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Do you know the real estate situation of Kolkata?

In the last few years the real estate scenario of Kolkata has seen a huge change. The residential flats are available in variety of rates depending on several factors.

In the last few years the real estate scenario of Kolkata has seen a huge change. However, the real estate scenario in North Kolkata is very different from South India.

South Kolkata is the commercial hub of the city. Owning to several offices there, people too want to stay in places nearby. Along with the increasing population, number of residential flats is also increasing in the southern part of the city. The residential flats are available in variety of rates depending on the number of rooms in the flat. The rate of flats is also decided depending on the location of the flats. The rates of residential flats in Kolkata can be highly divided into two different groups. One group of residential flats is constructed keeping in mind the middle class whereas some flats are meant for the elite class people.

With Rajarhat emerging as the new IT hub, the property scenario in North Kolkata is very interesting. Since last few years, several NRIs are investing in Rajarhat. The IT employees also prefer to stay in Rajarhat and New Town as the IT sector is nearby. The land cost here is also quite high.

New projects of apartments are changing the look of the city’s southern part. New apartments are being built in South Kolkata. New residential flats are coming up in places of old individual houses. This practice is very much common in areas like Ballygunj, Tollygunj, Mahestala, New Alipore, Behala, Joka, etc. In fact, there is a mushroom growth og flats all over Kolkata.

What are essentials to find the appropriate 2bhk flat or commercial property in Kolkata?

The urban arena in Kolkata is extending beyond its usual limits at a steady pace in accordance with the development in the sphere of its socio economic and cultural lifestyle. The cross flow of newer ideas in the domain of technology and other services are also acting as a driving force to the major development. Therefore, the ultimate need is zeroed at more advanced infrastructure to house the contemporary attributes. Thus, the real estate scenario in the city is enhancing. The call for settlement and nestling the different set up is leading to major ventures to be undertaken in the real estate sector and thus the domain is grabbing attention consistently.

The entire structure of the real estate domain rests on two pillars constituted by the residential and the commercial properties. The residential block is primarily concentrated around flats, standalone houses, bungalows and others while the commercial field deals in multiple selections such as, offices, malls, medical bodies, warehouses, retail and various others.

The real estate builders are gaining popularity favorably and hence it is no way a difficult option to find a project by a reputed builder anyway when you are looking for flats in north kolkata or a 2bhk flat in Kolkata.

It is still important to consider some factors while choosing your builder.
• How experienced is the builder in dealing with the industry?
• What are the projects undertaken and how was the quality of the projects?
• Is there any involvement of sub-contractors or third-party?
• Does the builder possess the entire relevant permit or sanction from the respective authority to run the projects?
• How comfortable you would feel as a buyer?
• Can you opt for loan and installment facilities as a buyer?
• How reasonable is the price of the property?

Lastly, it is really important to gather feedback and recommendation from other buyers. This considerations are applicable for choosing builders for both residential and commercial set ups. For commercial building the additional things to consider would be analyzing the cash flow and then deciding on the budget, putting utmost attention on details and selecting the space in a commercial hub.

If you are in look out for a normal 2bhk flat in Kolkata or a commercial space for your thriving business, then first understand your actual needs well and then make investments. Your thought process must be practical to gain a favorable deal.

Buy a residential apartment in Kolkata and be the profiteer

The real estate market in Kolkata is booming at a fast pace and is steadily turning to a vibrant sector. There are umpteen localities in and around Kolkata which are capturing the attention of real estate customers to a great extent. The selection of residential apartment in Kolkata ranges from luxury villas to affordable condominium. Hence there are choices to fulfill all kinds of requirements. Apart from that the selection of infrastructure, accessibility, facilities and amenities are also in plenty, hence there is no way that one will be left disappointed while on a spree for searching a residential property or flat for sale in Kolkata.

If anyone has the desire to invest in the real estate sector then Kolkata is one of the most lucrative options and there are number of reasons guarding the fact. The availability of scalable infrastructure, comparatively low prices of lands and assets and the fast paced government initiatives and subsequent developments are some of the most important factors that has driven the real estate sector in the city to greater horizons. There are still great potential for growth in the sector and because the prices are still favorably low, hence it can be well anticipated that better returns can be achieved over the years. Thus, newer projects are coming up every other day enhancing the cityscape and driving new hopes and aspirations of possessing a flat in Kolkata in the minds of the citizens.

The real estate market in the city is growing by leaps and bounds and that in turn making the city a hot spot for buying, selling and renting out properties over here. The enhancement took place not just in terms of the price of the properties but the rental charges for both residential properties and commercial spaces have increased to a great extent. This happened majorly with the well organized development of commercial and residential units, townships, SEZs and so on. So, it is high time that one must opt for investing in the thriving sector and reap profit in the long run.

The real estate sector in Kolkata is gradually enhancing with new high-end projects coming up steadily and this testifies the boom in the sector creating investment potential offering high ROI. So opt for a residential apartment in Kolkata and earn huge profit comfortably.

