Kolkata’s real estate market is active and growing, attracting both homebuyers and investors. Between July and September 2024, the city saw a 44% increase in new home launches compared to the previous quarter, with around 3,100 units introduced. This accounted for 3% of all new launches in India’s top seven cities. With ongoing development and prices still more affordable than in other major cities, many are asking, “Is now a good time to buy property in Kolkata?” If you’re considering it, here are six practical tips to help you make the best decision.

1. Choose the Right Location

When you want to buy property in Kolkata, picking the right area is very important. South Kolkata areas like Ballygunge and New Alipore have good schools, hospitals, and markets. North Kolkata has a rich culture and old buildings with lots of history. East Kolkata, especially New Town and Salt Lake, has many new apartments in Kolkata to buy. These newer areas have wide roads, parks, and are close to the airport and IT companies. Think about where you work, what facilities you need, and how safe the area is before deciding.

2. Set a Realistic Budget

Before you start looking at houses, know how much you can spend. Kolkata has homes for different budgets – from small, affordable apartments to big, luxury homes. 

Remember to add extra money for registration fees, stamp duty, and other costs when you buy property in Kolkata. These extra costs can add about 8-10% to your total spending.

3. Complete Thorough Legal Verification

Many people have problems later because they don’t check property papers properly. When you buy property in Kolkata, always check these important documents: 

Hiring a good lawyer is a smart move as they can spot problems you might miss. Take your time with this step because it can save you from serious troubles later on.

Vishnu Priya Kolkata

4. Explore Home Loan Options

Most people may need a loan to buy property in Kolkata. Banks like State Bank of India, HDFC, ICICI Bank, and Axis Bank give home loans with different interest rates. When you apply for a loan, you usually need to pay about 20% of the property cost yourself. The bank will give you the rest as a loan. Having a good credit score helps you get better interest rates. So check your credit score before applying. Don’t take the first loan offer you get; compare offers from different banks to find the best deal.

5. Research Builders and New Projects

If you are looking for new apartments in Kolkata to buy, make sure to check the builder’s history. Good builders in Kolkata include Merlin Group, PS Group, Ambuja Neotia, Emami Realty, and Eden Realty. When looking at a builder, check if they finish their projects on time and if they build good quality homes. Try to visit their finished projects and talk to people who live there. Ask them about any problems they’ve had. Also, check if the builder is registered with RERA (Real Estate Regulatory Authority). Buying from RERA-registered builders is safer and more reliable.

6. Understand the Registration Process

After you choose a property, you need to get it registered in your name. This process includes:

This whole process usually takes 1-2 months to finish. Keep all your documents in a safe place and make copies of everything you sign. Getting help from a professional during this process is a good idea, especially if this is your first time buying property.

7. Check for Amenities and Facilities

When you buy property in Kolkata, always check what facilities are included. Good apartments should have backup power, water supply, security guards, parking spaces, and lifts. Many new apartments in Kolkata to buy also offer extras like gyms, swimming pools, children’s play areas, and community halls. Also, check what’s available nearby like hospitals, schools, markets, and public transport. If you have children, the quality of nearby schools is very important. If you work in an office, check how long it will take to travel there every day.  

8. Negotiate the Price

Don’t be shy to ask for a better price when you buy property in Kolkata. Most sellers set prices higher, expecting buyers to negotiate. You can often get 5-10% off the asking price. Point out any problems with the property to help your negotiation. Buying during festival times like Durga Puja or Diwali can be good because many builders offer special discounts. If you can’t get a price reduction, try asking for free extras like a modular kitchen, air conditioners, or parking space.

9. Plan for the Future

Think about your future needs when buying property. If you’re planning to have children or if your parents might live with you later, buy a bigger place than you need right now. Check if the area is growing – new roads, metro stations, or shopping malls coming up nearby can make your property more valuable. Also, consider whether you can easily sell or rent the property in the future if you need to move to a different city. Properties near good schools, hospitals, and transport links are always easier to sell or rent out.

Conclusion

So, is it right time to buy property in Kolkata? Yes, it’s a good time because prices are still affordable compared to other big cities. The city is getting better roads, metro lines, and other facilities. Whether you want new apartments in Kolkata to buy or older homes, following these nine tips will help you make a good choice. Kolkata’s property market is expected to grow in the coming years, making it a good place for both living and investing. For trusted guidance and the best property choices, reach out to SR Properties, your reliable partner in Kolkata real estate.

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