Rebuilding Bihar

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As Bihar tries to re-build itself, opportunities exist in almost every sector. Security no longer a threat today, the new Government in Bihar is creating an atmosphere conducive for investment.Bihar received just Rs. 2.74 crore of foreign direct investment between January 2000 and November 2005. However, with the current state government’s one-point agenda of making Bihar the best investment destination in India, its citizens are experiencing a steady turnaround.

Sample this:

• In 2005 a software development centre was opened by an NRI, in Katihar, which provides technical support to public and private firms in California
• Katihar boasts of the RS College of Computer Science and Engineering established in July 2006, again an NRI investment
• A Rs. 584 crore loan from the Japan Bank of International Cooperation (JBIC) for development of Patna approved in October 2006.
• In March 2007, major railway projects worth Rs. 15,000 crore were sanctioned for Bihar –in Madhepura , Chapra and Dalmianagar.
• The Singapore and Japanese Governments are keen on reviving the Nalanda university.
• 8 new multi-purpose sugar mill complexes worth Rs 2,157 crore will be established in Madhubani, East Champaran, Saran, Muzaffarpur, Madhepura, Begusarai and Nalanda..
• Expansion plans for 5 existing operational sugar mills will also be undertaken
• The Mahindra group will invest in a satellite assembling plant in Patna, an investment business to tap rural savings, an agro-processing unit for litchis and mangoes, investments in IT, a Mahindra resort in Bodh Gaya and Rajgir and investment in a non-polluting transport system.
• Tata Consultancy Services (TCS) and the Bihar State Electronics Development Corporation, will design the software for an e-governance project for the state. The Infrastructure Leasing & Financial Services (ILFS) will monitor its implementation.
• 6 new flyovers will come up in Patna, construction of which started in January 2007
• The Centre announces in January 2007 its plans to open one of the three proposed IITs in the 11th Plan period in Bihar
• NIFT also to open a branch in Patna on 10 acres of land at a cost of 29 crores. – announced in December 2006
• Japan has agreed to offer a grant to the tune of Rs 5,600 crore for infrastructure development of the Buddhist circuit in Bihar
• JBIC has also extended financial assistance in developing basic facilities like drinking water, electricity and sewerage system at Nalanda, Vaishali, Rajgir, Kesariya, Areraj and Mangalgarh.
• Besides three new medical colleges, the cabinet has also decided to open a dental college in Nalanda district.

Real Estate Development in Bihar

Click Map of Bihar to Enlarge View

Primarily rural and agro based, the state Government initiated an urbanization plan for Bihar in August 2006.

A Rs 160-crore beautification plan was chalked out for Patna in 2006. The Patna Master Plan envisages that by 2021, there will be a total transformation of the city with 8014.70 hectares of residential spaces and 514.9 hectares of commercial spaces.

Residential property development in Bihar will be encouraged by the Plan’s recommendation to develop Maner and Fatuha as satellite towns and also develop Hajipur and Sonepur in order to shift the population pressure from Patna.

Commercial property in Bihar is beginning to take off with the first mall-cum-multiplex to be completed by 2008. With improved lifestyles, new city clubs in Patna are sporting an underground bar, a swimming pool, restaurant, health club and guest rooms with five-star facilities. Golf Club has a Rs 1.5-crore renovation plan to spruce up its premises.

In the hospitality segment of commercial property in Bihar, old palaces - the Rizwan Palace and Sultan Palace in Patna are being converted to heritage hotels. Plans are also on to build an international convention center on a 10-acre land at the cost of Rs. 5 crore.

The Patna Master Plan also lays stress on development of five industrial growth zones and 10 small economic zones across the state for uniformity in development

Gaya, the new destination for domestic and international tourists has an airport being developed and upgraded to handle international flights, Gaya is expected to boost its revenue from the tourism sector very soon. Many new hotels have come up in and around Gaya to accommodate the growing tourist traffic.

The state government has drawn up a mega plan for the Buddhist heritage sites in the state, with a special focus on Nalanda. Apart from setting up an international university, the government will build a tourist park of international standards, a golf course and a township at Nalanda. Similar projects are planned for Bodh Gaya. Two new luxury hotels and an 18-hole golf course are being proposed.

With the popular belief gaining ground that “if India has to succeed, Bihar has to prosper” and the state administration promising a safe investment environment, real estate in Bihar is full of opportunities.

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