June 2023 - Realtech Nirman

Understanding Housing Trends in Newtown Rajarhat, Kolkata

Buying a house is a dream for many of us. It is crucial too because it directly impacts our family life, living style & our social life. So we all have our own choices & preferences for homes. These preferences get changed on the basis of budget, lifestyle or working places. For example, if you have a higher budget & you want to live a calm & waveless life; you want to avoid the hustle and bustle of the city then a house on the outskirts of the city is perfect for you. However, if you are working & want accommodation in the nearby location of your workplace then a flat in the middle of the city is the best for you. In both the choices, the price point will be different & there will be a certain amount of pros & cons too. In this blog, we will focus on the recent housing trends in Kolkata & the reason behind this trend.

What are the housing trends in Newtown?

It is a clear fact that Kolkata buyers prefer flats over houses. It has been shown in data that the Jadavpur area of Kolkata (one of the popular places among buyers has many standalone properties. However, the buyers are not interested in those properties. They are clearly interested to stay in well-decorated, well-developed flats which have all the amenities for life.

On this topic, it is important to mention that the 2BHK flats are the most popular among Kolkata buyers. Although it can be different in other cities in India. However, the love for flats is common among buyers of India across the country. Data has shown that 50% of Indian buyers prefer flats over any kind of housing.

Housing trends: What are the reasons behind this choice?

Budget & amenities:

Budget plays an important role in real estate. Buyers are getting flats in reasonable amounts whereas the standalone properties are always on the higher side. Although if the amenities are high-end then buyers get convinced to pay a higher price even. However, standalone properties come with very limited amenities. On the other hand, flats/residential apartments have every kind of amenities for life. For example, Realtech Nirman Group has many projects in the Rajarhat area such as Rajmahal, Rajvansh etc. They have a swimming pool, community hall, high-end security system, parking space, 24*7 power supply, water filtration plants, and gymnasium inside it. A standalone property would never have this kind of amenities until it is a bungalow and if it is a bungalow then the price will be too high. So in a nutshell, buyers are choosing a comfortable life on a budget.

Suits the lifestyle:

The world is running & we have to chase it with its speed or else we will lose the game. So, in this fast lifestyle, you cannot sit at home to protect it. In most of the standalone properties or houses, you have to protect them. This can be hectic while in the flats, they have high-end security systems, 24*7 security guards etc. Now you can roam around the world without any stress.

On the other hand, the maintenance of a house can be a huge responsibility too. Well, in the case of flats, there are managing committees or an individual who takes care of these all. So, it is much easier to handle and suits the fast lifestyle.

Easy home loans:

It is easier for buyers to get a loan for a flat than for a house or a standalone property. Many times builders take loans for the projects, so, banks already have a clear idea about the property. At the same time, builders pay significant attention to legal matters for easy transactions. In short, buyers get bank verification easily while in the case of houses, banks require a significant amount of time to go through all the details. So, if you are thinking about taking a home loan, flats are the best option.

Future of the property:

Real estate is one of the best investments. You can sell it in the future at a higher price. For example, if you are buying a property in Rajarhat today, it is a future investment because the state government is making Rajarhat a smart city. Kolkata is growing every day and Multinational companies have offices nearby to the Rajarhat. So, the demand will only increase. However, it is the opposite in the case of houses or standalone properties. Buyers are not really interested. So, if you are thinking about the future, invest in a flat.

Dreams matter:

We all have a lot of dreams for our homes. We all want to decorate it in our own style. We want to plan every corner of the house. Well, to fulfil this dream, if you buy a plot & start making a house, it will take a lot of time & effort. The process needs intense attention & is really tiresome as well. So, it is best to invest in an under-construction property. In this way, you can fulfil your dream while managing your career. To save the interests of the buyers the government has introduced rules such as RERA. This rule ensures that the builders have to complete the projects on time or else they have to pay a penalty.

