Is it a good time to invest in real estate projects in Kolkata?

This is probably the best time to buy a apartments in Kolkata as the property prices and interest levels on home loan have reached their all-time low. Furthermore, there are government plans not only for the EWS and LIG sections but in addition for the MIG section to help home potential buyers.

The Real Estate Regulatory Act (RERA) being released in, which is soon going to be a reality in Bengal, there, will be no need to be worried about investing in real estateprojects in Kolkata.

RERA going to be a true blessing. (With) RERA (there) is not anything to be afraid of. It will keep fly-by-night builders away from the market and generate discipline. There have been delays in project deliveries in the property market due to a sluggish market, but now things will change.

Builders attract Bengal home buyers with price protect schemes

Top 5 options for those looking for affordable residential homes in Kolkata

Great news for property owners in Kolkata: You can now calculate your own property tax

Some of the experts are also advising property buyers to choose for ready-to-move projects in Rajarhat. AS Rajarhat is a planned area and great choice for end use. Nevertheless, for investors, there is over supply which should be considered. Consequently, returns might not exactly be very high. Several possible buyers asked about buying plots in Kolkata and what they should keep in mind while doing this .

A real estate expert suggested a four-point check –

·         builder history on delivery and credibility,

·         proper agreement between owner and buyer,

·         land documents to be legally and that the plot should not be a wetland and

·          if it is, then the applicable rules should be followed.

The suggested areas of investment for potential buyers can be- Joka, Narendrapur and Garia are evolving areas in Kolkata offering affordable properties.

However, with the infrastructure planned for these areas, these areas may develop fast at a later date. Pleasantly Joka is a fast evolving area in Kolkata with a lot of housing stock coming up. It is far away from Central Kolkata and will soon get Metro connectivity. Verifying the physical and social infrastructure before investing in a growing area is also very important.

There will several new projects in Kolkata in these above-mentioned locations. So, a potential home buyer or investors should not miss this opportunity. With so many price points available in these projects, one can definitely gain some extra money from them.

Builders attract Bengal home buyers with price protect schemes

With Kolkataresidential property yet reeling from the delayed consequences of demonetisation, designers have begun offering creative plans to pull in client's consideration. The price protection scheme, in which purchasers will appreciate the advantage in the event that property rates fall, have expanded deals by 15% over the most recent two months.

As per a city based property consultant market feelings are sure and a there is near 50% rise in inquiries alongside 10-15% in real deals. In spite of the fact that impermanent, the cost ensure plan is appealing for theoretical purchasers. Further, the consultant explained that these plans are helping the market recuperate from the respite. The land deal had plunged in November and December after demonetisation was declared. There was near 40% drop in enquiries and offers of homes in and around Kolkata as purchasers sat tight for a fall in land costs. City-based manufacturers like Siddha, Jain, Belani and numerous others have taken to the cost protect schemes.

In spite of the fact that there wasn't any revision in costs, we needed to help purchasers take a choice in home purchasing and offered them a confirmation of being repaid on the off chance that costs drop. As per the Managing Director at Siddha Group Kolkata is a greater amount of an end client driven market, the cost protect scheme is an alluring offer. The prices protect schemes is accessible in the majority of the 12 activities of Siddha. The plan, which was propelled since January, is accessible for all purchasers regardless of which stage it is in.

The market has picked up a great deal of dependability after the Budget and the plan is helping manufacturers get purchasers rapidly. The offer is most appropriate for the moderate and mid-portion ventures since changes in costs, regardless of the possibility that it is as lean as a 5% fall, will influence the white collar class purchaser and they would anticipate profiting that rebate. As indicated by a property consultant, the plan is lucrative for purchasers taking a gander at putting resources into homes in the under Rs 4,000 for every sq. feet ticket cost.

Ranges like BT Road, Madhyagram, Narendrapur, Garia, Joka, Diamond Harbor Road and a few sections of Eastern Bypass are the pockets with the most extreme undertakings in the reasonable portion that are additionally cost ensured.

Table of Content

Top 5 options for those looking for affordable residential homes in Kolkata

Great news for property owners in Kolkata: You can now calculate your own property tax

Tepid demand for luxury Kolkata properties have driven the market downhill

A few manufacturers like the Jain Group are likewise improving on the plan to make appointments powerful. Offering a twofold cost ensure plot, the Jain Group is giving a twofold conformity in definite costs of homes purchased in the event that there is any fall in property cost. Hopefully, there will be several New projects inKolkata coming up now.

