Feeling torn between investing and not investing in real estate during the COVID times? No worries.
CategoriesReal Estate Property, Real Estate

Feeling Torn Between Investing And Not Investing In Real Estate During The COVID Times? No worries.

Ever since COVID-19 has laid its foot on the Indian soil, several sectors of the economy have suffered a big blow, including the real estate industry.

Pre-Covid, the commercial property market witnessed exponential growth. But the global pandemic has led to a change in the consumer behavior. The crisis has made people realize that the security of owning a home is much better than the uncertainties of a rented accommodation. 

So if you are a home buyer who is fence-sitting if it is the right time to invest or not, then let us tell you that there has never been a better time in history to invest in a real estate property in Kolkata or any other metropolis.

Let us walk you through some full-proof reasons that support our claim. 

1. Home loan interest rates are at their lowest – The RBI has benevolently lowered the repo rate to 4%, which has resulted in the home loan interest rate being the lowest in history. But if you are an aspiring homebuyer, ensure that your credit score is over 750-800 to avail of the best home loan rates and enjoy low EMIs throughout the loan tenure. 

2. The scenario favors the demand side – On account of loss of jobs, delay in perks and promotions, and salary cuts, the personal finances of many individuals are at stake. So one out of every three buyers has either dropped the home buying plan or kept it on hold. Due to this, a wide variety of real estate properties in Kolkata and other major cities are available across all localities. So, with higher LTVs (Loan-to-Value ratio), lower property prices, and cheaper credit availability, the situation feels like a Godsend gift for the homebuyers.

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3. Lucrative schemes by the supplier side – Multiple lockdowns have caused the laborers to abandon the construction sites and flee to their towns and villages. It has caused the developers of real estate in Kolkata to revise their payment schemes and release attractive offers, subvention schemes, and discounts to drive sales. Some developers are also offering free cancellation, refund booking amounts, and cashback offers to buyers who intend to purchase during the lockdown. So if you have good negotiation skills, who knows, you may secure an attractive deal on your dream home.

4. The unconditional support of the Government: The Government has been quick to announce schemes to revive the real estate market. The Government has empowered the affordable housing segment by extending the Credit Linked Subsidy Scheme (CLSS) for the middle-income group up to March 2021 and has also opened a new investment class in the form of an affordable rental accommodation scheme for the migrant workers and urban poor. The pandemic-induced reverse migration will act as an impetus for the developers to expand their residential projects in Tier-2 and Tier-3 cities. Furthermore, the PMAY and the Nijashree Scheme introduced by the joined efforts of the Central and the State Government of West Bengal have accentuated the value of the concept of affordable real estate properties in Kolkata for all. 

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The Final Verdict

With the Indian Government preparing for mass vaccination and the resumption of normalcy, the real estate market is expected to bounce back with renewed vigor.

We strongly believe that now is a good time to invest in real estate, irrespective of whether you want to acquire a new property for self-use or increasing your wealth in the long term. But keep in mind that real estate is not a get-rich-quick game. 

If you have the intent and liquidity to take a financial step, you must move forward cautiously.  No matter what type of investment property you decide to put your money on, you must never underestimate the expertise of an experienced and knowledgeable real estate consultant. You can turn to us at PropShala for any property-related questions, and we promise to answer them as quickly and accurately as humanly possible.

Key Legal Checklist Before Buying A Property In Kolkata
CategoriesBuying Guides, Real Estate Property

Key Legal Checklist Before Buying A Property In Kolkata

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.

Non-encumbrance certificate:
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.

Merlin X- A Luxury Residential Project
CategoriesReal Estate Property

Merlin X Is Here To Bring Out The Boss In You

Merlin Group, one of the reputed real estate conglomerates, has finally revealed the mystery behind the digital and billboard teaser campaign on Project “X”. After creating enough buzz around the city, the luxury project has unveiled itself in the last month at a formal ceremony to welcome all the prospective home buyers.

The project covers 3.26 Lakh sq. ft. of built-up area with a guarantee to offer a living experience like never before. With a promise of the entire project completion by 2025, Merlin X is all set to change the skyline of Kolkata.

Merlin X as a luxury residential project

The launching event established the positioning of the brand Merlin X prominently. The group has been promoting the project as one of the finest luxury residential complexes within a gated community. At Merlin X, each apartment is designed to redefine a luxurious lifestyle with world-class architecture and premium amenities that rest amidst the serenity of nature.

Today’s generation is more into homes that are a combination of fun and functionality. Offering best-in-class amenities for more fun and its strategic location near Topsia Xing off the EM Bypass for functional living, Merlin X blends comfort and convenience.

Winning USPs of its strategic location and premium facilities

Located in Topsia, the project lies in close proximity to posh areas where Science City and hotels like J W Marriott and ITC Sonar Bangla are situated. Priced at 1.35 crore onwards, the twin towers of Merlin X host 233 apartments with access to maximum sunlight and cross-ventilation. Enjoy the beauty of the dreamy lotus pond sitting by the window of your home at Merlin X, wrapped with Italian Marble flooring and superior décor.

Moreover, the eye-catchy rooftop swimming pool for both adults and kids is the perfect stress buster on weekends or helps you de-stress after a hectic day at work. Leave the worries behind as you relax at the Jacuzzi, that joins the two towers of “X”, and watch the full moon above or the blue sky on a fine day.

Elevate your lifestyle with features like a golf putting zone, skating rink, and indoor game station. Make your dream of nurturing a home garden true with an aroma garden on the terrace. Apart from the amenities that let you unwind within the complex, the jogging track with an acupressure walkaway, senior citizens’ park with a walking trail, multipurpose play court, children’s play lawn, and outdoor fitness centre, at Merlin X, are the key to your fitness.

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Celebrations were never this grand

As you take a walk around Merlin X, the musical fountain, the lotus pond, and the sculptors will catch your fancy. Indulge in reading a book or listen to your favourite tracks or spend more time with your loved ones at the Adda Zone on the terrace at Merlin X.

Imagine celebrating at such a party lawn with your friend and family around. A separate Barbeque Zone and a circular sitting area are specially made keeping the party-loving residents in mind.

“Be the Boss” of the Downtown, Kolkata

Connecting prominent localities like Salt Lake, Park Circus, Gariahat, Sealdah railway station, and Netaji Subhas Chandra Bose Airport, the project offers you the perfect balance between work and leisure. Say yes to ‘life, fun and positivity’ owning a home at Merlin X and live life like a Boss.

property in Kolkata
CategoriesReal Estate

Highlighting The Important Things To Remember Before Buying A Property

It is needless to mention that buying a home/property is one of the biggest decisions of your life. Just a small mistake in this can cost you heftily in the long run. Buying a house might also involve taking a good amount of loan, followed by monthly installments out of your income, so you need to be extra careful.