How And Where To Buy Inexpensive Residential Plots In Kolkata?

Real estate markets are in the throes of certain pressing and specific changes in today’s times. Gone are the days when you could actually save up and buy reasonably priced plots to build yourself a dream home. Building a house is something that has become more and more difficult in today’s times. The mushrooming of apartment complexes and enclaves is one reason for this and the increase in professional real estate activity has led to a shortage of land and residential plots for private buyers. Companies and developers usually snap up plots and land units in almost all areas available well in advance. This leads to a plot crunch for buyers who want available land at their desired price point.

Finding or getting hold of residential plots at a reasonable price is next to impossible in today’s times. The Indian real estate market has grown in leaps and bounds since the last few years. Real estate activity has grown hugely on the back of immense demand. The demand supply conundrum still exists these days. Why is this so? In spite of economic fluctuations, the demand for housing is more than the inventory on offer. Though this balance is being reversed in some areas owing to sky high prices, this is still a basic reality that affects prices in turn. Prices are not coming down in most areas owing to ever prevalent demand. Alongside, prices have stagnated at levels which make it impossible for normal buyers to afford them.

Developers have to cope with inventory that remains unsold but cannot do anything to reduce prices. Do you want to buy a residential plot in Kolkata? You may be in for a tough time in normal cases as Kolkata is not a cheap city to buy property and live in anymore. Kolkata real estate prices have appreciated to the tune of 60% over the course of a few years. Real estate prices have now witnessed saturation and prices of plots or residential units are impossible to deal with for the mid and entry level segment. You have to look at your budget first before buying. Most new buyers face a tough time negotiating with brokers, agents and other dealers for the proper price of a residential plot in Kolkata. You need not worry anymore. Here are the best places to find cheap residential plots in Kolkata.

A huge land bank and supply of virgin land at very attractive rates has led to residential plots becoming the newest fad in the city of joy. All throughout the last quarter, people have been looking at investing in residential plots even in the outer and peripheral regions of the city. Investors are looking at snapping up residential plots owing to the huge land bank in the overall region. There are multiple residential plots which have been listed for sale and their prices range between INR 1 lakh to INR 5 lakhs in Kolkata. Sizes of these plots vary between 720 square foot and 2160 square foot. According to contemporary statistics, a 720 square foot plot can be purchased for INR 1 lakh in Joka. Garia is another region where prices are the same and INR 1.9 lakhs is the price for a similar sized plot in Barasat. Diamond Harbor is one area where you can find the same size within a price of INR 3 lakhs to INR 4 lakhs.

At Sakker Bazar, you will get a 1440 square foot plot for about INR 3.5 lakhs. If you look at areas like Thakur Pukkur, you could also purchase a similar sized plot for approximately INR 2.5 lakhs while a similar sized plot in Baruipur would cost you around INR 4.5 lakhs. A similar sized plot in Barasat would cost you around INR 5 lakhs. A plot of this size would come at INR 2.6 lakhs and the prices would be around INR 3.6 lakhs for a plot in Behala. There are 720 square foot plots in Amtala and Kalyani which come at anywhere between INR 3.5 lakhs and INR 5 lakhs. These plots are south facing plots and also face the major roads. If you can increase your budget over the INR 5 lakhs mark, you can get a really good deal even in areas like New Town.

Alongside, there are two kottah plots which work out to around 1440 square foot on an average. 2 kottah is the maximum size that you require for a plot to be sanctioned in Kolkata and this is something that you have to keep in mind while planning to purchase residential plots in the city. Alongside, you can actually get plots which still sell at low prices of INR 1.25 lakhs for every kottah. This is seen in areas like Rajarhat, Diamond Harbor and Joka. Appreciation of prices will be taking place soon with the expansion of transport facilities, infrastructural development and upcoming metro access. You should invest in a residential plot now in order to avoid hefty rises in prices that are a general norm in Kolkata.

Location is the major bulwark of all real estate development and in areas like Barasat, you can get huge returns on your investments. In about five years, you can expect appreciation up to two times the value of any residential land. New Town has also seen an increase in the rates of residential plots. Connectivity will also be enhanced in areas like Diamond Harbor and Joka over the next few years and returns on investment will be up to three times on the price you paid initially for any plot. Middle income groups opt for construction and development after purchasing residential plots. On the other hand, high income groups usually invest in these plots and sell them off once prices increase to viable levels.

In comparison to share market investments, investing in these plots would actually be a good solution. These are upcoming prime locations and still offer residential plots at low prices. If you have a low budget and are looking to buy a residential plot, do not wait any further! 

