Abstract
Commercial real estate has emerged as a key driver of economic growth and urban development in India. However, most development has concentrated in major metros while Tier-2/3 cities offer huge untapped potential. Bihar is one such state witnessing early stage growth in commercial real estate. This study utilizes primary data from developer/investor interviews and secondary data from industry reports. Quantitative and qualitative analyses were conducted to assess historical trends, current status, growth drivers, challenges, and future outlook. The analysis indicates that office and retail sectors are witnessing maximum growth, driven by factors like increasing demand from IT/ITeS, organized retail, and e-commerce companies. However, challenges like nascent stage of development, infrastructure gaps, lack of financing, land acquisitions, and talent availability need to be addressed. The study provides an in-depth understanding of commercial real estate in Bihar. While immense potential exists, concerted efforts on infrastructure improvement, policy reforms, and private participation are vital to realize the full promise. Targeted recommendations are provided for stakeholders to chart the future growth trajectory.
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