Is it the right time to buy flats in Kolkata?

flats in Kolkata

The decision to buy a flat is never easy and must not be taken overnight. Though one can never be sure of the right time for buying the best Residential flat due to the complexities involved, it can turn out to be helpful when someone has prior knowledge about the market dynamics. You should plan your purchase in such way so that you can get Affordable Residential Apartments and not even be financially overburdened.

With current global pandemic existing, the end users of realty are still flocking the projects in search of a perfect home and this scenario is very much visible in Kolkata as well. So, when it comes to transportation and communication, Kolkata has surpassed all the other metro cities in India and has improved many folds, paving the way for its top real estate developers to even think of building homes in areas which are not very close to its city centres.

1. Real Estate prices hit rock bottom

The Corona virus pandemic is acting as a catalyst to the real estate market downturn. The current scenario has led to a significant drop in real estate values as well as mortgage rates in the short term for the market in Kolkata. Instead of fearing this market or what may happen in the near future, one is recommended to acquire property in the best Residential Complex.

2. Low Rates of Interest

In these difficult circumstances, there is a vast chatter on affordability and liveability. 10 years back, home loan rates were in excess of 12% but now the Reserve Bank of India has slashed repo rates by 115 basis points ever since the lockdown has begun, which is an amazing news for home loan borrowers who wants to purchase their dream residential apartment. Interest rates have now descended, thereby reducing EMIs and making home ownership increasingly affordable, EMI has gone down to almost 7.5% . With the interest rates being at all time low, it allows the buyer to have considerable amount of savings and one could look at a larger, spacious home without any increase in EMI outflow.

3. Realization to own a Home

Living in the unprecedented time of Covid 19 pandemic, there is a growing sense of understanding and acceptance of the fact that home ownership brings stability and security for family, when compared to other investment options. Now, when people are grappling for jobs and security, having an affordable flat of your own in one of the best residential complex and not having to pay rent is way more secured. In an economic meltdown like this, investing for a new flat in Kolkata will always be the best and safest option for you.

4. Safest Investment

Buying a real estate property is the safest investment for the reason that the emotional satisfaction of having your own home is inherently very strong. Keeping in mind the fact that Indian real estate market’s recovery phase has already begun and is hitting rock bottom at this point of time. Investing for the best residential projects will most likely fetch you with good returns in the long run, aside from providing you with a roof over the head for generations to come. It can also generate regular and stable rental income for you with 100% certainty and will keep increasing along with the capital value of your home.

5. Safeguarding Buyer’s Interest

The Real Estate Regulatory Authority (RERA) Act has helped in improved accountability and transparency of the real estate marketplace. RERA set out a deadline for the completion of projects, has forced developers to revisit their business models. Since RERA’s implementation, real estate players have shown seriousness in terms of project completion. This has increased buyer confidence to a great extent. With the RERA in place for over a year, the market has seen a surge in demand for all real estate categories, be it ready to move in homes, under construction properties, or newly launched units.

In Kolkata, Housing Industry Regulation Act (HIRA) has dramatically improved transparency in the Kolkata property market and has been efficiently handling the system to protect the interest of consumers.

Thus, in consideration of the above points, you can clearly understand that it is the appropriate time to get your own flat in Kolkata or any other place you wish and have lifelong security for yourself and your family.

About StarOm Millenia

StarOm Millenia is a premium G+12 High Rise project on B.T Road, North Kolkata. The focus is to create a property with well thought out architecture, a unique design aspect and quality spaces which suits various consumer segments.

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