Advantages of opting for the apartment culture

With the passing trends, people have developed a nature of shifting their residences more than often and this has given rise to the apartment culture. The situation has driven to such extent that people who do not own any residential property of their own keep changing their temporary residences in terms of flats on rent. This does not at all make life any better but create various problems for the tenants. The monthly tension of paying a huge amount as rent to the land owner makes life tougher for a tenant which does not let him save enough amount of money for purchasing a house of his own. Purchasing a house takes more money than buying an apartment and this reason is sufficient enough for making people opt for living in apartments than a house. Owning a house in the heart of the city is again next to impossible for middle-income grouped people. It is important to reside in a place which offers good communication facilities and which lets the residents to stay connected with the market, schools, universities, offices, etc. The rented apartment provides one with a complete freedom from tax and property payment but it is important to own a residential property. If one has a transferable job then buying and selling of flats become a regular habit. Shifting apartments becomes easier with flats which otherwise can create problems for others who live in houses.

Let us have a look at some of the benefits of residing in an apartment.

(a) Free from paying property payments
(b) Do not have to pay for renovation charges as the entire cost is beard by the apartment in-charge
(c) Can shift anytime by selling the apartment.
(d) All charges get shared by the other members of the building.
(e) Free car parking as every apartment holder gets to use the garage.

It is important to purchase apartments in places that keep people connected with the town and the flats in south Kolkata are perfectly apt as they provide the end users with excellent communication and other necessary facilities.

People who prefer to use small living space where things are easily manageable then living in apartments is perfect for them. There are various benefits of living in an apartment.

Houses & flats for sale in Kolkata – Kolkata Classifieds – Liyans.com

Despite the negative sentiment surrounding West Bengal’s image, property prices in Kolkata have continued to escalate.

Defying the national trend, residential real estate prices have appreciated between 20 and 30 per cent in the last two years, say realtors. However, the high returns are not on account of a booming real estate market in the state, but the lack of new projects in the city and its fringes. As a consequence, prices of existing properties have risen, almost disproportionately.

After, Durgapur, no new planned city has come up near Kolkata over the last decade. Even plans to develop satellite townships in areas like Bariupur in the southern fringes of the city has failed to take off. Suburbs in West Bengal continue to be victim of poor infrastructure and connectivity.

Notably, unlike tier I cities like Delhi and Mumbai, Kolkata real estate market caters to end-user buyers, rather than speculative investors. The ticket size of the investment is also low, between Rs 2 crore to 5 crore, compared to Rs 10-15 crore in other Tier I cities.

“The slowdown the real estate market is linked to the general economic slowdown, rather than local issues. In the medium and long term, the investment perspective in Kolkata is fairly good. The price escalation is mainly in prime locations. The supply is limited, and in good locations the land holding is small, which has resulted in steep rise in prices,” said Harshavardhan Neotia, Chairman, Ambuja Realty Group.

“In the short and medium term, some projects in Kolkata have given up to 30 per cent return to investors, which is much better than other cities. ” said Jitendra Khiatan of Pioneer Properties.

Yet, not many consider investing in Kolkata. The reason is negative sentiments linked with the business environment in the city, he said.

Some of the areas where investors got good return include prime locations like E M Bypass, Salt Lake, Garia, where property prices recently escalated in anticipation of Metro linkages.

A major reason for the unrealistic land prices is linked to government policy.

Land prices have gone up by more than 50 per cent in many plush localities, as demand remains steady and hardly any new townships have come up in urban and semi-urban areas in city fringes.

The recent land auction by government bodies like Kolkata Municipal Corporation (KMC) and Housing Infrastructure and Development Corporation (Hidco) give a fair idea of the burgeoning land prices in the city. In June this year, KMC sold a 2-acre plot on EM Bypass for Rs 115 crore, making it the biggest land deal in the city so far. The last big land deal was in 2009, when a 3.35-acre plot on EM Bypass sold for Rs 135 crore. More recently, in the IT township of Rajarhat, a 2.5-acre plot for a retail-cum-office complex fetched Rs 51.13 crore for Hidco.

“The value of land has gone up by around 50 per cent in Kolkata, the impact of which will be reflected in the upcoming project. The land supply is reducing, but the demand remains steady and there are hardly any new townships coming up to meet the demand,” said Santosh Rungta, a city-based realtor.

Yet high land land prices in West Bengal is not exactly new. Around 2009, in the earlier Left Front regime, government agencies made windfall gains by selling land in prime locations.

For example, three prominent government agencies involved in land deals in and around Kolkata — the Kolkata Metropolitan Development Authority (KMDA), Kolkata Municipal Corporation and West Bengal Housing Board– signed deals worth more thanRs 18,000 crore, for over 5,250 acres of land during the period in little over two years. In fact, KMDA was credited with signing deals, worth more thanRs 800 crore with real estate developers on a single day.

One of the biggest hurdles in developing new townships in West Bengal is the the Urban Land (Ceiling and Regulation) Act (ULCA), 1976. According to the Act, the ceiling limit on vacant land in a category ‘A’ city like Kolkata is 7.5 cottah or about 500 square meters.

West Bengal is one of the few states in the country to have a legislation like the ULCA. The move is in sync with the apprehensions of the chief minister. After all, Banerjee had once wondered, “What will happen if someone wants to buy the city?”

The demand for repealing the ULCA was raised for the first time by Godrej Properties chairman Adi Godrej, at an industry meet within the first month of Banerjee taking over as the chief minister.However, much to the disappointment of the developers, urban development minister Firhad Hakim has recently ruled out the possibility of repealing the Act.

“We are not going to abolish the Land Ceiling Act,” he said. “Instead, we will give permission to developers for purchase of land beyond ceiling, provided they reserve 30 per cent housing for low-income housing segment.”

Source: Business Standard