Location:

As I have already said, we are living in a fast world and we have to make a balance with it. It is important for us to get a house in the nearby location of the workplace. It helps in reducing the time in travelling and helps in the daily hustle. So, buyers are trying to get a home in the heart of the city. However, as a house needs a lot more space than a flat so most of the houses or standalone properties are located on the outskirts of the city. This is demotivating the buyers and they are focusing more on flats which are situated in the heart of the city.

Community matters:

Humans are social animals. We cannot live without a society or community. So, it is important for us to have a proper community. In the case of houses many times we don’t get a desired community because we don’t have any control over it. However, this is just the opposite in flats or apartments. It is obvious & expected that a bunch of like-minded people will buy apartments at a specific place. Many times, they share their working place as well. So it helps in building a proper community among people and impacts positively our mental health.

Housing trends: What is available?

Well, it is said that flats are easy to find but finding a well-decorated, well-built, fully legalised yet reasonable property is not easy. So here is a list of apartments which are reasonable & have all the amenities for life.

Rajokiya: 2 & 3 BHK Flat In Kolkata

Rajokiya is a project of Realtech Nirman Group. It is located in the Rajarhat area of Kolkata. It is just a few km away from Bellevue Hospital, TCS, Ecospace, IIT Kharagpur etc. at the same time, it has all the amenities for life such as a community hall, gym, swimming pool, 24*7 power supply, water plant etc. you can get a 2 or 3 BHK flat here starting from 23 lakhs only. It is important to mention that Realtech Nirman pays a significant amount of attention to legal matters. So, if you are thinking about a home loan it will be easier for you.

Rajmahal: 2 & 3 BHK Flat In Kolkata

Rajmahal is another project by Realtech Nirman Group and it is also in the Rajarhat area of Kolkata. It is also just a few kilometres away from the railway station, working places like Ecospace, DLF Park etc. It also has colleges like Amity or Aliah in the adjacent area. It has all the amenities for life such as a swimming pool, community hall, gym etc. The price range for 2 or 3 BHK flats in Rajmahal starts from 24 lakhs.

Some common FAQs related to Housing Trends:

Can I get a standalone property in the Jadavpur area?

Yes, you can. You can get the desired standalone property in the Jadavpur area at a reasonable price. To buy that property you can connect with Realtech Nirman Group any time you want.

Housing Trends: Are flats more reasonable than houses?

Yes, lats are far more reasonable than houses. Flats are not only reasonable the term of price, but it is also far more comfortable for life than houses. For example, you can get amenities such as a swimming pool, community hall, and 24*7 power backup in an apartment. However, in a house, you will never get this kind of amenities. If you have a much higher budget only then you can go for a bungalow or villa and then you will get this kind of amenities.

Housing Trends: Can I get a flat in the adjacent area of my office?

Obviously, you can. Builders are trying to increase the number of projects in the heart of the city and in the nearby places of the offices to increase the sales rate. So it is much easier now to get a flat at your desired place.

Final words: Type of the property is all about buyers’ convenience. However, I think this in-depth analysis will help buyers to select the right property for them.

Flat vs Apartment: Difference between flat and apartment

At first glance, the title of the blog Flat vs Apartment may shock you because most of the time, we use flat & apartment as synonyms. However, there are some differences as well. The difference is not only in the meaning, they are different in the real estate aspect as well. So, in this blog, we will focus on the differences and which one can be better for you.

Flat vs Apartment: What is a flat?

The word flat mostly gets used in the UK or the rest of Europe as well. According to the UK English flat means a home. The root of the word “flat” is in Old English and according to the Old English it means ‘flett’ or ‘a dwelling, hall; floor, ground”. This means “flat” is a floor or a part of a floor of a building which is set to be used as a residence.

Flats are generally on only one floor. In the Oxford Dictionary, it has been described as “A set of rooms forming an individual residence, typically on one floor and within a larger building containing several such residences.” So, basically, flats are single floors and mostly contain one to three rooms along with a kitchen and a bathroom. There are many countries where only the lower income families stay in the flats because it consumes a lower amount of space and comes within a budget.

