Purchase Your Dream Home with the Best Real Estate Deals

The importance of a house is indispensable to every family member as everyone has that one beautiful dream of living in a self-purchased house. This dream is seen by many but is experienced by only a few. It is because it is a tough job indeed to turn your dream of house-making into a reality. These days’ purchasing houses has become easier owing to the growing popularity of real estate companies. These companies are developed for proffering numerous people with an opportunity to purchase their dream homes within their budget prices. A house gives a man a security and happiness which cannot be valued in terms of money. Every family dreams of owning that one home where all their desires will get fulfilled and with the correct deal they can afford to purchase what they have wanted since a long period of time, a dream home.

Residential Property
Residential Property

Possessing a house in a standard society does not only make the owner feel proud but also lets his family enjoy the warmth of getting surrounded with a cultural and social bond.

Often people get confused with the format of investing in residential and commercial property. Residential property draws huge income from the co-operatives, housing apartments, etc. whereas a commercial property draws income from the non-residential or the places where business gets operated at such as office buildings, retail outlets and many more.

Here are some of the advantages of residential property:

  • The residential property is always charged at lower prices than the properties meant forcommercial purposes.
  • The residential property in Kolkata facilitates the provisions for rental housing.

Before investing in a residential venture one needs to look into all the aspects and accordingly opt for the one that serves all the purposes.

Reconstruction of North Kolkata and the Developments in West Bengal

Infrastructure is amongst the most important contributors to the economy of the State of West Bengal. Social and urban infrastructure are the subset of the sector and play a vital role in generating revenue for the economy. The growth in this sector has a direct correlation with the growth of the State.

As per the Census of 2011, the population of West Bengal has risen from 80.1 million in 2001 to 91.3 million in 2011. Further, urbanization in the State rose from 28 percent in 2001 to 32 percent in 2011. Real-estate sector along with the infrastructure sector has contributed significantly to cater to the growing population and urbanization of the State.

Also, West Bengal’s real-estate is growing at a rapid pace compared to the sector in other States like Karnataka, Kerala and Madhya Pradesh. However, in comparison with Maharashtra, Uttar Pradesh, Gujarat, Tamil Nadu and Andhra Pradesh the State’s real-estate sector needs to ramp up pace.

Studies reveal that the real-estate sector in West Bengal is the 5th largest contributor to the State’s Gross Domestic Product. The real-estate sector has observed an upsurge in growth with the second highest CAGR (among other sectors) of 19.6 percent during 2006-2011, hence depicting the absolute contribution of the sector in the overall development of the State.

North Kolkata, the heritage part of the city is now restructuring itself to keep in pace with the other parts of the State capital. To bring back the glory, there are various prestigious projects in this region by Merlin group, Ideal Group, Blue Chip Group etc. The resplendent, Rajmahal is a project that reflects the glory of royal legacy, a project never anticipated before in the city. Heritage of Rajmahal dates back to 1757, when Raja Nabakrishna Deb, the chief adviser of Lord Clive rebuilt a fort to a gorgeous palace, The Sovabazaar Rajbari.

Rajmahal is located at the heart of North Kolkata in Sutanuti. It is the ideal residing place for people craving for old Kolkata charm combined with the modern day luxury. This distinctive complex has all modern amenities and built on international standards. All the residents of Rajmahal will be honoured participators of the legendary and prestigious Sova Bazaar Rajbari Durga Puja, which started way back in 1757. At Rajmahal, one can live the legacy in the heart of heritage, amidst the creation of Royal art with the depiction of 300 years of Kolkata.

Infrastructure sector (construction and real-estate) has been instrumental in curtailing the unemployment rate in the State. The sector is highly labour intensive and helps in generating employment especially in the semiskilled and low-skilled category. Further, activities involved are neither cyclic nor seasonal; therefore, the sectors provide employment on a permanent basis. According to studies, in 2008 these sectors employed approximately 0.84 (thousands) people and this ratio is expected to grow to 1.40 (thousands) people by 2015.

NRI’s are willing to invest in Kolkata’s booming real estate especially at places like North Kolkata due to the old Kolkata charm and as well as the appreciation of dollar. Real-estate sector is expected to play a paramount role in developing urban and social and urban infrastructure in the coming years.

Source: corecommunique.com

Housing starts slow down in Chennai, Bangalore & Kolkata

Housing starts in large cities such as Kolkata, Chennai and Bangalore have slowed down, according to the Housing Start-Up Index, a new indicator of housing construction, released by the Reserve Bank of India and the Ministry of Housing and Urban Poverty Alleviation (MHUPA) on Monday. However, in cities such as Ahmedabad, Bhopal and Hubli, housing starts have increased.

This index, first of its kind in India, provides an indication of how many building permits were issued in a given period, and how much of them were started and when.

An increase in the number of housing starts, as the report accompanying the release describes, indicates improvement in demand and investment. This index is critical for both property developers and policy-makers. So far, about six countries such as the United States and Japan had developed such an index. In the last few years, the RBI and the MHUPA have been trying to develop one for the country. Though , methods for developing it were recommended way back in 2009, the pilot study was taken up only recently.

The pilot study of 27 cities, which focussed on building permits issued between 2007 and 2011, shows that most of the construction started in the same quarter as the building permission was granted. The delay in commencing house construction at the most stretched to a year. The new data confirm that increasingly more multiple housing units (MHUs) are being constructed. The bulk of the building permission given in 27 cities pertains to MHUs.

The southern region witnessed high house starts in 2009, but slowed down in 2011. But, the western region showed a high start in 2011. The overall reduction in the construction activity in the country coincides with the low GDP growth between 2009 and 2010.

