Those looking to buy flat in Kolkata must know some important things before owning it. Whether you are buying a flat for investment purpose or for residence purpose, the process of choosing and finalising a flat to buy in Kolkata is a crucial decision. The amount you spend to buy a flat in Kolkata may be the savings of your entire life as it requires a hefty amount of money.
In this article, we will discuss 7 important things that buyers need to keep in mind before they buy a flat in Kolkata.
Buy Flat in Kolkata: 7 Important things to Consider
1. Verify the price
Make a list of your needs and look for the residential flat in Kolkata that fulfils certain key criteria to suit your needs as well as your family needs. By doing so, shortlisting of flats will become fast and easy. Once you shortlist some flats of your choice, get a price quote from the developers. Then, compare it with the neighbouring and other properties you have.
2. Location counts, but seeing is believing
Whenever you buy flat in Kolkata, you must take into account the location. Flats are bought with long term objectives and the environment, neighbourhood becomes an integral part of your day to day life. The claims made by the developers may appear very good in papers. However, you should visit the site to see the actual location and its distance from schools, colleges, airport, bus stand, railway station etc.
3. Carpet Area, Built-up Area, Super Built-up Area: Know the difference
The carpet area in a flat can be covered by a carpet. It is also known as the net usable area.
The built-up area is the sum of carpet area and the area of both exterior and interior walls, balcony, the exterior staircase, and other livable areas.
Super built-up area includes exclusive built-up area, common areas like lift, gym, clubhouse, swimming pool etc. Basically, it is the total “saleable area” for which homebuyers are usually charged.
People looking to buy flat in Kolkata should take into account the carpet area of the flat as this is the actual usable area available inside the flat. Real estate developers in Kolkata charge prices on the basis of per sq. ft, so keep this important metric in mind while buying a flat in Kolkata.
4. Calculate Hidden Charges When You Buy Flat in Kolkata
When you buy a flat in a society, there are many additional charges that are levied on the cost of the flat. Since you have already determined your budget in advance, additional expenses would bother you. Some of the most common additional expenses include stamp duty, registration cost, brokerage, loan processing fees, parking charges, gym fees, clubhouse fees, maintenance fees etc. These charges would be approx 10% to 15% of the total price of the flat.
5. Assess Developers Reputation
It’s important to do your research and assess the developer’s reputation. There are hundreds of big and small developers in the city, and not all of them offer the same services. Some have a good track record of delivering quality projects on time and within budget, while others have a history of delays and problems.
Here are a few things you can do to assess a developer’s reputation:
- Read online reviews- This is a great way to get an overview of what other people have experienced with that particular developer.
- Talk to previous buyers- If you know anyone who has bought a flat from the developer, ask them about their experience.
- Check with the Real Estate Regulatory Authority (RERA)- RERA is a government agency that regulates the real estate sector in India. They can provide you with information about the developer’s track record.
6. Consider Project Progress to Buy Flat in Kolkata
On average, it takes 3-4 years for a builder to complete a housing project. This means that if you buy an under-construction apartment, you’ll need to be prepared to wait a few years before you can move in.
However, there are some advantages to buying an under-construction flat like you will get a better deal on the price as well as you’ll have flexibility to choose your unit. Furthermore, you’ll be able to track the progress of the project to ensure the quality and standards.
Of course, there are also some risks associated with buying an under-construction flat. The biggest risk is that the project may not be completed on time or within budget. This could lead to delays in your move-in date or unexpected cost burdens. Another risk is that your developer may go bankrupt even before the project is completed.
7. Calculate Returns on Investment When You Buy Flat in Kolkata
Investment in real estate is one of the best option to build wealth over a period of time. And, Kolkata has a strong real estate market with good potential for investment returns. Here are a few factors to consider:
- Purchase cost: This includes the down payment, closing costs, and any other fees.
- Current home loan rates: This will affect your monthly mortgage payments.
- Rental income yield: This will depend on the location, size, and amenities of the apartment.
- Property taxes: This will vary depending on the location of the apartment.
- Maintenance charges: This will also vary depending on the age and condition of the apartment.
Once you’ve considered all of these factors, you can do a cost-benefit analysis to see if the investment makes sense for you.
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