Flat vs Apartment: What is an apartment?

The root of the apartment is in the Italian language. In the Italian language, it is ‘appartimento’ and it means ‘private rooms for one person’s or a family’s use in a house’ or ‘a place separated’. The word apartment is common in the United States. They usually call it a ‘condo’ or ‘apartment’.

The Oxford Dictionary has mentioned that the apartment can have multiple storeys in it and multiple rooms as well. It can be used to spend holidays.

Above these are the definitions only, I think the differences will be more clear in a table format.

I hope the definitions and differences are clear. Now it is the time to focus on the pros and the cons of Flat vs Apartment. There are a certain amount of pros & cons of everything so it is important to focus on those before you invest.

Pros of having an apartment: Well, let’s start with the pros.

1. The apartments are quite spacious. So if you have a big family, it is suitable for you.

2. Most of the apartments have a large area inside them. So if you love your privacy then apartments are the best for you.

3. Apartments have a large number of residents inside them. So it is quite safer to live.

4. Apartments have a clubhouse, gym, swimming pool, shopping complexes, ATMs etc inside the premises. So your life becomes easier.

Cons of an apartment: Life isn’t all about the pros. So it is important to focus on the cons as well.

1. Apartments are costlier. So if you want something budget-friendly, you must avoid apartments.

2. Apartments are still not common in India. So it will be difficult for you to get an apartment at your convenient place.

Flat vs Apartment: Pros of a flat:

1. Flats are budget friendly and quite common in India. You can have a flat on a budget and at your preferred place. In this topic, it is important to mention that if you are looking for a flat in the heart of Kolkata, you must check the Realtech Nirman group. Realtech Nirman has a range of affordable flats with every amenities of life.

2. If you invest in an under-construction flat, you can choose the interior. You can increase the number of rooms as well.

3. Flats also have a strong security system. Most of the flats have 24*7 security guards, CCTVs and intercom systems to ensure the safety of the residents.

4. You will get a community. This helps in socialising.

Flat vs Apartment: Cons of flat:

1. Flats have a lack of privacy. In case you get a nosy neighbour, it will make issues for you.

2. Flats have a small area inside it. So, it is not suitable for large families.

In amenities Is there any difference between flat vs Apartment?

Amenities are the first thing we look for. We all are looking for a comfortable life. Most of the apartments are luxurious and have high-end amenities for life inside them. However, it is not true that only the apartments have that kind of amenities. For example, apartments have amenities such as a clubhouse, gym, swimming pool, shopping complexes, ATMs etc inside the premises and you can get almost all these amenities in a flat too.

If you invest in a flat from Realtech Nirman group you will be able to get a swimming pool, community hall, 24*7 power supply, high-end latest security systems, gymnasium, car parking, fire protection & water filtration plant too. So it is not less than an apartment in terms of amenities. Moreover, most of their projects are located in the heart of the city. So it will be closer to the workplace or study area and will decrease your daily hustle as well.

Flat vs apartment, which one is better for the buyers?

Well, it totally depends on the buyer and their demands. However, I can mention some important points which will help you choose.

1. Carpet area: Flat vs apartment

Flats have a smaller carpet area than an apartment. Typically flats have one large dining area, one master bedroom, one small bedroom, one kitchen & one bathroom. However, if you invest in an under-construction flat then you can increase or decrease the number of rooms. So it is suitable for nuclear families.

Apartments have multiple storeys inside them and multiple rooms as well. Naturally, apartments are suitable for large families. Even if you want, you can put one storey on rent too. This will make an alternative monetary source for you. At the same time, if you have a large family and you love your privacy, apartments are best for you. You will live together with personal space.

2. Privacy: Flat vs apartment

Privacy is always an issue for flats. Most of the time there are only two rooms in a flat so if you talk loudly, it will disturb your whole family. At the same time, other flats are adjacent. Additionally, nosy neighbours have always been an issue for flats.

