Tag: property in Kolkata

What’s one core aim for which you have willingly involved in the pressure of a 10-15 hours work-cycle? To become able to buy own residential property in Kolkata as early as possible in life?

Well, for individuals just like you, 2021 turns out an ultimately advantageous year to fulfill the said endeavor. Thinking why is that so?

Given to certain government-guaranteed benefits & distinctive banking schemes – all of which attempt to encourage one aspect –

♦  Increase in the frequency of home & property purchase amongst salaried & self-employed professionals.

Feeling interested to learn about these special governmental perks? Then reflect on the highlights of

Kolkata Property Possession Benefits In 2021

# Apt-est Scope To Save

How? All thanks to West Bengal Government’s budget 2021-2022 that offers you:

» A crisp saving of 2% on stamp duty if registering the apartment or house before 30th October, 2021

» Deduction of a total of 10% in the ultimate circle rate of property in & around Kolkata

Applicable for both Panchayat & Corporation areas & houses priced below & above INR 1CR, the new-fangled rules will eventually cater to you with –

♦ Savings of over RS 1,00,000 in the overall registration & deed related protocols

# Lucrative Loan Rates

A top reason, according to a realtor of flat for sale in Kolkata new town, to purchase own dream apartment right this year.

At a record low yardstick, private sector banks like HDFC, Kotak Mahindra, Axis are offering home loan schemes at –

♦A yearly percentage scheme of 6.65 – 6.90

♦ with public sector banks such as SBI, BOB et al slashing this rate more down to –

♦ 6.70 -6.90 percent per year

Practically beneficial for people taking home loans with long-tenure repayment options, 

» The rebate is also fit for saving few thousand over your specified EMI & thereby not ‘adjusting’ the daily or monthly list of essentials – just because you are under the burden of a bank loan

# First-Time Buyer Support

Courtesy of National Fiscal Budget 2021-22. Presented on 1st February 2021, the charter revamps Section 80EEA of the 1961 Income Tax Act by –

» Broadening the time-span of getting that RS 1.5 lakhs tax remission while paying the annual home loan interest – up to 31st March 2022. 

This deduction comes as an additional perk over the yearly cut-off of INR 2,00,000 on the loan -meant for all kinds of house purchasers (as per Act’s section 24) & gets effective, condition to-

♦ House valuing up to Rs 45lakhs

♦ You not possessing any other residential property till the loan’s approval

♦ The loan comes only from an authorized financial organization

And wait. That’s not all. In the aim to enkindle the ‘buyers’ sentiment’ in the larger group of citizens, the Government Of India furthers advantage for those attempting to buy home in Kolkata first time:

» RS 1,50,000 tax allowance upon your principal home loan amount & stamp fees – as per Section 80C & subject you do not sell it within the immediate 5 years of purchase.

One inspirational year, right? So prep up & contact Team Realtech for possessing that 2BHK or duplex you always dream of.

Value for money property in Kolkata is now simply a call away. 

In the past few years, the residential apartments in Kolkata and other metropolitan cities in India, has faced and overcome numerous challenges. Demonetisation, stringent housing laws and a credit crunch has led to stalling projects and leaving developers with excess inventory. To make situations worse, the global pandemic has resulted in jobs losses, increased unemployment and salary cuts.

The first quarter has witnessed a drop in real estate sales by 40% on an average.According to Knight Frank India, housing sales has fallen to its lowest in a decade in the first six months of 2020.

However, falling currency values, NRI’s homecoming and lower home loans rates have contributed to a sharp rise in housing demands from them currently. According to Amit Goenka, MD and CEO of Nisus Finance Services Co. Pvt. Ltd., more than 40,000 NRI inquiries to purchase assets in India has been reported. Demands from Africa, Europe, and Asia, including the Middle East is predicted to contribute to 15-20% of annual demand in 2020.

How are developers viewing this increase in overseas inquiries? Have there been an increase in demand for apartments in Kolkata from NRIs?

 

“We don’t want the NRI sales to be at 50% forever. That’s probably not the healthiest dynamic,” Pirojsha Godrej, executive chairman of Godrej Properties, said during an investor call following first-quarter earnings. “We actually want our sales from locals to go up significantly.” Pirojsha, however, said the NRI demand helped fill an obvious gap in the first quarter. “We have seen a continued sustained demand in at least July from NRIs,” he said. “We aren’t suggesting we expect for the full year to see 50% of sales from NRIs, nor would we consider that desirable.”

NRI demands differ from local home buyers due to a difference in their lifestyle outside India. Larger homes integrated with all modern facilities are preferred by these home seekers. Ready-to-move properties or under-construction properties with possession available under a year is mostly preferred by NRIs looking for apartments in Kolkata or metropolitan cities. Developers offering a similar property with a smooth transition to online services are highly benefiting from these inquiries. While regular site visits are not opted by many due to risk of transmission of the virus, virtual walk-through organised by many developers have proved to be a boon for them. It is expected that post pandemic, virtual tours and online transitions to provide a complete customer experience shall become the new normal and ease sales activities for most developers. Developers offering flexible payment options with 10% or 20% of property value to be paid upfront and remaining after possession have more chances of conversion from these inquiries.

Online property purchase is no more a future prospect-it is the present and is here to stay. To keep up with the changing demands, digitization is not only mandatory, but also the best way to stay ahead in these competitive times.

The festive season is knocking at the doors and this is the time when buying real estate property in Kolkata is considered to be auspicious. Over the years, there has been a trend of raining offers on behalf of the builders to encourage people to invest into properties with open hands. However, situations are changing. Many buyers are treading the other way and buying properties as per convenience, without delaying the decision till the festive season.

Current Trends In Buying Property In Kolkata

Industry experts believe that the popular sentiment of waiting till the festive season offer is a matter of past now. One of the most important reasons behind this shifting trend is the buyers? age group. Rather than the old times when the bulk of buyers belong to the age group of mid-40?s to mid-50?s, nowadays the number of young buyers is rising. High-salaried millennials and the mid-30?s buyers do not mind a time being auspicious or not. They are rather more informed and practical, make decisions on business perspective.

Apart from the age group, another criteria that matters is the rise of single-member apartment buyers. Single men and women are keen to buy 1 BHK or 2 BHK apartments in choicest locations. For example, the Smart Cities of Rajarhat and New Town are rising in popularity chart. Young professionals are buying flats in Rajarhat and New Town because of many reasons. Great civic amenities, heightened security offered by local law and order departments along with high-tech security surveillance systems installed by builders around the housing projects are encouraging the single owners to buy properties here.

Single home buyers do not wait for the auspicious season to begin for buying property in Kolkata. What they need is the availability of amenities within the precinct of the housing projects. Builders in Kolkata are alluring them with expanded lists of facilities like swimming pools, gyms, big community halls, car-parking areas, 24*7 electricity and water supply, cutting edge security systems and much more!

Buyer-Centric Market In Real Estate Sector

The current market for real estate is for the buyers. If the price is the only consideration for you, discounts are available for newly launched housing projects. So, what about those nearing completion? One can also avail discounts on apartments on the verge of completion. Given the long years of experience, top real estate builders in Kolkata can easily distinguish between genuine buyers and those coming from window shopping.

Genuine buyers could negotiate the price and definitely expect some discounts from the builders. The market is more competitive and to raise the sales graph, freebies and discount offers are served on platter throughout the year. Take, for example, recently the Kolkata buyers have witnessed ?Rath-Yatra discount offers? proposed by some of the big names in the world of real estate. The time was way before the advent of the actual festive season. So, the relevance of waiting for the festive season offers is on a decline. The decision of buying apartments is purely dependent on practical necessities.