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This is the right time to invest in Kolkata’s New Town. Here’s why

The real estate market in Kolkata has witnessed tremendous change. Property investments in Kolkata were quite stagnant a little while ago, however, they have picked up and how.

Investors and home-buyers are eyeing Kolkata as a lucrative destination. Owing to robust infrastructure development, Kolkata is becoming one of the hotspots for real estate boom. Besides, the prices of properties in this region are quite realistic and buyers are showing genuine interest.

One of the areas that is luring the end users in Kolkata is New Town. It consists of areas of two erstwhile villages Rajarhat and Bhangar, which have now been developed into an integrated city with modern infrastructure and amenities. The ‘smart city’ status given to Kolkata’s New Town has created a lot of buzz and interest among the buyers and investors.

And why not! New Town has a plethora of amenities to offer. There will be bicycle and wheelchair tracks, Wi-Fi and GPS-enabled e-transport and bus stops with screens showing when the next bus will arrive.

Dubbed as ‘supercity’, New Town will have e-health clinics, intelligent power-saving LED streetlights with panic buttons, multi-nodal transport hub, cycling tracks, new amusement hubs, solar panels, water treatment plants, ensuring a good quality of life.

The technology-enabled residential hub’s master plan has a township that is bigger than planned Salt Lake city. Also, The New Town is blessed with a 10.5 km of Wi-Fi Zone connecting the Main Arterial Road to the airport on one stretch and to Sector V to the other. This also makes it India’s first Wi-Fi road connectivity. The stretch has already been declared as a green corridor.

Many professionals have started living and investing here as the township also houses IT majors such as TCS and Wipro. Kolkata New Town also has renowned schools, which is another plus point for buyers.

With a range of serious buyers ready to put their money into real estate, many developers are coming up in the area, providing luxury housing experience. One of them is Tata Housing, which has done thorough study about the demand and consumer aspiration.

Tata Housing’s ‘Avenida’ at Rajarhat is gaining fast prominence for its connectivity and the rapidly growing IT sector. Avenida draws its inspiration from the deep-rooted colonial urban history of Kolkata city. Spread over 11 acres, the sleek 29 storeyed towers are designed to balance a sweeping curvilinear boulevard, envisioned as the heart of the project. Strategically located, Avenida is built in the heart of all major conveniences including schools, hospitals and other recreational facilities. Tata’s Avenida will feast your senses to vibrant hues of innovations, and open your mind to an expressive magnificence. It has Squash Court, Yoga Room, Jogging/Cycling Track, Cricket Net, Meditation Area, Steam & Massage Room, Kids’ Play zone, Tennis Court, Mini Theatre, Festival Pavilion, Pet Park, etc.

Kolkata’s New Town is indeed emerging as one of the hot destinations. Don’t miss the opportunity.

Here’s what RERA, GST mean for new home buyers

Fed up with delayed projects, ambiguous deadlines, zero accountability and lopsided transactions, buyers in the Indian real estate market were becoming quite sceptical before investing in any property.

However, home buyers heaved a sigh of relief after the Real Estate (Regulation and Development) Act, 2016 (RERA) and Goods and Services Tax (GST) were enacted.

RERA is an important step for the revival of the real estate sector. It was necessary to revive confidence of the key stakeholders in the realty space. Meanwhile, GST, too, is an unprecedented step, as it will ensure transparency in the real estate sector, lowering down unscrupulous transactions. It will bridge the gap between supply chain management processes.

Home-buyers have benefitted from both the legislations and will reap the benefits. Here’s how RERA and GST will now give power in the hands of home buyers

RERA

Developers, property brokerage houses, brokers and agents have to register under RERA now.

Under RERA, a developer will have to transfer 70% of the money received from the home buyer to an escrow account. This money can only be withdrawn as per the stages of construction, approved by engineers and CAs of builders.

One of the important aspects of the RERA is the legal framework. RERA provides unified legal framework for buying flats and in case of any complaints, the applications have to get disposed within 60 days.

Also, a builder now cannot charge you for anything other than the carpet area and will give a warranty of five years in case of any structural defect.

Coming to transparency, developers have to make timely disclosures on the progress of the projects and declare right title and interest on the land.

If any developer fails to comply with the RERA norms, they will have to face penalty up to 10% of the project cost.

GST

GST has removed a slew of hidden taxes, helping home-buyers. Although the tax slab is 12% for real estate, developers cannot levy any other tax.

Initially, VAT and sales tax were added to the cost but were never reflected in the transactions.

Meanwhile, the government came out with anti-profiteering clauses to ensure the input tax credits that builders claim will be passed on to buyers of houses who get possession after May 1. This means, home buyers will only bear the GST.