Top 5 options for those looking for affordable residential homes in Kolkata

Kolkata, the capital of West Bengal has survived the slowdown in real estate market bravely. There are many factors like healthy office absorption; infrastructure development and launch of new projects that helped Kolkata’s real estate market perform well. The steady growth of the residential sector has made Kolkata one of the most preferred destinations for investment in real estate in India. Another reason behind the growth of city’s realty market is ample availability of affordable homes in Kolkata.

Home buyers looking for residential options within Rs. 40 lakhs can easily find a suitable home in their budget. However, end-users looking for homes for residential purpose need to be extra careful with the localities when buying residential apartments in Kolkata. To make property search easier for you, we have made a list of top 5 residential options that ensure a convenient life with smooth connectivity, sound neighborhood and high capital appreciation of properly in coming years.    

Newtown: Located in the heart of Kolkata, Newtown is a perfect residential destination for working professionals. Divided into three areas, Action Area I, II and III; Action Area III offers remarkable housing projects. Real estate developers in Kolkata have launched every type of projects from townships to independent homes and apartments in this area.

Garia: This is one of the oldest residential locations in Kolkata. Easy connectivity to the metro rail and Eastern Metropolitan (EM) bypass makes it a comfortable place to live. Further, upcoming hospitals, big retail chains, and corporate office setups, increase demand for housing projects in Garia.

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Golf Green: The area is preferred as a residential destination due to its proximity to lifestyle amenities like shopping malls, golf club, and Tollygunge Club. Those looking for affordable and convenient residential apartments in Kolkata can buy a home in Golf Green area.

Ruby Connector: In the past few years, this locality has shown tremendous growth and become a favorite destination of those interested in real estate in Kolkata. The locality has easy access to public utilities like malls, hospitals, corporate offices etc.

Tollygunge: There are various factors making this location popular among end-users as well as investors. Called as the center of the Bengali Film industry, Tollygunge also draws attraction of home buyers due to Royal Calcutta Golf Club, ITC Sangeet Research Academy, and Indirapuri Film Studio.  

Great news for property owners in Kolkata: You can now calculate your own property tax

Come April, the Kolkata Municipal Corporation (KMC) will reveal another unit-area based property tax administration for citizens taking a jump forward from the inspector raj. Under the new Unit Area Assessment (UAA) framework, a citizen can ascertain his own particular quarterly tax obligation in light of parameters officially made open by the KMC.

Municipal authorities expect the taxation rate on residents, as a rule, would be less in the new framework in light of the fact that the KMC has settled a much lower impose rate per square feet — 6% to 20% when current tax rates in the current framework range from 11% to 40%. This is pertinent for a citizen living in apartments in Kolkata that draw in the most astounding expense rate 40% under the current framework.

From April, property charge computations for the flat in Kolkata would be straightforward. KMC will settle the tax in view of the secured area of the flat owners and not on the allocated share of the totaled yearly estimation of the whole flat.

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The KMC will gather tax in the primary quarter equivalent to what the citizens have been paying under the current framework and change it later with the following bill, if the tax for a similar building/flat turns out to be lower than that in the current framework. "For example, a man paying Rs 1000 as quarterly assessment should pay the same in April. Presently if his assessment risk under the UAA is observed to be Rs 800, the surplus Rs 200 will be balanced with the bill in the following quarter in July," a KMC official said.

Estimation of property tax under the UAA, be that as it may, won't just be founded on the secured space the nationals claim. The yearly valuation of the space will rely on upon a few elements, including nearness to a street with width differing between 2.4 meters and more than 9 meters. Be that as it may, the KMC has made an exemption for slums, colonies and lodging plans for financially weaker areas going under these areas. KMC will charge an ostensible duty for this class regardless of their area.

Under the UAA, KMC has divided the city into six general classifications (A to F) in light of utilities and administrations accessible in that area. For example, a level at Fern Road will go under B/C class while a comparable level in Naktala will go under D/E classification. "We will dispatch an awareness drive before the switchover to UAA. It will bring down the taxation rate of the individual citizen and furthermore get more supports for KMC through expense legitimization," said leader Sovan Chatterjee.

This would indeed begin a new era in the history of real estate in Kolkata.