Innovation- The Added Factor In Mumbai Real Estate

The Indian real estate industry has Mumbai as its hub of innovation. Migration of people from various parts of India, lack of space and increasing property prices have driven Mumbai’s property market to constantly innovate in every new project. This factor is solely responsible for keeping the real estate market in Mumbai moving.

The country head of Imperial Servcorp, Taranviir Kaur has said that innovation is the process through which enhancement in value can be achieved in commercial activities by introducing new or better goods and services and organizational and operational processes.  It acts as a significant factor for enhancing competitiveness, improving market share and quality along with lowering of costs. With changing market dynamics and business, the resources being pumped into business should also change. A good innovation is the introduction of virtual offices. It gives a corporate existence in the Indian CBD and flexibility for working from anywhere. It keeps overheads low and helps the corporate focus on sales. Trade experts belie that the process of innovation is ongoing over product development- construction, design and delivery. Technology is being employed extensively for making new benchmarks; projects are being styled bearing in mind environment friendliness and customer expectations. Therefore, no single factor can be emphasized upon. The process is complete and ongoing. Because of customer demand, real estate in Mumbai is coming up with newer technology and design. Compared to other metropolitan cities, Mumbai has the highest shortage of space which is why all builders are emphasizing on space based solutions.

Rajesh Krishnan of Brick Eagle Group has explained that builders are developing properties in the form of townships on the periphery of the city because it is more economical. Khopoli, Panvel, Karjat and the EMD or Eastern Mumbai District are hotspots for real estate development and they will benefit much due to the Delhi-Mumbai Industrial Corridor and the 12 lane multimodal highway from Virar to Alibaug projects.

Financial aspect is one of the key reasons for innovation where the entry point is being kept fairly low at 10 to 15 percent and builders also offer several schemes where buyers will have to pay less. Parallel funding also aids financial innovation and provides support for the growth of the real estate market. Discounts are one of the most common innovations in the market for real estate.

CFO and COO of the Wadhwa Group, Srinivasan Gopalan has said that all good developers are trying to innovate in some form or the other. Green projects, solar panels on the roof top and theme related styling are some of the innovative aspects that are being implemented much in real estate projects. Swimming pools were considered to be luxury earlier but nowadays they count as necessities. The parameters of innovation keep changing with time. A branded developer pays more heed to innovation than a non-branded one because they need to make sales and compete with other builders regularly. Lesser known developers cannot provide such amenities to customers. The models of innovation offer wider choice to customers as they can decide to pick a greener home with more amenities. Security is at its zenith and mechanization is there in everything. Modern facilities are being used to customize apartments according to requirements. Some 5 star hotels are also entering the realm of real estate and they are developing property in the form of service apartments. Some of them are also tying up with top rated hospital for providing 24 hours medical assistance to buyers.

Innovation In The Mumbai Property Market

The real estate market in Mumbai is much cluttered and much expensive compared to other metropolitan cities. This is the very reason why innovation is required because as commerce and population expands, faster modes of transport are required. President of Marketing at RNA Corp, Surjit Singh had explained that property market in Mumbai is unique in its own fashion. It cannot be compared with any other market as it has its own set of challenges. The challenges faced by the market make it more difficult to improvise and provide value to customers. Customers have become very demanding in their own way.

Development of something totally new or improvising on what currently exists is the essential ground work for innovation. Both builders and buyers are benefitted in multiple ways. Some of the innovations result in efficiency and better value, while some others can improve the living conditions and convenience. Automation of homes can spell savings and improved use of technology in security, apart from better style and convenience.

Tips for buyers to decide the premium value that corresponds with the innovation

Experts are very sure that Mumbai cannot go wrong in terms of innovation ever. One of the innovations, which is a good value for money to buyers is mechanised parking. Branded developers have the ability to provide such innovations which are technologically advanced. Buyers can recognize their wants and needs and match accordingly with the property options available to them along with the supportive facilities available with the alternatives. Innovations do not necessarily add cost to properties. On the contrary, they can bring down property prices owing to the use of modern technology. A premium is charged only if the input costs are impacted.

For selecting the property after evaluating the premium for innovation, Srinivasan has suggested that buyers should assess the property first and then the facilities provided. Keeping both factors in mind, buyers should take a decision regarding the property. Developers quote prices according to their condition of the market. Therefore, there will not be much shift in prices, except 2-3 percent give or take.

To be on the safe side, a buyer should judge his own budget and then take a decision about the suitability of the property. Properties that are near office areas are bound to be more expensive as residents would not need to spend much time commuting. Moreover, they would have other amenities such as restaurants, departmental stores and parks etc. nearby which are much important for quality living. 

