Have you made up your mind to invest in a property in Kolkata? Wait! We do not want you to commit the mistake of rushing with your purchase decision only to realize later that all your precious savings have gone.
People tend to buy things in a hurry, whenever they come across exciting deals or discounts. But if you are planning to buy a real estate property in Kolkata, hurrying will only make the process complicated. When it comes to put years of savings in real estate, everybody must remain cautious and well informed as so much of legal paperwork is involved in this process. Taking care of legal papers of the property and home loans will eventually ensure your rightful ownership on a property in Kolkata without much complications.
Home buyers look forward to bring lifetime security and earn social respect by owning a real estate property in Kolkata. A potential home owner must consider necessary legal advice and try not to make any mistake while evaluating the property papers and relevant information associated with the purchase. To avoid unwanted problems, check the following legal formalities that a home buyer must fulfil.
What to do:
1. A checklist of property papers
The Title Deed:
This document provides you with the right to the property. In case the ownership changes, this document is the only proof of that as well. Without this document, no one will be able to resell the property in the future.
The building approval plan:
The responsible government authority has to sanction a building plan before the actual construction work starts. Although, the legal formalities differ from one state to another yet a construction project without the building approval plan is considered to be illegal. Government has the right to demolish such projects that lack the necessary attributes of legal constructions.
While buying a real estate property in Kolkata, check for this certificate as this ensures your potential property is free from all mortgages. Never forget to ask for this certificate before registering the property under your name.
Certificate of completion:
This document is issued by the local municipal corporation stating whether a particular property in Kolkata has been constructed adhering to the rules of building or as per the approved plan. Without this document, home loans cannot be granted.
Certificate of commencement:
The authority issues this legal document after an inspection, while the construction work is going on at a property site. This inspection is an assurance of meeting all the project criteria. A builder must collect this paper to make the project profile more credible before his/her potential customers.
Check the status of the property tax:
If the property tax is paid on time every year, all the documents are supposed to remain on point. As it requires all the valid legal documents, it is an all-in-one assurance of the credibility of a particular construction project.
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2. Verify the authenticity of the seller
Apart from verifying the property papers, specific conditions of sellers must be rechecked on several grounds.
- Enquire about the owners before buying a property in Kolkata, even if more than one individual owns the property.
- Check whether your seller operates as a company, a trust or a real estate firm.
- Verify the status of the project along with the seller’s nationality and if they have a government license to sell a real estate property in Kolkata.
3. Certificate of occupancy
Occupancy certificate is issued by the local authority on completion of any new real estate project that adheres to all building codes, regulations and laws. Before handing over the property, an occupancy certificate is necessary to be obtained for a developer. It states that a particular building is ready to be occupied. It is also necessary when a developer or home buyer goes to apply for sanitation, water supply and electricity connection.
4. Request to take a physical survey of the property
A physical visit to a real estate property is always more helpful than a virtual tour. Along with checking legal documents, one must request a physical survey for a better assessment of his/her potential property. In case a buyer considers a site visit, necessary precautions must be followed due to COVID-19.
5. The real estate regulation and development act 2016
This act mandates all developers to register their projects under RERA authority. A home buyer must check whether a property is authorised as per the guidelines of the act. To know more, sign up to the web portal of RERA and check the credibility of your developer before investing your hard-earned money in a real estate property in Kolkata.
This online portal offers insights into the reputation of a particular developer helping a buyer to make a sound decision. While taking help from a broker make sure he/she is registered under the RERA act as well. It will be wise not to trust a broker who deals with your property in Kolkata without the RERA registration ID.
What not to do:
Tips to invest securely in your dream property in Kolkata
- Gather necessary information before you sign on any document of a real estate property in Kolkata.
- Stay at a secure distance from any illegal monetary transactions.
- Do not believe or agree on terms that offer tax discounts.
- RERA Id and property registration are the two most important aspects to verify before buying a property in Kolkata, even if the real estate agent is recommended by your peers.
- The chances of forgery increases when someone tries to sell property on someone else’s behalf. Try not to take that path while investing in a real estate property in Kolkata or across the country.
A home that brings security and peace of mind
Buying own flat or home is one of the biggest decision of your life. So, before putting your hard earned money into a real estate property in Kolkata, extensive research on the competitive costs, home loan interest rates, taxes, monthly income and EMI, security and maintenance expenditure is necessary. As a huge fund is required, think multiple times before you buy a property in Kolkata. Consult a financial advisor from your bank for availing better offers on home loans.
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Buying a real estate property in Kolkata is not just a matter of future security or investment. Owning a house in the heart of the city is a dream for many. That is why checking all the necessary details, legal paperwork before you sign up for this plan. Make sure to stay associated with trustworthy people yet never forget to cross check their credibility now and then while you go through the legal checklist.
A good chunk of your savings will go into the property you invest in. You place your trust in the builder for transforming the property into your dream home.
Knowing this is enough to know how important it is to choose the right and the most-reliable builder who will suit your needs.
There are various builders in Kolkata, so the following points are guidelines for choosing the right builder for your home.
The number of projects handled by the builder is an important factor to consider while choosing the right one for your home. Not just that, an experienced builder will have enough knowledge about the industry and the evolving architecture.
If a builder has been in the market, has consistently performed and has good reviews, one can be rest-assured that they are offering good quality service.
If they have a lot of projects in hand, it speaks of their efficiency, but it will also tell you if they have enough time and resources to take up a new client.
Testimonials of the existing customers:
Getting reviews from existing customers will help you get perspective on the builder’s work. From the work they do to how sustained their work can be.
Look into the license of the builder, their authenticity and certification. Alongside, it is always advisable to know about any litigations or legal embroilments of the builder.
Most builders tie up with banks for offering services like home loans. Projects approved by banks, especially Nationalised Banks are comparatively more reliable.
The estimated budget provided by the builder will be based on historical hard costs and the prevailing market prices. Make sure, the estimation is thorough and there are no loopholes in it. It says a lot about how trusted they can be.
How open to changes in design are they, what does the process look like and how much additional charges will they add to the budget. If your builder is too rigid and does not give proper attention to your needs, the collaboration is bound to fail.
Planning and Architecture:
A builder who has a portfolio of diverse projects, in terms of aesthetics and architecture will have the upper hand. Look into the spatial planning of the existing and proposed projects to ascertain what they have to offer.
Your builder must maintain time schedules and keep a check on the quality and progress of work, make sure you know how involved your builder is. Make sure you have access to quality checking guidelines, regular updates on the progress of the construction of your home.
A well-planned and well-built home should ideally come with a post-occupation service system. Maintenance of the amenities for a fixed period must be a part of the contractual agreement made by builders.
Also Read: Tips For First Time Home Buyers In Kolkata
You are probably looking for the right balance of low prices and high quality while hiring a builder. It might be a taxing process, but PropShala does its best to provide options for you to choose the best fit.
Turning a property into a home is a very personal experience and no one wants to make mistakes in the process. We are here with tips for first time buyers of flats in Kolkata and even if it isn’t your first, you can take a look and treat these points as a checklist while buying your new home!