Hunting a Property in Kolkata? Here are The Tips

Kolkata is a cultural city with people of different religions living with demand of residential and commercial Property in Kolkata. Localities like New Town and Salt Lake have been in demand by the buyers. Both the places are well-established with options for various ready to move in housing projects to choose from.

Whether one is Buying Property in Kolkata for end use or to reap benefits in future, of course they need to have some knowledge and guidelines to how to go about Buying Residential Property in Kolkata. Thus, here are some tips for buyers hunting a house in Kolkata. 

Evaluation of the requirement

It is important for the buyers to know what exactly they are desiring for. The buyers should always be clear about their requirements like type, size and the kind of apartment one is looking for before actually starting your search for buying home in Kolkata properties.

New or Resale

Another major factor is to make the decision of whether one wants to invets in new or resale property. Which one is the pick according to which the segregation of property will be done? This is the time to take that decision and analyze what is more worthy of you, a resale property or a new buy? It is important to make the decision as resale properties are less priced as compared to the new properties.

Amenities

Before investing in any property, it is important to know the localities you want to live in. one should check out the area and its surroundings, availability of schools, grocery stores and other facilities nearby the area you are willing to invest in.

The right location

It is said to be the most complex aspect of Buying Property. Each buyer has its own preference like distance form their offices, or schools, metro stations, etc. one should always keep into consideration the essential areas surrounding the locality, public transport and other important things including the right location match for you to reside in.

Curative Touch for Kolkata’s Salt Lake - Buy Property

Under the Atal Mission for Rejuvenation and Urban Transformation, the Bidhannagar Municipal Chas has come up with a proposal to build 4 parks in the industrial area.The corporation has recognized around 20 parks in the industrial area that can be constructed with minimal interference or involvement. The parks and open spaces are evaluated in terms of family facilities, physical activity resources, playing equipment for the kids and general services along with the facilities that has come up with the real status of the parks in its care.

The authorities have seen numerous parks that lack in many thing including the boundary walls of the parks. Many of these parks does not have fences as well as public facilities like dustbins, or piped water. The parks also do not have planned play areas or any play equipment for the kids. The facilities needed for attracting the crowd is also missing, there are no ice-cream parlors, snack stalls or kiosks. The officials also believe that many of the parks are not well-lit, manicured or landscaped.

Also, there are almost 12% of the parks those need boundaries, 20% lack supply of water, almost 10% does not have dustbins and 15% needs fenced areas. As per the authorities, the rejuvenation plan includes the involvement of the local citizens and many groups in the maintenance along with to upkeep the development sustainable.

There has been four parks that are decided for the healing touch-up for the present fiscal. These four parks are Nishikanan Park in Rajarhat Dakshin Narayanpur, Niranjan Pally Park and Salua Park in Rajarhat's ward number five as well as municipal sports complex Park also in Rajarhat.’

The major concern of the officials is that there is depletion of green spaces that can be seen due to urbanization. Earlier, the Bidhannagar municipality had been the guardian for all the parks in the Salt Lake as well as many in Rajarhat that came under Rajarhat Gopalpur municipality.Also, all the gardens and parks now come up under the Bidhannagar Municipal Corporation.

This infrastructural development along with other developments in the real estate market in the city which has shown an increased demand of the residential and commercial Property in Kolkata. Also, these infrastructural developments and growth are making the city grow and progress towards an upcoming boost in the city which would be beneficial for the developers as well as the buyers.

New Town Soon to Introduce Unit Area Tax - Buy Property in Kolkata

In New Town, there will be an introduction to the unit-area system by the New Town Kolkata Development Authority for collecting water and Property taxes from the bulk customers. The city failed to make it to top 20 in the smart city list as it ranked 30^th. However, the authorities are hopeful that the city will feature itself in the second list.

The authorities are eager to make it to the second list for which they are already preparing themselves and they are working full-time for the quick execution of the unit area system in New Town. The documents for the same are in the process of being prepared. Along with numerous facilities, there will be web-based property tax system through which there will be online tax collection. The service will also provide synchronization if tax data and land on the same database.

After getting ago ahead earlier, the New Town Kolkata Development Authority asked the West Bengal valuation Board to make a yearly valuation of the Kolkata Properties especially those present in the township. After the discussion, the authorities have decided to opt for the assessment of the unit area as it is said to be appropriate with the modern smart city concept.

The New Town Kolkata Development Authority Act was revised after much analysis and enquiry which not only gave the authorities the power to collect and impose property tax from the people residing in the townships but also allowed the authorities to act as a municipal authority. As per the authorities New Town is still a township that is developing and there are numerous factors like permitted floor area ratio and current market price of the land for commercial land areas were taken into the consideration for the new or upcoming structure of the tax. This will be a positive and improving step towards Property in Kolkata and this might lead it to make enter into the second list of smart cities.

Glimpse of real estate scenario of Kolkata - Property in Kolkata

Kolkata is known for its wide culture and the increasing demand of real estate sector in the city is keeping it in the limelight as there are many renowned developers that are either working in the city or entering the city to develop residential and commercial projects.

With the coming of a joint development agreement between Square four Group and Tata Value Homes for a 25.5 acres of housing land at Barrack Pore Trunk Road provides affordable housing a major boost in the city. As per the reports, the overall yield of the land has been valued to be around INR 3000 crore. Tata Value Homes is also planning to bring an integrated township with 3500 budget apartments.

