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This is the ideal time to invest in Kolkata properties. For the first time in last seven years, the real estate industry observes a sharp price correction below invoice pricing. Currently most developers are offering exciting discounts on the effective price takes place during price negotiation.

Despite the average age and profile of the home-buyers are changing, the challenges associated with the home buying is still the same. Kolkata real estate market used to bank on the luxury housing sectors. Luxury real estate sector used to be the best-loved investment sector for the developers in Kolkata. Since the affordable housing sector has emerged as the key growth driver in the Indian economy, Kolkata developers are found trying the same shoe.

Affordable flats in Kolkata have turned out to be a steady contributor during these past watershed years of real estate business. Indian real estate market has poised for growth with the implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) and Goods and Service Tax (GST). While the average quoted price of the projects is still constant, along with the inflation and the actual rise in construction cost Kolkata properties is upward, properties are being offered with an effective discount rate of around 12% which makes the homes in Kolkata cheaper than ever.

Tollygunge has seen the biggest price drop on per sq ft basis. There is around 17% down turn in the overall circle rate of this area. Flats in Rajarhat and Newtown have also witnessed around 12% dip on the earlier circle rate. In high-street areas of Kolkata such as – Ballygunge, Rowdon Street, Park Street are running with the static high price, while B.T. Road, Salt Lake, Behala, Jessore Road, Madhyamgram and Narendrapur have observed a lower price correction.

Currently, most of the developers are offering GST waivers at 7.5-8% range. While investing in an ongoing project, buyers have to pay an additional 12% as GST charge. GST benefit offer by the builders has appeared to be a big relief for the potential property buyers in Kolkata.

“Discounts and freebies have been always the effective fillers when there is an increased disparity between the demand and supply. However, with the existing market offers to buy home in Kolkata can be the most affordable from the buyers’ perspective. With countless offers available in the market, it’s advisable to keep a pre-determined list of your residential requirements which will help you in making quick decision,”-said Mr Mahesh Somani, Chairman- National RERA Committee, National Association of Realtors India (NAR-INDIA).

–LNN (Liyans News Network)

Indian real estate sector had experienced a massive slowdown during 2017 as it was regarded as a watershed year for the realty stakeholders. Starting with the Demonetization, moving ahead with rejigging measures like RERA, GST and Benami Property Act the sector had witnessed a slew of institutional policy changes and reforms. However, the market is on its way to restoration and expecting some beneficial manoeuvres from the Union Budget 2018.

Union Budget 2017 appeared as a big boon for the affordable housing sector, where the budget granted the ‘infrastructure status’ to set a bigger pitch for the urbanization in tier-II and tier-III towns.

We’ve therefore tired to analyze the expectation of the home buyers from the Union Budget 2018:

The compensation limit for housing loss should be increased– The previous budget constrained the loss of housing property which could be a set-off against other income to Rs. 2 lacs. House property loss in excess of Rs. 2 lacs has to be extended and adjusted against the rental yields of future years. Buyers are expecting an extension of this cap so that tax payers get allowed setting off a larger part of the house property loss against other income.

Increased deduction for pre-construction interest– As per the Income Tax Act, there is an interest on the home loan that is paid for the phase during which the house is under the construction. Later on, this amount can be claimed as a deduction in five equal installments from the financial year in which the house is finished. The cap on the deduction of home loan interest was a major shock for the landlords. From the upcoming budget 2018, home buyers are anticipating that the deduction for the pre-construction interest should be approved in the year of payment. Furthermore, a separate limit should be laid down for the deduction of Rs. 2 lac and above.

Delay in project completion should be strictly handled– Presently the deduction of the interest on the home loans has been extended to Rs. 2 lac from Rs. 30000 given the fulfillment of the condition that the property has been developed within 5 years from the end of the financial year in which the loan has been borrowed. A tax payer might lose a huge amount under this existing set up due to the builder’s dillydally in project deliverance. Even though RERA mandates timely completion of the projects, IT rules should also recognize this problem and grant buyers a relaxation of the period if the project gets delayed.

“This year the expectation from the budget is relatively high, as the previous budget reduced the average tax payer’s burden. Also, all the existing issues related to GST tax slabs expected to be closely scrutinized so that the market gets vastly benefited from the unified tax regime,”-said Mr Mahesh Somani, Chairman- National RERA Committee, National Association of Realtors India (NAR-INDIA).

Asking on the real estate market expectation from the upcoming Union Budget, Mr Somani said, “Homebuyers and realty investors had opted for a defence mechanism when it comes to real estate investment in 2017 as the sector got impacted by several governmental policy decisions and reform measures. The forthcoming budget is expected to push the market performing better.”

–LNN (Liyans News Network)– Buy/Sell/Rent properties online with us. To invest in Kolkata housing projects explore available luxury residential units under residential property sale in Kolkata. We are currently showcasing 72,000+ properties in Kolkata and suburbs of West Bengal. Avail easy home loan facilities.

