Finally it’s time to unwrap some good news after a prolonged wait for Kolkata real estate market. As we all know on hand inventories caused slowdown in new project development by 30% and had been followed by an overall indifferent market sentiment. Accordingly it macadamized higher interest rates for luxury residential units, the prices of which too have been dwindling. Residential property sale in Kolkata has cashed in price reduction and started offering lucrative offers on home-buying.
Properties in the most expensive areas, like Ballygunge and New Alipore, are now priced between Rs 18,000 and Rs 20,000 per sq. ft. weigh against Rs 25,000 per sq. ft. (roughly) quoted in September-October 2016. “A lot of inventory in the luxury housing segment priced at a ticket price of Rs 1.5 crore and above were lying unsold for over two years. Demonetisation further slowed down the market. Thanks to the new move, prices of several projects are seeing a discount between 10 to 15%,” said Champalall Baid, Director of city-based real estate firm Champalall and Co. Roughly 50 units in the Rs 1.5 crore and above category were sold in the last three months, Baid said. Prices of projects on Burdwan Road, Rajarhat and southern portion of EM bypass have also witnessed the price reduction.
“Though the reduction might not seem very significant, for luxury projects which are generally more than 2,000 sq ft, the 10% discount per sq ft results in prices going down by a few lakhs,” added Baid.’’ Projects whose share of sold units stood at 40% now stands at 60%, informed Baid.
Now the luxury realty of Kolkata is recovering the damage done by demonetization. “Queries have gone up by 100% and are also resulting in purchases. Launches that had taken a hit in the last calendar year will also show improvement with inventory in the luxury segment being sold off,” confirmed Nandu Belani, president of CREDAI Bengal.
According to the research of Knight Frank happened in July- December, focusing on Kolkata luxury realty, declared the city had witnessed some growth in sale during the first half and to and taken south in the second half. The properties that have been sold were mostly from Rajarhat, Garia, Narendrapur and Baruipur belt and most of them of LIG and MIG category.
“From 5,784 units sold in April-June 2015, sales crashed to 3,413 units in October-December 2016. But we see the situation changing with fiscal prudence in the budget and the economy accommodating demonetisation steadily. Launches of more projects towards mid-year can also be expected,” said Knight Frank chief economist and national director Samantak Das.
By LNN( Liyans News Network)
Apart from all other aspects in life what’s counted is whether the person is successful in his/her life. Frowns and inquisitiveness get restraint at this point. Dedication of becoming successful might make you travel through every thick and thins. Earning money never ends. Thinking about it all the time might hamper your quality times that should be spent with your near and dear ones. Here are few choices that can help you to be happy in life, as defining success is different for each of us.
Stay focused– Do a task at a moment. Whatever your decision is in your life if you think it’s favorable for your coming days, always stay committed to it. Staying focused will ease up your ways for achieving whatever goals you have set for your future. Commitment drives you towards perfection.
Embrace true transparency– Be honest to your profession and all your personal and official dealings. Take actions after analyzing the consequences. Your sincerity will fulfill lack of confidence growth within you. Competition is important, when it’s within you.
Prioritize responsibilities– While running to achieve success always keep your responsibilities on the top of the chart. You have to be prepared for happy and not so happy occasions. Don’t take rejection personally ever. Cause depression is that stiff evil, that won’t allow you pay off.
Balance between personal and professional life– It’s always important to make a right stability between personal and working life. If anyone of this in case gets heavier on the other it can result clumsiness in your flexibility meter. You have to productive in both of these segments of your life.
Live every moment– You can’t change the past neither can you settle your future in advance. Make your investments safe with govt. authorized banks and other financial organizations so that you can breathe freely regarding your finances. Don’t take unnecessary stress that can spoil your piece of smile.
You, yourself is important to lead a successful life– Life is all about self-esteem. Until you are happy from inside, it won’t reflect in your personality. There’s no harm in helping others, Take care of yourself and your family. Live your life and love what you have.
By LNN (Liyans News Network). If it’s a home-buying time for you search, compare and invest in your required property on our trusted property portal in Kolkata. For any property related requirement get our experts’ counsel anytime you want.
By LNN( Liyans News Network)
Whether it’s your necessity or your business selling property shouldn’t impact on your forty winks. Seeking for an expert realtor is always the safest option for selling residential/commercial properties. But for saving few pennies settling for any local agent is the least intelligent task that anyone single out. Believe us or not whether low budget or high priced properties in Kolkata you get the best discounted price and other lucrative options by dealing with a skilled realty trading company. Because these people have the best knowledge of market conditions and other legitimate factors involved in selling out real estate items like- plots, house, flats or even commercial properties.
Let’s zoom in the facts that real estate agent consider for selling real estate items
Verifying the property condition– Advertising properties for selling purpose is all easy now with presence of internet and effective property portals. Always to be remembered that sellers are the best megalomaniac in this world. Blindly following seller’s statements and conditions is the most doltish action. Again visiting this to that location for searching project for examining the details is not what you are very comfortable in. So the inspection part should be better left for a market expert. Here arises the necessity of a realtor who will act as a mediator to understand between the lines of seller’s conditions
Perfect valuation of the property– Valuation of the property is the most intrigue task to accomplish. If the valuation of the property is set more than same category’s properties then buyers go towards south. Again it can also make the seller taste mud when valuation is set less than the market. Expert’s help makes the valuation accurate so that it could meet both the buyer’s and seller’s ends.
Circularize the selling item– For selling even any low budget flats in Kolkata a seller needs to be appropriate with his property advertisement. After all this ad will make others know about what exactly you are offering to them. Using the right marketing tool and effective campaigning can actually get you more valuable buyers than you think. Upload your details of the present condition of the property along with- recent snaps, contents etc. will make buyers understand what you are trying to sell or the present condition of your selling property.
