|Buying Property Tips#1: Choose the Right Location|
|Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.|
|Buying Property Tips#2: Study the Local Market Dynamics|
|It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.|
Kolkata is the hub of commercial and economical activities in eastern India. It is also the realty souk of the same. The following article takes a look at the city's real estate market with special reference to Pailan
The capital of India, during the British era, Kolkata was considered the hideaway to India. Years down the line, this Indian megalopolis is home to more than 15 million people. Popularly known as the cultural capital of the country, of late, Kolkata has experienced a lot many changes, especially in terms of groundwork. The arrival of the Information Technology has refurbished Kolkata's real estate market and slowly the city is following the footprints of cities like Gurgaon, Bangalore, and others.
Commercial and the most significant city of Eastern India, Kolkata can be divided into three main zones-Central Kolkata, Eastern Kolkata and Southern Kolkata. Most of the developments related to the property market have been concentrated in these localities. Some of the top localities of Kolkata are
- New Alipore
- Rajarhat/New Town
- Salt Lake
Apart from these there are many other localities that are booming with real estate projects especially in the residential real estate segment.
Population has a huge role to play in the development of the real estate market of an area. The same trend was also seen in Kolkata. As population began to increase, especially due to migrant workers, the city's demographics underwent a lot many changes.
|Buying Property Tips#3: Choose the Right Property|
|Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.|
|Buying Property Tips#4: Do the Math Properly|
|Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.|
|Buying Property Tips#5: Consider Additional Expenses|
|When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.|
Economic as well as social factors have also contributed much for the expansion of the city over a period of time. Spatial expansion may be attributed to pull forces which gradually transformed the surrounding rural settlements to new town areas and emergence of Kolkata Metropolitan Area (KMA). In order to accommodate the teeming population and reduce the pressure on the main city, the suburban areas began to be developed which in turn had a positive effect on the city's real estate market. After the country's economic liberalization, several townships began to be developed in owns like Asansol, Burnpur, Durgapur, Kalyani and others. Even residential areas in and around Kolkata began to be developed. Neighbourhoods near south Kolkata were some of the main areas that were developed.
Among them, old existing localities like Behala, Bansdroni and others saw a huge boom in the realty market and thus the residential property market witnessed an explosion that affected property prices in a positive way. Behala is one such neighbourhood that has witnessed a huge growth in terms of real estate investments. The area's geographical outlook has undergone a complete change since the realty boom. Once a laid-back teeming with the old-world charm, the locality has undergone tremendous changes with high-rise buildings dotting the skyline.
Another area that is coming up in a big way in the Kolkata realty market are areas surrounding Pailan. Located within the outskirts of the city, the area is being completely developed by the Pailan Group. A big name in the real estate industry, Pailan has almost changed the landscape in the areas surrounding south Kolkata. Commercial as well as residential properties in Pailan are now available at a goos price and the grand township of Pailan has some of the best properties to fish out in and around Kolkata.
Those who are looking forward to investing in a property in Pailan, can do so as the neighbourhood offers some of the best possible options in both the commercial as well as residential realty segments. Housing plots in Pailan are available from Rs 20 lakhs onwards. With the Joka Metro Railway being functional in some more time, the realty market is bound to record a boom in the forthcoming years.
Because of its moderately priced properties as well as lifestyle, investing in a property in Kolkata is definitely worth as it is bound to yield positive results in the near future.
|Buying Property Tips#6: Inspect the Property|
|To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.|
|Buying Property Tips#7: Pick the Right Financing Option|
|While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.|
|Buying Property Tips#8: Invest through Equity|
|One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.|