July, 2016 | Kolkata Real Estate | Kolkata Property

Is this the apt time for investing in Kolkata’s real estate market?

Team Liyans scrutinizes the current real estate market of Kolkata whether it’s the perfect time for investment or not. We have always seen number of questions coming from frequent eager buyers enquiring about various real estate properties in Kolkata. It shows current property market in Kolkata still has some potential investors. But that does never mean all these enquiries will turn into fruitful investments. Due to global economic meltdown there has been a general slowdown and crosscutting in every sector of primetime investments. This drift is very much evident in Kolkata too.

According to the latest development builders of Kolkata are moving towards developing economical ranged real estate properties with every modern amenity and word-class construction this is because of HUPA project called House for all. Govt has promised to deliver affordable homes for middle and lower middle income group in Kolkata within 2022. This step out might unblock the stagnancy in real estate market. Previously there was disapprobation as there used to be a low number of middle income group in the metro city coming all the way from the suburbs. But with the emerging time people from lower income group started relocating to Kolkata for the better lifestyle and bigger facilities as Kolkata is the centre of business and transport connectivity. But at present time Kolkata is well connected with suburbs. There has been a remarkable change in this scenario. Kolkata developers are following footsteps Mumbai, Chennai, Bangalore in terms of constructing contemporary properties.

Still there are properties in Kolkata which are meant for the upper crest. The real estate growth only protracts when the price of the property comes within every income groups’ reach. For example- there are lots of fascinating high ending residential properties sale in kolkata. Flats in Ballygunge are being crafted under the expertise of distinguished real estate builders and developers and they are focusing on drawing investment from the elite income group of the society- with advanced amenities like- pools, parks, greeneries, sophisticated parking lots, aristocratic club houses, highly equipped gyms, gardens and list goes on. Having said that only Kolkata’s real estate market can only give you best deal in buying properties till this time than other.

Infrastructure- a major reason behind real estate investment

‘Market Drivers’- is a proverbial phrase for every real estate investors. Market divers are those essential elements which help to advance the location value and make it a desirable place to reside over. It is a well-known fact that infrastructure plays a major role in boosting an area’s worth for developing high class residential real estate properties. Residential property sale in Kolkata is a hit recipe from the house of the leading property portals in Kolkata. Here we can discover the actual difference between the prices of real estate properties based on the area infrastructure.
Infrastructure has different types. Connectivity of the area as in the main roads that are hooking up the location is supposed to be a key infrastructure in terms of gradation of the locality according to the level of expediency. There is also civic infrastructure which signifies the public services and support in that region.

In India preliminary levelled services like pure water and electricity deliverance have also positive impacts on making a locality popular choice for setting-up high-performing residential projects. Social infrastructure is another aspect which accounts for the precision of that area. Along with the easiness of transport availability and civic coverage the accessibility of hospitals, schools, colleges, shopping malls is a must need in today’s fast pacing lifestyle. As we all can see infrastructure of an area drives homebuyers towards making a particular zone of the city into a bigger and happening residential investment zone.
The global standard for urbanization is so evident in most developed countries that only for the fulfilment of this criterion high-classed infrastructure is a must need for having an entire urban and advanced real estate build-up. A developed infrastructure can only open a huge prospect for the large-scale real estate enlargement. But it never means creating improved infrastructure for these upcoming projects would cause obstacle in local transport or restrict daily movement of the current inhabitants. Retrospective constructions have many examples of polluting the environment during the time of their build up, this is nothing but endangering lives of current residents in the name of future growth and prosperity.

Modern residential real estate concept imparts creating a supportive infrastructure which boosts-up the status of lifestyle and other economic functions has been majorly setting up under a vast green coverage for diminishing the probable health hazards of the inhabitants. Without proper empty space a big real estate investment can never stand tall. The presence of greeneries and high-headed trees are so essential to set the deep roots against maximum penetration to get a good hold on ground water for developing a natural earthquake resistant build-up. Lack of space and time this entire forestation and infrastructure development can never be set in function. Homebuyers who are looking establishment nearby their working field will simultaneously can invest these green properties to have an elevate lifestyle inside a natural set-up. Thus in a busy metro like Kolkata flats in Rajarhat have achieved the biggest level of popularity for the giant residential projects and other major real estate investments.