As I have mentioned before, apartments are spacious and another of the complex apartments is also situated at a distance. This helps maintain the privacy of the residents. Even if the neighbour is nosy, it will not affect your life.

3. Price range & availability: Flat vs apartment

Flats are affordable and most of the flats of Realtech Nirman group are affordable. Whereas apartments are costlier as it has more space and luxury.

Flats are too common in Kolkata. You will get a flat in a nearby place of your office. However, as the apartments need more space, most of the apartments are situated on the outskirts of the city. So travel will be an issue for you.

Some common FAQs: Flat vs apartment

Flat vs apartment, which one is better for residence?

Well, this is a tricky question. Both of them are good for residents. In a flat, you will get a community & lifestyle at a reasonable price while the apartment will help you to maintain privacy. So, it is up to you.

Why apartments are called flats in India?

In India we use apartment and flat interchangeably and as both of them are residences so most people do not focus on minor details. Only United States & the UK pay close attention.

Are the apartments more luxurious than flats?

Well, in terms of space apartments are more luxurious than flats. However, if you are talking about amenities for life then both of them are the same. Realtech Nirman provides all the amenities in flats which an apartment can have.

Is there any difference between a “Condo” and an “apartment”?

“Condos” are on one floor whereas the apartments have multiple storeys inside it. So typically the condos are quite like flats.

Can I get an apartment in Kolkata?

Well, apartments are rare in Kolkata. So it will be difficult for you and even if you find an apartment, it will be in the outskirts of Kolkata.

Final words: Home is not only a building, it has our soul. So check every detail before you invest. Happy buying folks.

GST in real estate 2023: Gst Rates on Flat Purchase

In India, whenever we buy something we have to pay Goods and Services Tax (GST). It is also applicable in the real estate industry. A home buyer has to pay GST during buying a property. So it is obvious that it has a lot of impact on the buyers and the real estate agents as well. In this blog, the ratio of GST, different conditions, and their impact on the industry will be discussed.

What is GST and why is it important? Gst in Real estate :

India is a large & diverse country. There are many socioeconomic factors that impact the economy. So it is important for India to introduce a simplified taxation system.

Complex systems always demotivate the users and increase the time in the system. So it was the need of the hour for India to make a simplified tax system. So the government of India introduced the Goods and Services Tax (GST) in the year 2017 on 1st July.

This new taxation system deleted many taxes such as excise duty, services tax, customs duty, surcharges, State-level Value Added Tax (VAT), and Octroi. This helped in reducing the complexity of the system and helped in making a uniform taxation system in India.

What is the rate of GST on the flats? Gst in Real estate :

In the new rule, you have to pay 12% GST during buying the home if you are choosing an under-construction property. At the same time, if you are buying the property in a ready-to-move property or fully completed project then you do not need to pay this GST at all. Additionally, it is also important to mention that if you are buying flats, apartments, and bungalows which come under affordable housing (properties with specified price brackets and carpet areas) then you have to pay just 1% of the GST while for the non-affordable ones you have to pay 5% GST. If you are buying a flat from Realtech Nirman then you do not need to worry about the GST. Realtech Nirman will help you to understand this.

In this topic, it is important to mention that buyers prefer Gst on the under-construction property more than the fully completed project. In under-construction properties, buyers have the freedom of changing the design or pattern or they can increase or decrease the room size according to their needs. However, it is not possible once the project is fully completed.

What is the GST rate on construction materials? Gst in Real estate :

We have to pay GST on every purchase and the construction materials are not out of this. As these costs also include in the price so we have to consider these factors as well.

The GST rate on construction services is 18%. However, this rate varies in the construction sector as for affordable housing; it is 1%. The input service and construction materials rate is 18%, while other segments have 5% while the GST rate on construction services ranges from 8% – 10%.

