Jharkhand Real Estate on the ‘Real Way’

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Jharkhand - The rich-minerals resource state, formerly a part of Bihar, was formed on November 15th, 2000 with Ranchi as its capital. Renowned the world over as home to the first private Iron and Steel company of India, Tata Steel, the state is rich in resources like Uranium, Mica, Bauxite, Granite, Gold, Silver and Graphite etc.

This tiny state located on a plateau, has some of the attractive tourist destinations that every year attract thousands of visitors to Ranchi, Netarhat, Hazaribagh, Deoghar and Dhanbad.

Apart from being most popular with tourists, these cities located on various plateaus also present wide range of option to invest in the real estate industry of Ranchi, Netarhat, Hazaribagh, Deoghar and Dhanbad.

Jharkhand has always been a favorite with the major real estate players. Reason is simple. It has some of the most industrialized cities like Jamshedpur, Bokaro and Ranchi that have been attracting people from various states, thus providing a platform for the real estate industry to thrive on the migrant population.

Keeping in mind the kind of migrant population that includes skilled, unskilled and highly skilled people, real estate developers, property dealers have come up with all kinds of properties like apartments, duplex houses, villas that could cater to need and pocket of the people flocking Jharkhand.

Ranchi, the state capital, is another city which is attracting huge investment into the real estate sector of Ranchi.

One can the imagine the real estate boom in Ranchi by the fact that the prices of flats have increased four times in the last five years, after the state was carved out of Bihar in November 2000.

Though the public is facing the brunt of these soaring rates, but it’s the real estate developers, land owners who are laughing their way to banks.

The rates of flats here vary from Rs.1,200-1,700 square foot, depending on the locality.

In Kanke, one of the posh areas, the current rate is Rs.1,500-1,700 per square foot compared to Rs 400-500 per square foot six years ago.

Upcoming Projects

Click Map of Jharkhand to Enlarge View

Jharkhand State Housing Board revived its plan to build multi-storied apartments on its plots in joint venture with private players in Ranchi, Jamshedpur and Dhanbad . In the first phase, six-seven plots measuring .5 acres to 1.5 acres will be given to private builders to develop.

It has also planned to set up commercial complexes across the state. Ranchi alone has 19 plots in Bariatu, Harmu and Argora, while Jamshedpur has six, including one of 15 acres at Chota Govindpur.

All these projects will be completed in collaboration with private property developers, which will provide them with ample opportunities to invest in the real estate sector of Jharkhand.

Indianrealtynews.com helps you to keep yourself abreast with the latest developments in the Jharkhand real estate sector.

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