The winds of change- buyers are driving profit under the nose of builders

In recent past a Mumbaibased lady gynaecologist Sudha Seth and her surgeon husband Mr. Naren put their heart and soul together on ink and white as for the past 5 long years they have been writing mails and letters against the robust property builder Lodha Developers to the National Consumer Commission. Finally after 5 years they are under a shining sun with a favourable verdict. For a renowned builder having a bunch of good advocates for his defence is just a matter of pressing buttons of mobile. But the consumers it’s like a mouse that fears of a giant flying hawk. The verdict came when the couple left every expectation for getting positive justice.

The Seths are amongst several homebuyers who have gone against real estate builders and have won cases in the National Consumer Disputes Redressal Commission in the recent times. While there is no record of how many verdicts have been gone in the favour of homebuyers. The commission received over 1700 housing related cases in 2014-15. The National Commission’s jurisdiction (in Housing) is higher than 1 crore. Most of the urban apartments of our times are priced above that mark; so they make it to the apex consumer court easily. Also complaints against builders have become a regular sore- this is the way the real estate expert lawyers think. Usually homebuyers have limited options after they realize that they have been made ninny by the fussy builders. They can either go to district, state or national level commission depending on the value of their asset else file a criminal suit. There is a common traits of these complains- 1. Delay in delivery 2. Fraudulent agreements 3. Additional money claiming for parking plot 4. Faulty construction 5. Unreasonable maintenance charges or 6. Delay in registration of booked property etc.

About the legal route– Consumer courts are there to help endangered consumers. They are bound by the consumer protection laws of the land. The court shouldn’t be biased, but have to give fair and patient hearing to the consumers. For example the builders impose 18% interest on payments due from homebuyers. Now when there is any case related to this concern to bring impartiality consumer courts direct builders to pay same rate of interest in case if he delays in handing over the property. Generally builders pay 4-6% interest for project delays. To prevent builders from further delay on not attending any session of hearing Commission has the right to fine them 10-20000 per missed hearing. Consumers can apply in civil court too.

The impact of new law– With the implementation of RERA people can expect more transparency between buyers and the builders which will boost up consumers’ level of confidence towards Indian real estate laws. RERA mandates every builder to register their project with state real estate regulatory authority along intensive information about the project, construction plan, tax clearance and needed approval from local bodies.
By –Liyans, one the most happening property portals in Kolkata.

Modi Govt. budget to indulge smart city projects

The budget 2015-16 will include many schemes for the optimum development of smart city projects and high-speed trains. The finance ministry has started chalking out about the enclosure of new departments and set of fresh ministers for this vast project development. With the invention of internet world seems so smaller, now moving from the desktop arena word gets even concise after the arrival of smart phones. People don’t have to be in the log cue for paying bills/shopping/ chatting with buddies/ watch movies/ banking transactions, a single click can do the trick within a wink. Similarly some revolutionary idea needs to be born for planning advanced cities with the emerging timetable. The Govt. has promised to display a showcase of neat and elegant city, for this purpose a section of budget of 2015-16 has been allotted. Within 2018, it is expected to meet with such 100 well-groomed technically equipped cities.
The Govt. has shown some positive moves in this matter, a few smart cities already have taken shape across the country. Kochi smart city, Gujrat International Finance Tech-City (GIFT) in Ahmedabad, Naya Rajpur in Chhattishgarh and Wave Infratech’s 4500 acre smart city near New Delhi are already included in this massive project. These projects are like exemplary models for the rest of the up-coming project. Now coming to the investment part, the common question is if cities will be planned in this manner coming to our city will the price of the residential flats in Kolkata be same as it’s now?

