Preparing to buy your first flat in Kolkata? If so, then you deserve a round of congratulations as this is your first initiative to settle down permanently with your family. Whether you believe it or not, this is going to be the first real-life investment for you that can bring a positive change in your lifestyle. Possibly, you have two options in front of you when it comes to making the payment. Either you can make the full payment from your wallet, or you can apply for a home loan from a reputed bank or a financial institution. As far as the first option is concerned, you are completely free from all obligations afterward. However, the second option can be a difficult one, and it may deduct a certain amount from your monthly income as an easy monthly installment (EMI) to repay the loan.
The situation can be grim in both the conditions if you happen to become a victim of any kind of fraud. It has happened to many people in the past, and the chances of it happening again and again is high. To get your dream flat in Kolkata, you must be very careful about certain things. Remember, most of these things are very critical, and you should never proceed further if you happen to face any trouble anywhere during these processes. These are some of the things that you must follow while buying your first flat in Kolkata or its suburban areas:
Legality: This is obviously the most critical one. Nowadays, the promoters and realty companies are adopting all types of fraudulent practices that the buyers do not understand. They do not follow the legal requisites of constructing a home, and that is why they do not have the rights to build apartments in South Kolkata and in other parts of Kolkata. Before you start the proceedings to buy a new flat in Kolkata, you must insist on seeing all the legal documents that the promoters should have before they even started the construction work. Due to legal norms, the promoters are bound to show you all the documents that should obviously include the valid documents of the land, sanctioned copy of the construction plan, etc.
The Reputation of the Builder: This is the key, and you must be very careful about knowing it at any cost. The builders may claim big, but you should never listen to these boastful claims. You should conduct research online as well as offline to find out the past reputation of the builders of apartments in South Kolkata and other parts of the city. You should talk to people who are residing in the flats built by the same builders to know their experience.
Location of the Apartments: Kolkata is a huge metropolitan city where thousands of apartments are under construction. Quite naturally, you must be looking for a project that allows you all types of benefits that can guarantee a better living experience altogether. The location comes first. You will prefer a flat in Kolkata that has good location to keep you close to all amenities including markets, medicines shops, hospitals and dispensaries, banks, ATMs, schools, and colleges. Quite undoubtedly, a flat in such a location will be expensive, but you should be more careful towards quality and fundamental amenities rather than the price. This is a one-time investment that can keep you happy and safe for the remaining part of your life, and become an asset for the next generation.
Amenities that are Available for the Residents: Modern builders offer a plethora of facilities to the residents of the flats within an apartment complex. You may need to find out what amenities are included on the offer for the property you are likely to buy. Usually, you can expect security, 24-hour water and electricity backup, play area for the children, community halls, indoor play area, park, sitting arcades for the elderly residents, etc.
Specifications of the Flat: This is yet another important thing that you need to very careful to. This may refer to the inner construction of your flat in Kolkata. You must know how many rooms you may have in the flat apart from other things. It will be great to have a balcony in the flat where you can sit in the evening and enjoy the beauty of the City of Joy.
Your Wishlist: Though the builders have their plan to follow for making the flats or apartments, they often keep some options open where they can provide some special features on your personal request. You can have your wishlist, and discuss with the builders to provide them as long as they are applicable and permissible.
Budget: There can be nothing more important than this. You must fix a budget and then proceed further. You can keep the budget in mind, and try not to exceed that as you may have some extra expenses like registration of the flat and providing it with some basic amenities that you would need to live your life. These amenities may include a TV, a refrigerator, a washing machine, a water purifier, and electrical fittings. If you are applying for the loan from a bank, then you must know the implications of the same as you would be required to repay the loan to the institution.
Calculation of the Area: You may have secured good marks in mathematics as a student, but the calculation of the surface area and carpet area of the flat are something special. You must be extra cautious about knowing them both as the price of a flat in Kolkata depends on these two things to a great extent. You may think about consulting a lawyer while measuring the floor area and carpet area of the apartments in South Kolkata.
Loan Facilities: If you are willing to take a loan from a bank, then you need to know which banks are running their financing services for that particular project. You would be required to apply to these banks only as they reserve the right for the same.
As you can see, most of these things are extremely important for a person who is likely to buy a flat in Kolkata for the first time. He or she must be extra cautious about maintaining the highest degree of safety while dealing with the promoters or builders. You can always seek the professional advice of a lawyer to overcome legal issues. Your future home is dependent on your intelligent planning.