Real estate is one of the growing industries of Kolkata & India. In data, it has been shown that presently, this market is 20,000 crores in terms of GDP contribution and it is expected to grow 65,000 crores by 2050. Undoubtedly it is one of the most profitable businesses. However, if you are about to start a real estate project it is important for you to know the most important tips to make a successful real estate project. As real estate projects involve a lot of money & time, any kind of mistake can lead to a serious issue for you. So, in this blog, I will give you 10 tips for planning a successful residential project in Kolkata.
1. Choose the location first to build the Residential Project in Kolkata:
Location plays an important role in the Residential Project in Kolkata. Most of the buyers buy a residential flat/ house to live there forever. So it is important for them to have all the basic amenities such as schools, hospitals, a good transportation system, a lower rate of crime, etc. At the same time, most of the buyers tend to buy a property near their workplace. So that, they can manage their tight schedule more effectively. With consideration of this, Realtech Nirman has chosen the Rajarhat, Newtown area for most of the projects.
Realtech Nirman has Rajvansh, Rajokiya, Rajmahal, Khusi, etc. projects here. Rajarhat is the new tech joint of Kolkata & a growing smart city. It has secured the 8th position among the 100 smart cities of India. Rajarhat area has some great schools such as Bodhisukha School, Camellia Public School, Narayana School Barasat, Narayana School Sodepur, Devaki Memorial School, Delhi Public School Megacity, Narayana School Newtown, North Point Senior Secondary Boarding School etc. Well, not only schools, this area has top hospitals such as Kaya Clinic. Dermatology Hospital, Apollo Clinic. Psychology Hospital, Renaissance Hospital, Birati Municipal Hospital. Cardiology Hospital, Charnock Hospital, Spandan Hospital. Teghoria, Spandan Hospital. Ear-Nose-Throat (ENT) Hospital, Spandan Hospital. Orthopaedic Surgery Hospital etc.
The Newtown, Rajarhat area has some great roads & it is connected with the whole of Kolkata & the lower rate of crime makes it one of the best places for Residential Project in Kolkata.
2. Set a budget-residential Project in Kolkata:
A budget is not only important for buying a flat, it is also important for making it as well. A real estate project has a lot of variables such as the cost of materials, labor, permits, etc. So, it is important for the builder to have an idea about the latest prices of these all before starting the project. However, it is also important to mention that the prices of these variables fluctuate throughout the year. So, do not overburden yourself. If as a builder you are getting that you don’t have enough money for the project you can go for a partnership or you can take a loan from a bank as well.
3. Hire a reputed contractor-upcoming Residential Project in Kolkata:
After amenities, it is the quality of the construction that makes you a successful builder. So, always choose a reputed contractor. They usually have experienced engineers, professionals & different sets of teams to fulfill their commitment.
4. Set a timeline:
A timeline is always important, be it for cooking or for a real estate project. Timeline helps you to be more realistic & active on the project. If you have a timeline, you will be able to make schedules, milestones, deadlines, etc. You will be able to track the Residential Project in Kolkata , effectively & there will be fewer chances of any kind of money waste. At the same time, it helps in gaining the trust of the consumers. If the buyers get their project on time, they tend to refer to the other potential buyers which works as “word-of-mouth” marketing & helps you get more buyers. However, if a builder tends to delay the project, they get negative reviews quickly. So it can be stated that this tip will be helpful in the long term.
5. Get all the permits:
Permits play an important role in terms of managing the legalities of a real estate project. A builder needs several kinds of permits such as land title, land clearance, zonal clearance, etc. to maintain the legalities of a project. The time of getting these permits depends on the location of your project & it also involves a lot of money to receive these all. So, it is important for the builder to get all the permits before starting the project. So, if you are a beginner in this business, try to hire an experienced lawyer for a smooth process. Realtech Nirman maintains a whole legal team which helps them to finish this process with ease.
6. Pay attention to the materials:
Do you know what makes a reputed builder, “The reputed” one? It is the quality of the construction. A successful project cannot be determined by the selling rate only. It is determined by the satisfaction of the consumers. So, do not forget to check all the building materials that are being used in the construction process. If you are recruiting a contractor, pay attention to what are they using for the project. If you provide a good construction, it will help you to become a brand.
7. Don’t forget to have a plan “B”: Fulfilling a real estate project is a big deal. There is an ample amount of risks & factors related to it. For example, the prices of the material can increase or there can be some legalities regarding the land. So it is important to manage a contingency fund for your project which will help you to complete the project and also manage a whole team who will help you by giving important ideas to overcome these issues.
8. Stay connected:
Making a residential project is an intense job. You need to be invested in this project in every aspect and you need to put your point of view on every aspect such as from the layout of the building to the materials used. Do not depend on someone else to take care of these parts.
9. Communication is key to success:
A real estate project such as a residential building involves a lot of people such as contractors, stakeholders, suppliers, etc. It is your responsibility to keep them on the same page. It also involves sharing your vision with them and knowing their vision as well. Regular communication helps in getting different points of view, helps in building trust & bonds & also helps in overcoming difficulties together. So, do not forget to have regular meetings or communication.
10. Hire a design professional:
Most successful builders hire an architect or interior designer or many times they hire both to ensure a great quality project. It takes a few months of research about their charges & work patterns before hiring them. Do not forget to get a clear view of your target audience and choose an architect or interior designer according to that. For example, most of the Indians believe in Vastu Shastra. So, it is important for you to hire a professional who has experience in this field. Remember, designs help you to stand out in the market.
Some common FAQs
Is real estate a profitable business?
Yes, the demand for housing is increasing significantly which is helping to make a profitable business.
How much capital do I need to start a real estate business?
Well, it depends on the location you are working. For example, the price of 1,200 per sq. ft of land in Newtown, Rajarhat is 21.6 lakhs. So, make a detailed research on the internet before you start working on it.
How many years has Realtech Nirman been serving the real estate industry?
Realtech Nirman has been serving the real estate industry for a decade now.
How can I ensure the quality of the construction materials?
You need to inspect the quality of the materials physically. In that case, you must have a significant amount of knowledge about the building materials. I would suggest you work in a real estate company or in construction for a time before you start working on your own. This will help you to gather related information & will also help you in knowing the steps, issues, etc. of a real estate project directly.
Can I get a bank loan to complete my real estate project?
Yes, obviously. However, every bank has its own different criteria for this. Do in-depth research and get professional help to know it better.
Final words: Real estate is one of the most profitable businesses in India & Kolkata. Many young people are starting their own ventures. However, it is not an easy job as it involves the emotions of the buyers. I hope these tips will help you get the desired success. Remember the preparation period can be lengthy, however, this in-depth research work brings you closer to success. That investment of time on the front end means your entire construction team, design professional, contractor, and you; help you to be on the same page. After completing these steps you can start the project.
