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Boom time for real estate in Jharkhand

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Land rates in Jharkhand continue to soar and the land registration department is overflowing with revenue.
In 2008-09, the government received Rs 171 crore in revenue. In 2010-11, the department earned revenue beyond its wildest dreams and crossed the 100 per cent target. Realtors say demand has been rising steadily. Many educational institutions and big brands are coming up here, so it's boom time for realtors, who are selling land at a premium.
Towering flats are peeping from every corner in the capital offering all modern facilities. Top-end customers are even going for one-flat-on-one-floor mode. In Kanke Road, a flat was recently sold for Rs 1 crore. On an average, flats are fetching between Rs 60 to 70 lakhs.
Secretary, registration department, N M Kerketa, said, "Revenue from land and flats has been going up steadily in the past few years."
In 2011-12, the department received Rs 418 crore and achieved 92 per cent of its target. In 2010-11, the department received Rs 314 crore and achieved 104 per cent of its target. In 2009-10, the department received Rs 213 crore and achieved 71 per cent of its target.
Managing director Abhay Kumar Singh of Van Vrindavan Constructions, said, "Choices of customers have undergone a sea-change in recent years. Earlier, customers used to pay little attention to the quality of construction. They were more concerned about prices. Now they pay little attention to prices and are more concerned about amenities."
"Six years ago when we thought of constructing an apartment we did not think of including swimming pools and playgrounds. Now it is difficult to find takers without swimming pools, gardens, gyms," said a builder.
Jaideep Singh, general manager of Kashish Developers, said, "Like Delhi, Noida and Mumbai, the concept of gated communities is gaining popularity. We have got overwhelming response for a gated community which we are building in Ranchi."
Better connectivity -- Ranchi has got a Ring Road which connects the state capital from outside -- has encouraged people to shift to the outskirts. Various builders have purchased lands near Booty More, Khunti Road, Ormanjhi, Kanke (rural) and other places.
"The largest chunk of our revenue comes from Ranchi, Jamshedpur, Bokaro and Dhanbad," said a registration department official.
Source: Times of India

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