The GST tax on the construction business is calculated on the basis of the whole expenditure of the process. For example, in construction work, you will need sand, cement, etc and you will need laborers as well. So on the sum of labor charges and the prices of construction materials, the GST will be charged. However, you will need a lot of materials for construction and the GST charge is different for every material.

What are the different charges for construction materials? Gst in Real estate :

1. Cement: There are many types of cement such as aluminous, slag, portland, hydraulic, or super sulfate types of cement and the GST charge is the same for every kind of cement. The GST charge is 18%.

2. Sand: Just like the cement there are various types of sand as well. The types are tar sand, oil shale or bituminous, asphalt, asphaltic rocks, natural asphaltites, bitumen etc and the GST charge is 18% for these all. However, if you are using natural sand for the construction business then the charge will be 5% only.

3. You will need pebbles, crushed stones and gravel for the construction and the GST charge for these all is 5%

4. Bricks: Bricks also has many types under it and the GST charge differs. If you are using building bricks, fly ash, siliceous, or other fossil-made bricks for the construction then the charge will be 12% while for the refractory bricks or bricks of pressed or molded glass, the GST charge will be 18%.

5. You will need tiles and ceramic goods for the construction and the GST charge is 18%. However, this charge will increase to 28% if you are using glass-based blocks used for paving, concrete or artificial bricks can reach up to 28%.

6. Marble & granites are one of the most important materials for construction and if you are using the blocks of marble and granites, the charge will be 12%. However, if you go for the marble & granites which are not in the shape of blocks the GST charge will be 28%.

7. The GST charge on basalt, sandstone, porphyry, and other sandstones is 5%.

8. The GST charge on iron & steel products is 18% and it includes all the types such as blocks, rods, or wares.

9. You will need tiles (Earthen, roofing) for construction and the GST charge is 5%.

10. The GST charge on wall tiles is 28%.

11. You have to pay an 18% GST charge for bamboo floor tiles.

12. The GST charge on artificial stone, cement, and concrete tiles is 28%.

13. The GST charge on copper wires is 28%

14. You have to pay a 28% GST charge for Paint and varnish.

15. The GST charge for pipe fittings is 18%

16. The GST charge for ceramic sinks and bathroom fittings and wallpapers is 28%

17. The GST charge for locks is 18% and for base metal mountings and fittings it is 28%

How is it impacted on the buyers? Gst in Real estate :

A business is for the buyers and it is important to pay attention to the convenience of the buyers. In the traditional taxation system, the buyer had to pay taxes such as VAT, Service tax, Registration charges & Stamp duty on the purchase of properties under construction. Well, these are not all, there were more taxes such as VAT, Registration charges & Stamp duty that were state levied. So the price of the property varied in different states and there was no uniform system at all. The builder had to pay taxes such as sales tax (CST), custom duty, OCTROI etc.

However, under GST the individual has to pay 12% GST if they are buying an under-construction flat. It is not applicable to projects which are completed already. So it is saving a huge money for the buyers and increases convenience as well.

How is it impacted the builders? Gst in Real estate:

In the previous taxation system, the builder had to pay taxes such as excise duty, VAT, Customs duty, Entry taxes, etc. on raw materials/inputs, and Service tax on various input services like approval charges, architect professional fees, labor charges, legal charges, etc.

Input Tax Credit (ITC) was not available for the taxes such as CST, Customs duty, Entry Tax, etc. These taxes increased the price of the p[roperty eventually and was creating a financial burden on the buyers.

In the current scenario, there are no different taxes and ITC is available. So it has reduced the cost significantly. In a nutshell, it can be stated that GST has increased the convenience of teh builders as well and it has reduced the price range which is helping in attracting more buyers. In this topic, it is important to mention that in the previous taxation system, there were many unrecorded transactions in the system which were reducing the transparency of the system. However, in this new taxation system credit on inputs and cloud storage of invoicing is helping increase the transparency in the system.