The RBI will publish the housing starts index every three years based on the data collected by the National Buildings Organisation and the National Sample Survey Office.

The government plans to extend the study to 300 cities, and develop the house start index for each of them.

Source: thehindu.com

Is this the right time to invest in property in Kolkata?

The doggedness of the end users to search for the perfect home is driving the real estate current scenario now. Inspite of the global economic meltdown, national meltdown, the end users of realty are still flocking the projects in search of a perfect home. This trend is very much visible and palpable in Kolkata also.

With this current trend in view, the real estate developers of Kolkata have shed their inhibitions of getting into low cost homes and are open now to invest in lands which are even beyond the boundary of the city of Kolkata.

Previously, this trend would have drawn much flak, as the middle class population had fewer options of commuting from the suburbs to the central business district of Kolkata. Not now anymore.

For the last decade, transportation and communication have improved in Kolkata like never before and is probably the only metro city, not only in India but in the entire world, which has the cheapest and several transportation options from any place within its precincts or even from the suburban areas.

The real estate economic growth only survives on the comfortability of all the classes of people in a society and what drive them are the infrastructure facilities.

So, when it comes to transportation and communication, Kolkata has surpassed all the other metros in India and has improved many folds, paving way for its real estate developers to even think of building homes in areas which are not very close to its city centers.

Hence, very good homes have mushroomed now in the various suburban areas of Kolkata, viz., BT Road (North), Chandpur Champahati (extreme East), Baruipur (South), Howrah (West), with affordable prices keeping in view the low land cost of those areas, various commuting facilities, economic crunch overall, giving a chance to anybody to invest in those areas.

So, this is probably the best time to invest in a Kolkata property. Not only because, the prices are low due to the above factors, also because even in an economic meltdown, property investments are always a safer option.

The prices and demands for realty never go down and that too in a metro city.

Also, in recent times, the Kolkata developers have followed the models of Mumbai, Chennai and Bangalore, and have come up with various offers for their properties namely offering free mid-sized cars to the first few buyers, modular kitchens and free Air-conditioners with flats which are difficult to sell due to their design patterns etc.

In this atmosphere, the highest number of buyers that Kolkata is getting is either from the NRI Indians or from people who reside in nearby cities who are making a safe bet here. The demand for home in Kolkata is increasing as a result.

The developers have seen in the past few months, that if the product mix is right which means that the location of the property, its design, its facilities and amenities are good, then any project in Kolkata wherever it is being developed, is getting a steady flow of buyers all around the year.

Hence, as stated above also, if you want to invest in a property and you don’t have a city preference or your investment instincts are driven by the market scenario and not by sentiments, Kolkata is the ideal destination.

It has improved infrastructure, low prices, steady flow of transactions all the time and opportunities galore to re-sell a property at a better price sometime in the future.
This is indeed, the right time and place to invest. Kolkata is awaiting many more deals in near future too. Probably, the pre-Puja (festivities) times of August and September will herald many more investors from different parts of this country and also abroad as the best time is the current time.

Source: moneycontrol.com

2 BHK Flats in Kolkata

The residential real estate market in Kolkata is mainly end-user driven and has been less volatile as compared to other major cities in India. Majority of the demand in the residential market is in the affordable and the mid segment. During the first three quarters of 2012, approximately 7,600 units were launched in Kolkata, with most of the projects in the price bracket of Rs 3,000 to Rs 5,000 per sq ft. The new launches were concentrated in the peripheral locations due to affordable rates and availability of large land parcels. Despite steady demand from affordable and mid segment, the city is likely to witness stable capital values in the short term on account of high mortgage rates and rising inflation in the market. Buyers have been deferring their buying decision in the hope of a correction in property prices and brighter job markets.

What is the scenario in the eastern fringe of the city, that is, the areas of Salt Lake, Rajarhat etc?

Major activity in terms of planned residential and commercial development has taken place in the eastern micro-markets along the EM Bypass. Sector V, Salt Lake being a hub for IT/ ITeS sector, witnesses demand primarily from mid and high-income home buyers. During the first nine months of 2012, capital values in Salt Lake remained stable. However, with the ongoing discussions over legalising sale of leasehold residential plots, capital values are expected to appreciate.

Rajarhat is also a hub of real estate developments with major residential projects under construction by national developers. The location continues to witness high demand from mid and high-end segments.

However, due to the slow pace of infrastructure development most of the under construction projects have been delayed in this micro market. Capital values remained stable during the first three quarters of 2012.

There is a lot of emphasis on mid-segment housing in the area, are houses at Rajarhat still really that affordable?

Rajarhat is expected to become the second IT hub of Kolkata in the next few years. Average capital values for high-end projects in Rajarhat are approximately Rs 3,000 – Rs 4,500 per sq ft, while for mid-range properties, the price range is between Rs 2,400- Rs 3,000 per sq ft. These values are on a lower side as compared to the other micro markets within the city where average capital values are in the range of Rs 4,500- Rs 18,000 per sq ft (high-end) and Rs 2,800 – Rs 5,500 (mid-end) per sq ft. Recently, a number of affordable projects have been announced in the adjoining areas of New Town like Kali Park, Raighachi and Kalikapur areas falling under Rajarhat mouza. Developed by local developers, these projects are priced between Rs 2,100 to Rs 3,600 per sq ft. Rental values in Rajarhat are approximately Rs 25,000 to Rs 35,000 per month for mid segment projects, whereas for high-end projects the range is Rs 45,000 and Rs 65,000 a month.

Source: The Economic Times