises. I would say that the future is bright as only 10-15% work has been done in real estate here. Apart from Ranchi, Jamshedpur, Dhanbad, Bokaro, Ramgarh will develop in a big way in the coming years.”

Future of Real Estate in Ranchi

Source: http://timesofindia.indiatimes.com/city/ranchi/Realty-slump-in-Ranchi-not-to-stay-for-long/articleshow/38445249.cms

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