RERA to guide investors in Indian real estate market

Implementation of RERA will be biggest boon for the real estate sector. The sector which was not having any transparency will now be transparent. The developers and real estate agents will be accountable and the entire process of construction and selling will be standardized. The benefit of RERA will help for Indian investors as well as NRI. Let’s look some of the key benefits which RERA brings in Real estate market of India.

  1. Accountability: Earlier developers use to start selling the projects in pre launch without proper sanction plan, floor plans. But this will be checked under RERA. All developers now need to register their project to respective state regulatory authority before launching the project.
  2. Time Update: It is mandatory for developers to complete the project in the given time frame stated before the launch of the project. If not completed there is high penalty on the developers. Customers can book their flats now and can stay assured that their flats will be delivered on time.
  3. Fund Security: It is mandatory for the developers to maintain an escrow account with 70% of the funds from sales to be maintained in that account. This fund can only be used to complete the existing project
  4. Transparency: It is mandatory for the developers to maintain a website stating all project details in the website like price, specification, completion of the project and all other details related to project.  This same information has to be put in RERA website also. So clients can see all the information related to project before buying a home.
  5. Agents Role: It is also mandatory for real estate agents to register with state RERA to sell flats in a particular project. Agents cannot misguide clients related to project or regulatory authority can impose fine.


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End Users driving growth in Real Estate market of Kolkata

The  end user search for the perfect home is driving the real estate current scenario now. Inspite of the global economic meltdown, national meltdown, the end users of realty are still flocking the projects in search of a perfect home. This trend is very much visible and palpable in Kolkata also. With this current trend in view, the real estate developers of Kolkata have shed their inhibitions of getting into low cost homes and are open now to invest in lands which are even beyond the boundary of the city of Kolkata. Previously, this trend would have drawn much flak, as the middle class population had fewer options of commuting from the suburbs to the central business district of Kolkata. Not now anymore. For the last decade, transportation and communication have improved in Kolkata like never before and is probably the only metro city, not only in India but in the entire world, which has the cheapest and several transportation options from any place within its precincts or even from the suburban areas. The real estate economic growth only survives on the comfortability of all the classes of people in a society and what drive them are the infrastructure facilities. So, when it comes to transportation and communication, Kolkata has surpassed all the other metros in India and has improved many folds, paving way for its real estate developers to even think of building homes in areas which are not very close to its city centers. Hence, very good homes have mushroomed now in the various suburban areas of Kolkata, viz., BT Road (North), Chandpur Champahati (extreme East), Baruipur (South), Howrah (West), with affordable prices keeping in view the low land cost of those areas, various commuting facilities, economic crunch overall, giving a chance to anybody to invest in those areas. So, this is probably the best time to invest in a Kolkata property. Not only because, the prices are low due to the above factors, also because even in an economic meltdown, property investments are always a safer option. The prices and demands for realty never go down and that too in a metro city. Also, in recent times, the Kolkata developers have followed the models of Mumbai, Chennai and Bangalore, and have come up with various offers for their properties namely offering free mid-sized cars to the first few buyers, modular kitchens and free Air-conditioners with flats which are difficult to sell due to their design patterns etc. In this atmosphere, the highest number of buyers that Kolkata is getting is either from the NRI Indians or from people who reside in nearby cities who are making a safe bet here. The demand for home in Kolkata is increasing as a result. The developers have seen in the past few months, that if the product mix is right which means that the location of the property, its design, its facilities and amenities are good, then any project in Kolkata wherever it is being developed, is getting a steady flow of buyers all around the year. Hence, as stated above also, if you want to invest in a property and you don’t have a city preference or your investment instincts are driven by the market scenario and not by sentiments, Kolkata is the ideal destination. It has improved infrastructure, low prices, steady flow of transactions all the time and opportunities galore to re-sell a property at a better price sometime in the future. This is indeed, the right time and place to invest. Kolkata is awaiting many more deals in near future too. Probably, the pre-Puja (festivities) times of August and September will herald many more investors from different parts of this country and also abroad as the best time is the current time.

Real Estate Market Of Kolkata

Kolkata as a Real Estate market is growing year on year. Kolkata has one of the highest desity of population in India. But the city is expanding at a snail’s pace. So this is keeping prices of property very high in Kolkata. The posh residential areas of Kolkata are Ballygunge, Alipore, Southern Avenue where the property prices are touching sky. While the other part of city is finding it difficult to hold the prices of last year.

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