The connect between buyer and seller– For buying a resale property you need to have someone in between who understands market perspectives from the bother buyer’s and seller’s perspective. Presence of the expert also ensures a transparent and he assesses well even the upcoming market changes. This person equally supervises transferring properties and other interrelated legal paperwork. As a buyer if you don’t perform your property purchase on time you could end up paying huge amount of tax too. Holding a selling property for three years or so can put you mud again. Thus, the right time of property purchasing or selling is single handedly monitored by a professional realtor. Therefore a realtor is a must need for selling your property on a favorable time to make you some real profit from your selling.
_ By LNN( Liyans News Network)
Like the entire money-ban forsaken nation the most affected sector real estate is watching over the union budget, 2017. Will Jaitley meet up their expectation to provide national economy a much-anticipated boost to the country’s economy? Starting from the common man to the business tycoons union budget has snatched away market’s goodnight sleep.
The real estate sector is one of the most stirred sectors as the highest volume of cash transactions have been perked up in this sector. Now the entire real estate and its co-related small and big industries, builders, developer all are anticipating that the union budget of 2017 will serve the current market sloth a much called for thrust. According to the market experts real estate sector is confronting tremendous slowdown during this post demonetization move. Speaking about Kolkata the only revenue is coming from the realty sector is from low budget flats in Kolkata. Apart from the money ban declaration the past two/three years have been quite dreary in terms of buying/selling properties among the every big metro city of the country. Thus, the entire realty industry and shareholders are having all their hearts and minds donated to the union budget, 2017.
Reformation of income tax slabs supposed to be on top of the wish-list. At present, there are no tax deductions on income up to INR 2.5 lakh; on the other hand, most people are hopeful about at least a subsidiary increase of INR 50,000 as this would actually help many MIG. This would also get more inflow into the market which would generate positive buyers’ sentiment for property investment. For additional the tax release presently, under Section 80C you are eligible for a tax deduction of INR 1.5 lakh per year. Now the expectation is that this deduction would be hiked to INR 2.5 lakh per annum.
The real estate sectors has clamored for mulling over the market condition and augment the return to at least INR 5 lakhs which they consider would mirror the high prices of properties and related raw materials of the very sector. Passed 10 years, property prices across the country have raised to a very high level, so has increased the cost of construction, whereas the income level wasn’t parallel. The real estate sector has put that the principal value and interest paid as a part of the home loan; the return and the payback given on the loans should be allied so that the taxpayer could profit from them and increase savings. Under the provisions of Sector 80C, INR 1.5 lakh can be deducted from a tax payer’s total income if he invests in tax saving investments such as the Public Provident Fund (PPF), the Employee Provident Fund (EPP), 5-year tax saver deposits, NSC and postal saving plans. This is for the conventional investor. For investments that have higher risk involvement likely to gain a superior return with ELSS. ELSS investments are also part of Section 80C deduction. 80C also comprises the primary amount of the home loan. So maximum number of taxpayers just utilizes this principal amount to implement the deduction; a split deduction applied to the principal can boost the taxpayers for long-term savings.
Implementation of GST Act, bringing real estate under the attention of the GST Act might too benefit realty. Industry bodies have suggested that all charges, duties, taxes, cess such as land conversion charges, development charges, stamp duty, transfer duty, VAT, service tax etc are going to be fused. Complete implementation of RERA will make the sector more transparent through all its transactions. The government should finish appointments of the officials at the state level so that the implementation can happen right on. The single window clearance for projects has been a requirement from the industry on a constant basis now. The real estate sector looks forward to that the Union Budget 2017 will fulfill its expectations for market recovery and smooth business operatives.
_ By LNN (Liyans News Network)
This financial year shows a thumb-down to the real estate industry, Kolkata in particular. The Residential Property Sale in Kolkata has dropped down by 30% according to Knight Frank India. Report suggests that the upper volume of residential realty market last seen on the FY 2014, which has been on the skids during the couple of passed financial years. As per the report there were approximately 30000 new units that had been launched in 2014, which has been followed by couple of blue devils in FY 2015 and 16.
“The Kolkata residential market had remained relatively stable in the first half of 2016 (calendar year) on a year-on-year basis with expectations of improvement in the second half. However, the demonetization has changed the market scenario in the last quarter of the year and led developers and buyers alike to refrain from making any property-related decisions, “said Samantak Das, chief economist and national director of research at Knight Frank India. Junk of on hand inventories and repudiation in buying sentiment have been two standby shipwrecks in Kolkata realty sale and new project development. According to the global property consultant currently there are on hand inventories worth Rs. 2 crore and above in Kolkata, that need at least 24 months to get fully disposed of. This is quite an alarming indication for the Kolkata real estate market and this causes holdup in new project expansions as well.
Residential launches fell 15% in the H2 of 2016 as touching the prior related phase. While North Kolkata has hurled the most horrible statistics in the last couple of years, south has a to some extent better score. Rajarhat has managed to be the favored location for the builders. Around 34% of the new developments in the H2 of 2016 were from South Kolkata -up from 27% than the previous year.
Builders like Siddha, Mani, Jain Group and Forum Group hardly announced any new projects, as most of them struggled to sell the luxury offerings they came up with in the past two years. “The flurry of legislation that has been in discussion has left us confused. There is GST and then RERA and so on. Everybody is trying to be on the right side of compliance officers. The market focus has shifted from bringing in newer products to selling off the older stock“said Rishi Jain, executive director of Jain Group.
_ By LNN (Liyans News Network)