Real Estate - Propshala

202124MayMay 24, 2021Real Estate

This Is How COVID-19 Has Impacted The Real Estate Market Of India – A Must-Read

After the nation was hit by the first wave of COVID-19, just when it seemed that the revival of the real estate sector was not far, the country was hit by the second wave of Coronavirus in a more deadly form.

So, without delay, let us look at how COVID -19 has affected the scenario of Indian Real Estate.

The positive impact of COVID -19 on the Indian Real Estate Sector is–

Home affordability has increased – While RBI has kept its repo rate unchanged at 4%, softening of home loan rates to as low as 6.65% annual interest has been a driving force to re-engage buyers in the real estate market. This is in contrast to the average home loan interest rate of 8% in January 2020, which is a big relief for existing buyers who have to cope with job loss and wage cuts yet manage their EMIs. Moreover, low property prices coupled with attractive offers from cash-strapped developers have helped boost demand for residential property.

Digital Adoption by Real Estate Industry – In an effort to recover from the blow of the pandemic, real estate agents have turned their attention away from traditional approaches and started using digital business strategies to market their properties or launch new projects. With no physical tours available during the lockdown, buyers are discovering new homes using virtual tours, drone footage, video calls, etc.

The Negative Impact of COVID -19 at Indian Real Estate Sector is –

A near-stop situation for construction activities – With the imposition of international trade restrictions due to COVID -19, India’s availability of manufacturing materials and equipment has suffered a huge setback as China happens to be our nation’s main supplier. To make matters worse, workers from many under construction sites have returned to their hometowns. Both of these factors have negatively impacted the scheduled delivery of real estate projects, causing them to be delayed by at least 4 to 6 months. It has also increased the overall costs for the developers.

Reduced demand for business premises – With the intention of curbing the spread of Coronavirus infection, businesses had no choice but to announce remote working for practical and safety reasons. Thus, work-from-home culture became the new normal. But the concept of remote working has proved detrimental to the growth of office space rental companies, as businesses and co-working providers further shelved their expansion plans in the wake of the pandemic. It has been reported that net office space leasing has declined to about 35 lakh sq ft in Jan-Mar 2021 from about 70 lakh sq ft in the corresponding period of 2020.

What does the future look like for the Indian Real Estate in 2021?

It was expected that 2021 would be the year of recovery for Indian Real Estate Market. However, the recent lockdowns and restrictions on construction activities have forced investors to maintain a cautious mode. However, once the situation is under control and the rate of infection is brought down, the enthusiasm of buyers to own a flat/house will skyrocket as people have realized over time the importance of the sense of security that owning a house brings. But the pace of revival of the real estate sector will depend solely on how India deals with the second wave of the deadly pandemic.

Final reflection

There is no denying the fact that COVID -19 has adversely affected numerous sectors of the economy, including the Indian real estate market.

However, if you are a financially stable investor, you should take advantage of the recently lowered interest rates on home loans to make a valuable investment in a real estate property in Kolkata.

202124FebruaryApril 1, 2021Real Estate, Buying Guides

How To Choose The Right Builder For Your Home?

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.

Experience:

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.

Prior Successes:

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.

Ongoing projects:

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.

Accreditations:

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.

Banks collaborations:

Most builders tie up with banks for offering services like home loans. Projects approved by banks, especially Nationalised Banks are comparatively more reliable.

Budget:

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.

Flexibility:

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.

Quality checking:

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.

Post-Service Terms:

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.

202110FebruaryApril 1, 2021Real Estate

Real Estate Investment In Kolkata- Why And How To Invest

The words Real Estate Investment can’t just be used in a passing conversation. Nor, does it sound like something people would deliberately want to chat about. It comes with a sense of load that none of us is willingly to take.

However, be assured it isn’t as daunting as it sounds. By the end of this reading, you will know what is real estate investing and how to invest in it.

It is said that the rate of property appreciation is on a rise, that is beneficial is you are looking at refurbish, reselling or renting. And if you are not, PropShala lists the most lucrative opportunities out of all Real Estate Properties in Kolkata for you to choose from.

Sound decision making will help you invest in what is best for your requirements. You can find all the required information pertaining to a property in Kolkata on our listings, however, to double-check follow the below-mentioned process and invest in what is best for you!

Why Invest in Real Estate-

Extra earnings in the form of Rental Income- Would you ever say no to an opportunity to increase your earnings ethically? Property value increases over time so the value you rent it out for will be more than what you had invested initially. The difference is your extra earnings.
Value appreciation and profitability- Value of land and property tends to increase over time and with a good investment the scope to profit increases.
Tax Benefits- Numerous tax benefits and deductions are provided by the government for you to cope with during Real Estate Investment and even after that.
Leverage- You get the house upon paying a certain percentage of the entire amount, called the down payment. The life of payment thereafter is stretched and you get that benefit along with getting a house.
A home to call your own!

