Important Considerations When Buying Flat In Kolkata

In today’s time, the demand for property in Kolkata is increasing with every passing day and hence the prices of real estate are also on the rise. This makes it very important that when you make up your mind on owing a flat or any other property for that matter you do your share of research. If it is your first time that you are investing in property, you must go through the following points to ensure you make a prudent property purchase decision.

The first thing you need to work on is your requirement. In the sense when you are looking to buy flat in Kolkata you need to figure out do you want to rent it out or you want to stay there with your family, what is your lifestyle, the number of family members you have and so on.  By clearly knowing what your preference is you will get closer to your goal on buying your piece of property.  Also, when you speak to your real estate agent you will have your basic factors clear, which will help him to come up with different property options faster. It will also allow you to focus on other things including legal and regulatory issues, paperwork involved, etc.

Most of us try to look for properties under constructions however when doing so you need to ask for development agreement as well as allotment letter. An allotment is a legal agreement between the landowner and builder and it clearly states details relating to the terms and conditions, allowing the landowner on the property.  On the other hand, if you are keen on buying a constructed flat then you should ask the owner about the possession of the property and title document. Check on the facilities that are provided in the building and if you will need to pay anything extra for their maintenance and use. How far will your newly acquired home from children’s’ school, your workplace, markets, is also something you need to take into consideration when purchasing the flat.

Also, make sure that all kinds of dues on the flat including the society tax, property tax, water and electricity bills and everything else has been already paid off. Ensure that the property owner hands over all the relevant documents relating to the property to you so that you don’t end up in any legal hassle later on.  If you are unsure of handling the legal formalities relating to the property then it is advisable to hire the services of a solicitor to inspect.  He or she will be able to inspect the original title documents that you intend to buy and will guide you through the legal procedure as well.  You might also want to seek help from a financial institution if you are looking for a loan on the property.

Remember that owning a property whether for self-occupation or for the purpose of investment is going to be a big investment and hence you must give importance to each and every detail.

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