There is another locality which is definitely worth looking at which is just minutes way from NH 34. Bablatala is the location in Kolkata which has a choice for perspective home buyers those are looking for a precinct which is said to be well-connected to the rest of the city. This area has a bustling retail market, a metro station along with some colleges, schools and numerous hospitals around. Also, there is close proximity to the airport which is only 5 kms away. Bablatala is convenient for people using public transport as there is good and smooth connectivity to other cities of Kolkata.

The new researches also shows that the Demand for Residential Property in Kolkata is on a slowdown. In today’s time, the demand for affordable residential property is more than 50% that that of the total demand followed by the middle and upper range which is just 12%.

One area which was majorly affected by the fall in demand is EM Bypass. Irrespective of an auction by the Kolkata Municipal Corporation for a land in this area did not bring in the expected results. After 2005-2006 the prices have not reached the high water mark, yet there are demand for affordable residential segment.

The Housing Infrastructure Development Corporation has decided to provide additional 10% of floor area ratio more than the usual area. Also, there will be no extra charge for the additional area. This is for any locality that the person is developing apartments in.

The town planning authorities are encouraging the builders to come up with the multi-storied parking for the large commercial and residential buildings.Although the additional parking will not be included in the floor area ratio. The use of eco-friendly building materials and solar power will make the building certified as green. Also, an additional 15% floor area ratio will be allowed for complexes and mass residential to cater to the IT and multi-storied commercial complexes.

Along with the apartments in Rajarhat, the independent houses are also increasing on the list of preference of the prospective home buyers. The home buyers investing in the Property in Kolkata Bablatala are majorly NRIs and Bengalis those are living and working in the other metro cities of India.The buyers are inclining towards buying individual homes than the apartments. Noticeably, there has been an increase by 12% in the sale of independent homes but this is over a low base but still it is important to be noticed. Space is said to be the major reason for this increase in demand for independent homes. Also, people are ready to invest more for a better location which makes Property in Kolkata a better and good option for investors and buyers. 

Places to Buy Property in Kolkata

Kolkata is said to be the third metropolitan city of India after Delhi and Mumbai. The Demand of Property in Kolkata is increasing at a rapid speed throughout the year. The residential property in the city offers good infrastructure. There are many housing segments that are available at affordable prices even the 3BHKs are available at reasonable rates. There are many good localities or areas where one can buy a reasonable house in Kolkata.

New town is the place where many renowned residential areas are coming up and many of these projects are in action and the construction is taking place in full-swing. Earlier, this areas consisted of two cities Bhangar and Rajarhat which are said to be well-developed in a planned manner. The New Town consists of three areas namely Area-1, Area-2 and Area-3. Among there Area-1 and Area-3 majorly consists of residential area, malls and some renowned developments along with gated communities.

Another major area is Garia which is an upscale city in the south of Kolkata. It is said to be a quiet area, an apt option for people who want to stay away from the crowded localities of Kolkata. There are many residential complexes that are coming into this region. Garia also has many restaurants, educational institutes, hospitals, shopping centres and many other interesting places.

Dum Dum, another city in North Kolkata is said to be one of the main entries to Kolkata. The area provides smooth and amazing transport facility which makes it an appropriate choice for buyers who are searching for Property in Kolkata which good transport facilities.

There are numerous places like these that have amazing options for Residential Property in Kolkata. These places are Santoshpur, Sonarpur, Tollygunge, etc. Many of these localities provide housing at reasonable rates which makes it more appealing for the buyers. The real estate in the city has great advantage of industry existence and infrastructure. Also, many of these residential projects are well-equipped with modern and world-class amenities which makes this city a good option for investment in residential properties.

Climate Change Affects The Real Estate in Kolkata

Climatic changes are adversely affecting the whole world, but its visible affect can be seen in the Property in Kolkata . It is definitely not a good thing that the alteration measure for climate change are tremendously expensive which improves the input on construction of property.

Earlier, people used to buy property easily, now it is not the same. People get into the minutest detail for the project that they are thinking of investing in. With the change in the climatic conditions, people are taking all the possible measures to buy a property that is not risky during these climatic changes.

Due to global warming, there is a rise in the temperature of the Indian cities and Kolkata is one of the cities that the climatologists declare as a risky place to live in. Apart from the increase in the temperature, the increasing sea level is also a threat to the real estate market.  The city Kolkata is in close proximity with the sea level which is of immense strength, this worsens the situation even more.

This becomes difficult for the real estate developers to convince the customers to invest in real estate especially when the climatic condition is ticking away. The experts believe that Kolkata needs time to adapt to the climatic changes since it is an old city and infrastructural changes would take time. They suggest that people should invest more on the suburban areas as these areas are relatively cooler than the city.

People are now-a-days showing a lot of interest in high-rise luxurious towers especially in the suburban areas of the metropolitan cities. The major reason for this shift is the over-populated places and people are searching for new residential property away for the rush of the big cities.

Thus, there is growth in the suburbs of cities especially Kolkata. The real estate developers are focusing on places like Hooghly, Nadia, Howrah on providing top-notch amenities and providing the quality of living to residential residents. Not very far from the city, these places thoroughly changing the way of living of its residents.

The residential places are affordable in these regions and they are easily accessible from the city as well. The developers are offering a healthy lifestyle with amenities like security, water supply, 24x7 power supply, and much more. It definitely an amazing opportunity for the people to invest in these projects as there might be an increase in these properties in the coming time.

There are numerous localities that shows good market For Property Sale in Kolkata which definitely is an amazing news for property in Kolkata. There is coming up of some huge townships within the next 5-6 years. Therefore, property in Kolkata yields good returns in the future.

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