The associate real estate agents/brokers of The National Association of Realtors (NAR) are broadly known as realtors. It’s an independent organization that calibrates the interest of brokers and real estate agents and the consumers in concert. In the real estate industry realtors are those people who mediate the transaction process between the buyers and the builders. Apart from being a firm contributor to the development of country’s economy, real estate industry is active and passively involved with other industries, in that way it’s one of the largest employment generators of the country as well.

NAR-INDIA aims to establish world-class real estate brokerage service in India with better integrity, transparency, fair practice so that the realtors’ reputation in the industry stays perfect. To ensure the credibility of realtors NAR-India introduced an entrance level test for membership entitled as RE-MET. This test is mandatory for all the brokers and realtors who want to be associated with NAR. NAR membership is available for those who clear the RE-MET with a 50% aggregate.

The role of real estate agents has gone back and forth with emerging time. Realtors are the most important personnel in any real estate deal as they provide details of the construction, investment advice and most importantly negotiate the deal on behalf of the consumers. Now, a real estate agent is more than a guide to a consumer throughout a realty transaction. There are thousands of brokers operating in over 35 metro cities of the country. NAR-INDIA is an apex body which governs the brokerage practice with ethical measurements and global standard. Realtors with a NAR-India membership are authentic and professional service providers and also the market makers.

For real estate investors and individual property seekers real estate has been always a soaring industry. The demand for residential/commercial/land requirement has been attended, regulated, and served by thousands of professional NAR-India associated brokers/realtors. NAR-India aims to measure out a well-organized infrastructure in the real estate sector in order to meet the global standard. Consumer protection is the highest priority to a NAR-India professional member. Having a credible brand image in realty practice a NAR-India professional realtor will never indulge any overstatement or concealment regarding any property offerings or real estate transaction and won’t ever demand anything beyond the standard brokerage fee.

It is also a niche platform to connect with the government for future growth of the profession. The mission of NAR-India is to expand the international visibility of local business in the vicinity of multiple global listings. Every year NAR-India arranges their annual conventions in order to infuse global practice standard with more clarity, ethics and liability in the real estate practice of India.

“The real estate sector is moving towards retaining better transparency and accountability with the introduction of RERA and GST. The market is expected to become more consumer-driven by the next financial year. This year NAR-India has completed 10 years of its journey. It’s not merely about business networking. The organization is staying the course to bring an upgraded real estate education with technological immersion for best-ever industry performance,”-said Mr. Mahesh Somani, Head- East Zone, National Association of Realtors India (NAR).

-LNN (Liyans News Network)- Buy/Sell/Rent properties across 100+ cities in India with the most-trusted property portal in Kolkata. We present totally bankable expert solution for residential/commercial/land for any real estate requirement.

BMC have spotted out many infirm constructions in Hoshanagabad road, Arera Colony and Motia Talab area and decided to demolish them before the monsoon arrives. Aloke Verma, the mayor of BMC has revealed that there 163 locations of the city where there are unsafe buildings which could be possible threat to the citizen. Many of these constructions are illegal and violate the existing real estate rules. According to the mayor many of these constructions along drains and water bodies can lead ruthless flood like Uttarakhand, happened before a couple of years. Uttarakhand witnessed one of the worst disastrous landslide and flood incidents in 2013. In Bhopal too there was an incident like this (not so massive) where seven people had died and in 2016 and over 20,000 were displaced.

“You get to see most of the unsafe properties in north Kolkata, central and some of the southern areas of the extended city. KMC has already in process of demolition of the Property in north Kolkata and the civic body also has promised to compensate the existing inhabitants of such buildings with safe residence and healthy inhabitance, said Mr. Mahesh Somani, RERA expert of West Bengal.

Sudden clearance of these constructions might cause an opposite effect in the mass. Thus, BMC has requested the district collector to inspect these sites and take apt action. This declaration of the BMC mayor published on a weekly open forum for grievance redressal. Bhopal Municipal Corporation (BMC) records say that 9 buildings out of 213 around the water body have the needed building permissions. It is projected that of the 11.99 acre land of the Talab, more or less 7 acre is under violation comprise 159 houses, 14 hospitals, 20 shops and hotels. There was an instance of hospital lane along Motia Talab, located near Taj-ul-Masajid, the area has wrangling development, miffed with litigation. This construction causes public health risk. Immediate action should be taken against this as the waterfront can’t hold the construction for long.

BMC’s decision likely to affect many odd private hospitals, pathology labs and nursing homes operating in front of Taj-ul-Masajid. A three storey building in E-11 Arera Colony is built over drain and sanctioned by housing board. BMC is likely do up their sewage and drainage system before the monsoon. Mayor has appointed an independent agency for testing the water as of ponds and lakes to find out the reasons behind death of thousand fishes in the water body.  The civic body of Bhopal also indicated if anyhow natural lives of animals have been disturbed by the human intervenes then suitable action will be initiated. On the contrary BMC has proposed an Entertainment Park and jetty in the Upper lakeside which is supposed to be the biggest man-made lake in India and protected under the UN Ramsar convention. This lake is the source of drinking water of half of the citizen of the state capital. Green activist Subash Pandey has alleged that this project of BMC is likely to impact the water body and contaminate the drinking water as well.

 

-LNN (Liyans News Network)