How to invest in Real Estate Properties in Kolkata-

Identity where you stand financially- It is a one-time costly investment so you don’t just have to know your current affordability but also analyse where you might stand in the future. Make sure you have a good credit score or works towards upscaling it. More customer-friendly lending processes and government benefits will assist you here.
Depending on step 1, choose your investment strategy- Be clear on the purpose of your purchase. Your strategy needs to be an educated pick. Evaluate all related circumstantial factors before boiling down to one. Know what is valuable for you because requirements are quite subjective.
Property Selection- You need to perform prior research to ascertain a suitable locality for buying property. Your research must consider factors such as Price, Locality, Specifications of a property among others. Availability of transportation, amenities in the vicinity, like schools, hospitals, shops have an influence on the worth of the property and should also be considered while making investing decisions.
Be conversant with your Agent- Know before you own. We trust the properties listed on PropShala as well as its listers, find answers for all your property-related questions.
Create maximum utility of your investment- Value of a property appreciates with time and can you maximum returns if kept in good shape. Remember to treat it as an investment and not an expenditure.

Also Read: Highlighting The Important Things To Remember Before Buying A Property

Real Estate Investment in Kolkata is generally a lucrative venture, however, it is not always risk free. Legal hurdles and disputes are common in India.

That being said, considering the government’s motto of Housing for All and PropShala’s efforts towards getting you the best real estate property in Kolkata, we are sure you can find what you are looking for with us!

202104FebruaryApril 1, 2021Real Estate

Impact of Union Budget 2021 on Real Estate

People are talking about the rising stock prices owing to the Budget Announcement on February 1^st, 2021. Additionally, no one has been able to stop talking of the impact that this budget is having and will have on India’s financial front.

If you are looking for updates on the announcements made pertaining to the Real Estate sector, we’ve got you covered!

The government of India stressed on its vision of ‘Housing for All’ while presenting the Union Budget for 2021.

The key Takeaways from the Budget were –

To help Real Estate Properties, our Finance Minister, Smt. Nirmala Sitharaman has announced that the additional deduction of interest, pertaining to 1.5 lakhs on purchase of real estate property shall be available till 31^st March 2022. Further to promote Real Estate Property Sales, affordable housing projects can avail a tax holiday for another year till 31^st March 2022.

If you are planning to look for a Real Estate Property for Sale this is the best time for you! Infact, PropShala’s range of listed properties in different locations in Kolkata that too on customer-friendly terms is your destination!

The Union Budget also indicates the government’s commitment towards providing Affordable Rental Housing for migrant workers. Not just that, the Union Budget also proposes to allow tax exemption for notified affordable rental housing projects. These measures are a way forward to help in enhancing the business of Real Estate Properties for Sale.

The incentives proposed by the government are said to lead to an increase in buyers of real estate properties in lieu of affordable housing, especially because there is an increasing trend in people wanting to secure their lives by owning a home.

Moreover, more awareness has led to more people coming to terms with seeing owning a house as an investment with a great prospect for gaining returns. As property value keeps increasing, people also have the choice to sell it at a higher rate and gain profits from sale.

The reforms related to other sectors such as infrastructure will also assist in growing the business of Real Estate Properties available for sale. Both residential and commercial housing projects will sense a boost.

While the steps taken to create new employment opportunities and impart affordable housing are a welcome effort towards making the realty business profitable and will also assist in driving more businessman and customers towards the sector, there are a few suggestions that industry leaders have for further improvement.

One consisted demand is for the government to relax income tax norms, by pushing more reforms in GST. Easing liquidity, is another sought after reform. This can be done by increasing credit off-take from banks. While there are reliefs for people buying their first homes, similar tax reliefs on a second home will stimulate the sector and benefit in faster sale of real estate properties.

The real estate sector will flourish with lower home loan interest rates, reduced stamp duty and diminished registration charges. These have a direct impact on the cost of a real estate property thus affecting its sales greatly. It is also believed that the real estate sector should be imparted industry status by the government, considering its contributions and its future prospects.

Self-reliance is a vision which will be closer to being manifested soon when the reforms announced are implemented carefully and more such progressive reforms are introduced.

202128JanuaryMarch 25, 2021Real 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.

202106JanuaryApril 1, 2021Real Estate

An Overview Of The Top Locations To Buy Flats In Kolkata

Kolkata, the City of Joy, is known for its rich culture and heritage. Kolkata is also known to be one of the most affordable property markets in India. Over the past few years, the city has been witnessing tremendous growth in the field of real estate. Unlike the other metro cities, properties in Kolkata are comparatively affordable. The fast-paced development taking place in the city, smooth connectivity, and access to basic infrastructure, are some of the major reasons why flats in Kolkata are witnessing an increase in demand.

202031DecemberApril 1, 2021Real Estate

Reasons Why Properties In New Town Kolkata Have High Demand

While Kolkata’s real estate market is witnessing a fast-paced transformation, the Newtown area in Kolkata is increasingly becoming one of the most favourite destinations for builders. The area has also witnessed some major realty developments over the past few years and also features a well-planned township. Starting from luxurious villas to budget-friendly flats, a wide range of housing options are available in Newtown, Kolkata. It is one area in Kolkata which has successfully attracted many homebuyers from the city as well as overseas.