Investing for real estate projects in Kolkata is a very crucial decision of your life. You may have invested money from a very early age to buy residential flats in Kolkata. Years of saving your hard-earned money with be waiting for the right decision of investment. When you are planning to buy residential flat in Kolkata, you must understand the pros and cons of the real estate location for which you are investing. It is better to scrutiny all the possible factors before you leap and make a decision. Apart from the legal factors, financial clauses are equally important, if you are planning for a bank loan to invest in real estate projects in Kolkata.
Let’s discover top 5 essential factors for Real estate projects in Kolkata –
The first step is to fix a budget before you are planning for a property. It will be easier to shortlist when you have the amount in mind. First, compare the property around you and get a list of the quotation from the builders. With the comparative price listing from various sources of the property, you can have a clear idea about the compatibility of your estimated budget and the market reality in real estate projects in Kolkata.
Flat’s Carpet Area and Land Record:
The area of a property consists of super-built up area including shafts, elevator space, stairs, the thickness of walls and others. The carpet area is the real area in between the walls inside your home. The land is equally crucial. You must consult an expert on soil quality of the construction. It determines the life of the property.
Legal Check of Property:
You must ensure that the property is legally authorized on the constructed plot. You have to double-check whether your property builder has the NOCs from Area development authorities, water supply, and sewage boards, electricity boards and Municipal Corporation. For the case of a home loan, the bank will check on your behalf.
As you have finalized a flat, you must have paid advance money as the token amount and in return, the seller will offer you an allotment letter. Then, a tripartite agreement is signed and accepted among the buyer, the bank and the builder for the rest of the amount. Ensure that you have read all the clauses and terms before you sign on the paper.
Hidden and Additional Charges:
Read all the documents carefully to avoid any hidden clause. The builder is required to pay you a monthly penalty in case you do not receive the flat’s possession within the grace period. When you are purchasing and registering a flat, other expenses such as GST, stamp duty, home loan processing fee, registration charges, and all other charges should also be kept in mind.