The Real Estate Market of Ranchi

Ranchi, capital of Jharkhand, which has derived its name from the word ‘Archi,’ meaning bamboo forest is perhaps the soul city in eastern India that has an extraordinary blend of contemporary urban culture along with magnificent, serene and picturesque warmth of nature’s beauty, besides a pleasant climate. The surging hills surrounding Ranchi criss-crosses with little streams, calm lakes and brooks, presenting a beautiful sight.
Though the city is slowly moving towards all the indicators of a modern city, it has still not lost its traditional touch. The total municipal area covered by Ranchi is about 110 square kilometers and the average elevation of the city is 2,140 feet above sea level. Earlier known mainly for its first-class mental asylums, the city is now identified as cricketer Mahendra Singh Dhoni’s home town. Ranchi is a city of waterfalls, besides of course, a rich tribal culture.
Ranchi is on the trail of unwavering growth. The city is developing fast in terms of a retail boom. Major retailers like Spencer, Reliance Fresh, Reliance Hypermart and Big Bazaar have already opened outlets in the city. One multiplex has been launched and others are in the pipeline. The city is also witnessing a spurt of growth in the hospitality sector. A few five-star hotels are also set to come up in the city. This thing makes it quite clear that the average Ranchi resident living standard is bursting out of survival, and into consumption. Undoubting, the income tax department also considers Mahendra Singh Dhoni’s hometown as a city with huge growth for generating revenues, which has multiplied three times since it became the capital.
Annually, the income tax department collects close to Rs 650 crore from this area, which includes Simdega, Gumla, Daltonganj and Latehar. This figure is comparatively better than those of many other state capitals. It is also trying to catch up with standards of bigger cities in terms of entertainment. Moreover, it has already launched its first multiplex, and with this the wee-hours have started rocking.
Despite the continuous growth which the city is witnessing, land acquisition has been one trouble spot across the state. And the state government’s new rehabilitation and resettlement (R&R) policy too has failed to break the ice. The land holders of the state, especially those in the Jharkhand’s outback are restraining from selling the land. This is one reason why Jharkhand, which is on the verge of a big industrial push with more than 60 companies, including ArcelorMittal, Tata Steel, Jindal Steel, Ispat Industries and Hindalco who have signed up MoUs with the state government for setting up steel and power plants, is being forced to take only small steps on the trajectory of development.
Mr. Pratul Shahdeo, the executive member of Federation of Jharkhand Chambers of Commerce and Industries, feels that the Chotanagpur Tenancy Act, which prohibits sale of tribal land to non-tribals, has seen a major problem in the growth of real estate sector in Ranchi. “This is one reason why despite availability in the municipal area, finding land for new projects are hard to come by due to this act. Besides, the state of law and order in Ranchi has also left a lot to be desired,” he said.
As per the India census report of 2001, the population of Ranchi was 2,785,064.
Statistics of Ranchi:
The sex ratio of Ranchi’s male population to its female population is 53:47. The number of houses in Ranchi counts to 5, 05,508 with 9,77, 821 being the urban population. The population density of Ranchi is about 362 per square kilometreThe city can be good investment for property in India .
The problem area:
This scarcity of space in the city is in fact a huge indicator of infrastructural bottlenecks the capital city of Jharkhand is currently grappling. Currently, the concentration of growth and development within the city is restricted—where it is really hard to find land. According to Mr. Ganesh Reddy, researcher and social worker from Citizen Foundation, a noted non-governmental organization, the residents have huge hopes with the Ring Road project, which is in the implementation stage, to help Ranchi develop into a more defined city. “Then the connectivity of peripheral areas will also improve,” he added. The state government has also decided to develop a new capital township in the city—Greater Ranchi to meet the growing demand of rapid urbanisation.
Though the city has a few problem areas which need to be looked upon, it is still a promising investment destination option with a lot of potential growth anticipated here.

Sukhpreet Kaur writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. It is a forum where buyers, sellers and brokers can exchange information. At 99 acres, you can advertise a property in India, search for a property, browse through Real Estate and Properties.