Residential Real Estate Investment in Bokaro

Bokaro is the 4^th largest city in Jharkhand. It is well known for its giant Bokaro Steel Plant, which the city one of the most influential industrial zone in India. 

The city, also referred to as Bokaro Steel City was constituted in 1991, by merging 2 blocks from Dhanbad and 6 blocks from Giridh district. It is bounded by Dhanbad, Ramgarh, Giridh, and some portions of West Bengal’s Purulia. The city is well-connected via road and rail and has well-developed public transportation facilities.  

The average literacy rate of Bokaro is 83.47% and houses some premium educational institutions. Besides education, almost every sector in this city has every amenities a resident can ask for, including healthcare facilities, general stores and malls. In addition, Bokaro has a rich culture with numerous ancient temples and other tourist places that attract tourists.

As a result of these advantages, Bokaro offers a fast-growing market for real estate. Its employment opportunities, pleasant climate and excellent infrastructure make it a very desirable location to reside in.

If you are looking for residential real estate opportunities in Bokaro, refer to the sections below for a detailed overview.

Top Reasons to Invest in Bokaro Real Estate

You may refer to the below-mentioned pointers before investing in residential real estate in Bokaro:

•  Employment and Economy

Bokaro is one of the largest contributors to Jharkhand’s economy and a major industrial hub of Eastern India. Some of the prominent companies responsible for employment are the Steel Authority of India Limited (SAIL), Dalmia Cement Bharat Limited, Vedanta Limited, etc.

Bokaro has several steel, oil and cement manufacturing industries that cater to numerous employment opportunities for its residents.

• Safety 

Bokaro’s crime rate is registered at around 136.93, which is much lower than India’s average crime rate of 445.9. Therefore the city of Bokaro can be counted among the safest cities in India.

• Educational Institutions and Healthcare Facilities

Bokaro is home to some of India’s renowned institutions namely, Guru Gobind Singh Educational Society, Government Polytechnic Khutri, Bokaro Institute of Medical and Health Sciences, etc. In addition, there are numerous JEE and NEET coaching centres for students.

Therefore, residents looking to settle in Bokaro with their families will have a plethora of options for education facilities.

• Connectivity

Bokaro is well connected to Bihar and West Bengal through National Highway 33. Moreover, the nearest railway station is the Bokaro Steel City Railway Station which is just 12 km from the city centre.

The railway station has 3 platforms halting over 71 trains, connecting some of the major cities in India like Delhi, Kolkata, Ranchi and Patna.

The nearest domestic airport is the Birsa Munda Airport which is 122 km from the city centre and facilitates travel to cities like Mumbai, Delhi, Patna, Bangalore and Kolkata. The airport can be easily accessed by residents via NH 320.

Residential Real Estate Investment Opportunities in Bokaro

Some of the best localities to invest in residential real estate in Bokaro are as follows:

• Chas

Chas is one of the most demanding and well-known localities in Bokaro. Residents can avail top medicare services at affordable rates through K.M. Memorial Hospital. Moreover, residents have easy access to schools like Guru Gobind Singh Public School, Adarsh Vidya Mandir School, etc.

The locality has abundant availability of marketplaces to buy vegetables, groceries and stationaries. Lastly, the availability of cooperative societies like Adhar Co-operative Colony, makes Chas an excellent choice for setting up residences.

The average property price of residential homes in Chas is ₹3,545 per square foot.

• Sector 4

Sector 4 is a famous locality in Bokaro. It features healthcare facilities like St. Paul Hospital, Bokaro General Hospital, etc. The locality boasts of a round-the-clock water supply and electricity. Residents get to enjoy ambient nightlife with ample recreational centres. 

Furthermore, broad and well-planned roadways connecting the locality to Sector 9, Sector 6 and Chas, make travel to nearby localities more convenient for the residents.

The average residential property price in Sector 4 Bokaro is ₹4,049 per square foot.

Things to Consider Before Buying a Residential Property in Bokaro

Here are the things you must check before you purchase residential real estate:

• Safety and Security

Before purchasing a residential property, you should check for the city’s crime rate, to ensure the safety and security of you and your family. Cities with low crime rates are often in high demand, and they earn higher passive income through rent or accommodations.

• Builder’s Reputation

When purchasing an under-construction property, checking the credibility of a builder is a must to ensure timely project completion and high resale value.

