The latest NHB data for the period Jan-March 2012 finds Patna in league of ten major cities, such as Mumbai, Bangalore, Bhopal, Lucknow, Pune, Kochi, Ahmedabad, Surat and Faridabad that have been hit by overall economic slowdown and recorded decline in their respective property price index.

The NHB Redix for Patna at the end of March stands at 129 points, down from 146 for the same period last year. The base year is 2007 with 100 points as benchmark for tracking the property price movement in different cities.

The upward movement in property prices in the state capital which had remained unaffected with the boom in the real estate in the country till 2007 has coincided with the constitution of Residex.

For the fiscal year ending March 2008 it was 103 points. It jumped to 127 points in 2010. Only to be followed by another jump in 2011 at 146 points, dashing hopes of many prospective buyers. The property prices refused to fall in line with national trend, which was declining, till 2011.

But the first sign of trend reversal surfaced in Oct–Dec 2011 quarter when the upward climb started narrowing and came down to 140 points only to settle at 129 points for the fiscal ending in March 2012.

Once the decline started many of the developers are facing difficulty. They are now even offering discount.

Those close to the property business say that now corrupt officials and employees are hesitant to buy flats or land plots as they fear that the prices may crash further. Not only that now the Income Tax department is monitoring sale and purchse of real estate and apartments which is working as deterrent.

Though the bubble has not burst, the buyers are now realizing that with much better investment they can buy property in the outskirts of Delhi, or say in the National Capital Region, which definitely has much better facility then Patna, where the civic amenities have gone from bad to worse.