Some common FAQs, Gst on Flat Purches

1. How many types of GST are available in the market?

There are many types of GST in the market. One is CGST which is Central Goods and Service Tax (CGST), another is State Goods and Services Tax which is known as SGST. Well, in the case of union territories, it is Union Territory Goods and Services Tax or UTGST. Apart from these, we have Integrated Goods and Services Tax which is also known as IGST.

2. Who pays GST?

GST pays by both buyers and builders.

3. What type of property is considered residential property?

Residential properties are those properties that do not have commercial space with a carpet area of more than 15% of the cumulative carpet area in every apartment of the project.

4. If I rent out my flat, do I need to pay GST?

If you have a residential property and you are renting it out for residential purposes then it will not attract any kind of GST. however, if you are renting it out for commercial purposes then you have to pay 18% GST because it will be considered as a supply of service.

5. Is GST helping us as a buyer?

Yes, in the previous taxation system, an individual had to pay various kinds of taxes such as VAT, Service tax, Registration charges & Stamp duty and all these taxes were state levied. So the prices of properties varied. However, GST has simplified it and now you are just paying one tax at a time.

Final words: GST has reduced the prices of the properties and it has increased the convince for buyers and builders. All you need to do is to make some research work on GST to understand this easily.

Are flats a good investment in Kolkata?

The real estate market was one of the worst affected markets during the pandemic. However, the market is recovering rapidly. In data, it has been shown that the demand for housing or flats in investment has been raised by 70% more than the demand of pre-pandemic time. Buyers tend to buy flats due to their affordability and other conveniences. However, it is important to consider every aspect such as the future of the flats or if is it worth the money or not. So in this blog, I will evaluate whether, are the flats a good investment in Kolkata. This will help you to understand the need and value of flats as well.

Why are investments in Properties a good investment?

1. Affordability for investment in flats:

lats are way more affordable than plots or a house. So if you are living in a rental house, it is a regular expenditure, and investment in a flat will save that money. At the same time, if you want to invest in real estate, flats are the best options for you on an affordable budget.

2. Alternative income source through investment in apartments :

Flats are not just an investment. It can make an alternative income source for you. In the future you can put your flat on a rental basis for some extra income. This will reduce your financial burden significantly.

3. Low maintenance:

Flats are comparatively less maintenance than houses because flats require much lower space. The responsibility level is also lower. In most of the flats, there is a managing committee which takes care of maintenance. So all you have to do is to pay the money. In a nutshell, if you have a busy schedule flats are a good option for you.

4. Security:

Most of the flats have a way better security system than traditional houses. For example, most of the flats have security features such as intercom, CCTV, 24*7 security guards, house automation, etc. These security systems make sure you live with peace of mind. So if you live alone or you have kids or you have elderly at home, flats are the best option for you.

In this topic, it is important to mention that if you are looking for a flat to buy with all the updated security features, you must contact Realtech Nirman Group. They have a wide range of options of flats in the Rajarhat area of Kolkata and all of their flats have excellent security features. These will help you feel safer.

5. Flexibility:

Flats are pre easier to handle. If you are buying a flat in Kolkata today and you shift to a new city tomorrow, it is easy to handle the flat. You do not need to keep an eye on its maintenance or you do not need to stay in the city to manage it. The managing committee is there to look after it and you can sell whenever you want. So it is flexible and helps in adding flexible values to your life.

6. Social connectivity:

When you are residing in a flat, it is obvious that you have to maintain a good relationship with your neighbors. It helps in making a social bond among different types of people and strengthens the social system.

So it can be noted that flats are one of the best real estate investments ever. It has a significant number of advantages as well. Now it is important to discuss why buying a flat in Kolkata is a good idea.

Why is an investment in flat in Kolkata a good idea?

According to the report of London-based global management consulting group — AT Kearney, Kolkata is the fastest-growing city in India. This list has names of Mumbai and Bangalore as well. This report has stated that Kolkata, Mumbai, and Bangalore are the fastest-growing cities in India and this report has been made on Global Cities Index (GCI).