You should check the builder’s past undertaken projects, and reviews from existing or past customers or developers to gauge their reliability. Another essential thing to check is the details of the builder on the respective RERA portal.

• Check for RERA Authenticity

The Real Estate Regulatory Authority (RERA), was formed under the Real Estate (Regulation and Development) Act 2016, to ensure transparency in Real estate businesses. It eliminates discrepancies and disputes related to real estate and legitimises reputable brokers and builders.

You can check for your builder or real estate project’s details in Bokaro through Jharkhand’s RERA portal.

Stamp Duty in Bokaro

The stamp duty charges in Bokaro are as follows:

Registration charges in Bokaro

Following are the registration charges in Bokaro:

Bokaro Residential Real Estate Sector: What’s the Forecast?

Bokaro is a planned city with all modern amenities and employment opportunities that attract real estate investments. Its real estate market is growing rapidly, driven by a number of development projects in and around Bokaro.

The Steel Authority of India Limited (SAIL) owned domestic airport is undergoing development and it is expected to commence operations in June 2023. The Bokaro Airport services are aimed to facilitate domestic and commercial transit across West Bengal and Bihar.

The ongoing Greenfield Expressway Project will facilitate the connection of Jharkhand to West Bengal. The expressway is planned to exit Bokaro via Hazaribagh and enter West Bengal improving connectivity to the prominent cities nearby such as Medinipur, Hoogly and Howrah. The project aims to elevate inter and intra-city transit for the residents.

Lastly, a Detailed Project Report (DPR) has been scheduled to be issued for the construction of Bokaro Medical College. The 500-bed medical facility is planned to spread across 25 acres of land and is soon expected to commence construction.

The pointers above indicate that Bokaro is rapidly undergoing infrastructural development to uplift the resident’s quality of life. Therefore, considering all the factors mentioned above, Bokaro can be an excellent choice for purchasing residential real estate.

Residential Real Estate vs Other Asset Classes

The pointers below compare residential real estate to various other asset classes based on certain parameters.

Residential Real Estate vs Gold

Gold is a safe investment option that yields moderate returns over the long term. On the other hand, residential real estate can yield significantly higher returns compared to gold. Furthermore, you can generate passive income by renting accommodations, which is not possible for gold investments.

Residential Real Estate vs Bond

Bonds are debt instruments that allow companies to generate funds for business operations, by borrowing capital from the general public. These fixed-interest debt instruments yield low to moderate returns. In contrast, residential real estate yield higher returns but with moderate risks.

If you are willing to earn 9%  to 11% interest on bonds then make sure to check out our homepage, and start investing now. 

Residential real Estate vs Commercial Real Estate

Residential properties have the potential to earn high returns provided they are in a prime location. Commercial real estate has the potential to earn even higher returns than residential real estate, but it carries a higher risk than residential real estate. 

Residential Real Estate vs Mutual and Stocks

Mutual funds and stocks can earn significantly higher returns than real estate; however, they are subject to much higher market risk. On the other hand, residential real estate is a safer investment option.

The table below compares residential real estate to other asset classes based on their returns, volatility, risk liquidity and ticket price.

Steps to invest in Residential Real Estate in Bokaro

You may follow the below-mentioned steps to start investing in residential real estate in Bokaro.

Step 1: Decide on a budget and allocate your earnings accordingly, so that paying the EMIs does not hinder your savings.

Step 2: Look for prospective residential real estate in localities with proper social amenities or hire a reputed broker to do the research for you.

Step 3: Shortlist properties which suit your allocated budget and conduct an on-site inspection to verify the amenities and transport connectivity.

Step 4: Finalise a property that best fits your budget and other requirements. Remember to check for the RERA authenticity of the builder as well as the real estate.

Step 5: Appoint a legal assistant to proceed through the documentation process, to avoid discrepancies and contract loopholes.

Step 6: Complete the legal formalities and submit all the required documents.

Step 7: Pay for the property and other charges like stamp duty, registration charges, professional assistance fees, etc.

Step 8: Make sure to get your property insured against any future damages.

Final Word

Bokaro is home to many famous tourist places like Jagannath Temple, Garga Dam, Jawarharlal Nehru Biological Park, Tenu Ghat City Park, Parasnath hills and many more. These tourist places attract hundreds of visitors, which opens the door to earning high passive income through tourist accommodations.

Furthermore, the social amenities, urban infrastructure, and transport connectivity offered by the city make it an excellent choice for residential real estate investment.   

Frequently Asked Questions