What is a smart city?
Smart cities are defined by extensive use of technology to make life easier and faster. Simultaneously the eco-logical balance shouldn’t be affected due to this execution of higher version of technology. These are supposed to be the way outs of making India free from old set of improper city planning and their poor maintenance. Not only technical strength can make a city smart. There has to be an adequate supply of water, electricity, sanitation, education, transport, public safety and medical facilities. Smart city project is all about handling these major deliverances technically for further efficiency. Specific parking area with smooth operating traffic service, smart framework, smart lighting, and efficient garbage management will fasten the success rate of this project. This smart city project was first brought in Barcelona during 2012. The city traffic management, lighting, remote watering and fountain project left the rest of the world awestruck.

About the Indian initiative and your question of investment
This initiative is the collaboration of Indian IT department and Housing & Broadcasting development. After setting astonishing examples in Kochi, Gujrat, Chhatishgarh and New Delhi experts have plans to set automated traffic signals, electricity and water metres for reduction of bills and control power wastage, buses will send notification of their arrival, mechanized sewage control, fibre optic connectivity, 24*7 panic alert CCTV supervision system. They are even planning to reuse 80% of garbage to regenerate power. Solar power is likely to be used in the space of electricity.
Smart cities can be really a bright option for the property investors. At the present real estate market of these cities are negotiable. But the mercury will go up within a few months based on the features and offerings. Experts suggest for long time investment rather than indulging any short term commitment, as these projects are in under development condition, let them flourish along with those big promises. No one can predict the future.

Few compromises that you have to go through while buying your dream home

Have you set-up your mind for buying a home finally? All right…. Then what would be in your priority list if you want to buy any residential property from the huge variety of flats in Kolkata? Before buying any real estate item we always pet a common lean towards large scale construction and spectacular amenities. But for the beginners they have to trim the search according to the range and reach. For example every property portal in Kolkata offers different class of housing estates of different pricing under the segment of residential property sale in Kolkata. One has to do the market research thoroughly, after short-listing the search, single-out the best one. So, how do buyers decide their nest among the rest? Before this major investment 3 or 4 key points will always fly around your thoughts- Price, Size, Location and Style. In the most cases people become partial towards one and compromise the other vital three. But in case if you get an assimilation of these four in the form your co-op, then you hit the jackpot, which is kind of infrequent instance. Let’s see what the experts have to opine regarding Kolkata’s residential property selling nature-

Location and price– This is the most common aspect on which buyers and agents have head on collision. People are willing to buy flats which are close to the highway with nearby amenities like shopping mall, market place, restaurants, hospital, parks etc. Naturally the options which flats in Kolkata have comprising these urban services are of high priced. Hearing the cost information willing buyers start stepping reverse. If the agent by fluke provides any option within their preferred area but a little small in size, then also they are not ready to compromise. After all it’s their home, how come anyone can adjust within a smaller living space with the same family accommodation? But people need to realize that downtown homes are always priced above the margins. Therefore purchasing a dream flat within decided location and affordable budget often gets disapproved from buyer’s preconception.
Square foot, yards and architecture– Not everyone is obsessed with square foot, end of the day you can sacrifice guestroom, play room, dining room, lawns etc. But the living room has been eternally set on the top of the chart. Bedrooms need to have a bigger space for free movement. Always the mid ranged buyers have a fascination for decent neighbourhood. But from the real estate expert’s point of view you should always have an open square for future family expansion or surprise guest visit. Please rethink before you constrict your future settlement.

Plenty of buyers imagine about horizontal greeneries, garage, outdoor pool etc. It’s good to get a descriptive view of a classy architecture. But in most of the cases running after these fancy boxes causes drainage of huge sum or these advance facilities generate a usual negligence from your basic requirement. Therefore always cut the cloth according to your coat. When compromises have to be made the aesthetic portion is chosen to be better overlooked.