The report has also mentioned that the state government is working hard to make Rajarhat and New Town a smart city. The state government has formed the National Institute of Smart Governance (NISG) to take care of this matter. This is making a world-class infrastructure in Kolkata. So it is obvious that investment in Kolkata is a wise decision.

At the same time, A T Kearney’s report on Global Cities Index for 2015 has stated that Kolkata is increasing its score in business activities as well. It is increasing the human capital and cultural index. So, again it is a great idea for you to invest in a flat in Kolkata right now. It will pay you later.

Is Kolkata becoming a rich city day by day? By investment in flats :

Data from Knight Frank India is showing that the number of Ultra rich people in Kolkata is growing every year. In 2016 the number grew by 115% from 119 and in 2021 this number is 257. In terms of Ultra rich population Kolkata is holding the 5th position. The list is- Mumbai, Hyderabad, Pune, and Bangalore. However, the growth rate is way higher than in these cities.

According to the report of Knight Frank’s The Wealth Report 2022, Kolkata is home to 257 ultra-rich people who have a net worth of $30m and above. This report has also forecasted that the population of ultra-rich people in Kolkata can increase by 43.2% to 368 by 2026. So it can be noted that this city has lots of potential. If you are buying a property today, the price of the property will increase tomorrow, and in the future, you will be able to sell it at a high price. Isn’t it just like a savings account in a bank?

The increasing urbanization of Kolkata:

In 2014 the population of Kolkata was 15,123,555 while in the year 2003, this number was 13,706,42. The ratio of the increasing population is 0.9%. Today only the metro area of Kolkata has a population of 15,333,000. So it can be noted that the population is increasing rapidly and it will increase with time. As a result of the increasing population, the demand for living space will increase as well. So it is obvious that the demand for flats will increase and if you are buying a flat today, you will be able to sell it at double the price in the future.

Kolkata is growing financially through investment in flats :

The West Bengal government is working hard to get the right amount of attention from the industrialists and for this, they have approved five new industrial parks and 18 units involving an investment of about Rs 600 crore. This will help in getting industry for the state. For example, recently Deloitte has opened its branch in Kolkata to meet the increasing demand. This will also help in generating employment as well. Additionally, Rajarhat and New Town are becoming smart cities. The state government is working on developing the infrastructure of these areas. In a nutshell, it can be said that Kolkata is a growing city in terms of business and employment. So lots of employees from other cities will come to stay and work here and you will be able to earn a handsome amount by putting your apartment on rent.

Some common FAQs- Investment in flats

1. Do home loans help in saving on income tax?

Yes, under Section 24(b), you will be able to get a tax deduction on your gross income and this deduction can be up to 2 lakhs. However, you have to keep in mind that the flat and home loan must be sanctioned in your name.

2. Is investment in properties help in savings?

Definitely, if you are going for a home loan, you will be forced to reduce your expenditures. Additionally, a flat is a real estate property and will pay you later in the form of rental value or resale value. So definitely it is a form of savings.

3. Do the flats have any resale value?

Yes, it has. You can sell out your flat at any given time. However, the resale price depends on the location of the flat or on the condition of the flat. If your flat is in a prime location and it is well maintained, then you will be able to get a good price.

4. Do I need security in the flat?

Yes, it is a must-have. You can not be present at your flat 24*7 or even if you are present, it is not possible for you to fight with a group of dacoits. It has been shown that burglars avoid flats that have a good security system. So, if you want to live a safe life, choose a flat which has updated security systems.

5. Are flats reasonable to investment in flats?

Well, flats are more reasonable than houses or plots. You will be able to get a flat for 15 lakhs even. However, it is important to mention that the prices of flats depend on the location and other amenities. So, have realistic expectations.

Final words: Flats are good investment options. The demand for flats will increase over time because the population will increase. Kolkata is a growing city and the urbanization of Kolkata is also expanding. So investing in a flat can be the best decision of your life.