Buying Property In Kolkata Within INR 30 lakhs!

Kolkata is one city which has never quite ceased to develop and grow at a rapid pace. This is especially true for the real estate market present in the city. Kolkata’s real estate market has grown in leaps and bounds over the last few years. Alongside, demand has been fueled by NRI investments, growing infrastructure and amenities in particular areas, thereby increasing prices for particular areas. Prices have risen to unfathomable levels in Kolkata. Experts estimate the rise percentage at 60% which is enviable if you take other metro cities into consideration. Alongside, affordable housing in Kolkata is something that is restricted to some particular areas. Kolkata has witnessed massive development and growth over the years. Are you looking for a home in Kolkata within the INR 30 lakhs bracket? This is considered to be quite tough taking present circumstances into consideration.

Kolkata is witnessing a stabilization of real estate prices and demand surprisingly continues to be quite high with regard to the premium and luxury housing segment. Alongside, demand is quite restricted in particular areas owing to the unaffordability of housing projects. Developers are left with unsold inventory in some areas while some areas have witnessed price surges owing to limited supply and high aspirations of a growing breed of high net worth individuals. This leaves the mass with fewer options apart from affordable housing projects situated in suburban areas.

As a result, finding homes within a particular price point in Kolkata continues to be a problem as mentioned above. Thus, finding a home within the INR 30 lakh bracket can be a headache if you do not know where to look. Yet, there are some areas where you can actually find such properties. Is this even possible? Belghoria is one such area where you can find homes within this budget range. There are a plethora of residential properties available in these areas and many more are slated to be available in the future as well. Right near the Belghoria Expressway, there are multiple properties that are both accessible and affordable. The budget range mentioned, will offer you many options as well.

There are multiple residential complexes that are being built in this area in large numbers. There are various amenities on offer as well including security systems, car parking and community centers which promise to enliven the overall experience on offer. Many of these structures are already ready for possession and many other projects will be offering possession to customers later in 2014 itself. Belghoria can be a good option for you within this budget owing to all these facilities and seamless connectivity options. Public transportation facilities are immense with close proximity to the Sealdah railway station which is a major hub of Kolkata. Alongside, this railway station connects residents to other areas of the city. Residents can enjoy this convenience within an affordable price point.

Alongside, INR 2716 per square foot was the average capital value of properties in this area going by the figures of the last quarter. End users can also put up investments in this area even though the scope of price appreciations is quite low. This is mainly owing to the stagnant developmental activities of the surrounding or adjoining areas. This is what keeps prices low and they will not be rising in the near future as well. Connectivity is a major plus point of the area, as mentioned. This should be an attractive option for investors as a result. Another locality which is very well connected is Bablatala. This locality has metro railway connectivity, medical facilities and educational and retail options within a 2.5 kilometer radius. The proximity to the Kolkata airport is another huge advantage for home buyers who need to fly frequently.

There are multiple projects being carried out in this area courtesy small scale builders who are available in large numbers. Possession activities will be taking place later in 2014 or even in early 2015 as well. According to available data and other statistics, properties had an average value of INR 2933 per square foot in the period between October and December 2013. Alongside, these prices witnessed an appreciation of close to seven percent in that very quarter itself. According to a business partner at Pillars Consultants, Manoj Jaiswal, home buyers like this area owing to the high developments and the proximity to main roads.

Easy availability of city buses ensures greater connectivity to prominent office locations. Conveyance can be availed at almost any time and proximity to the airport is another major factor in its favor. These aspects have heightened the appeal of this hitherto unsung area for real estate development. Rajpur Market is another area which has plenty of options as far as ready to move and under construction properties are concerned. The area has social, civic and other infrastructure within a distance of four kilometers. Area accessibility has been heightened through the Eastern Metropolitan Bypass. Public transport is frequently available and there are premium projects from Mayfair Developers which are already ready for possession.

Some of these projects are still in the development phase and possession will be handed over in the early part of 2015. These projects come with all necessary amenities which include water facilities, swimming pool areas and seamless car parking as well. Alongside, the average property prices tend to be in the range of INR 2552 per square foot in this area. Maheshtala is another area which is dominated by mid and small level builders. Eden City is a landmark project in this area and possession is already being given to buyers.

Surrounding infrastructural development has kicked off and should be majorly boosted by the BBT Flyover which will connect the area to Taratala and other southern areas. There are markets available nearby for residents in this area along with all other standard necessities. INR 2785 per square foot was the average price of property witnessed in this area. Kolkata offers multiple places to purchase property within a budget of INR 30 lakhs. Make the most of it now before prices rise any further!