When it comes to residential real estate, where you live often determines how you live. Zeroing down on the location of your future home is an important consideration to account for as you look to buy flats in Kolkata, hence, it’s a decision that you must not take lightly. There are certain factors you must consider while choosing the location of your home for the sake of your long-term happiness and satisfaction. After all, you may undertake several renovations to change the interiors of your house, but you can’t physically relocate your home to another pin code.
Checklist to zero down locations while deciding to buy flats in Kolkata
In this blog we will explain the short-term & long-term significance of picking a good location for your future home as you prepare to buy flats in Kolkata:
Safety & Security
You want to move into the perfect home in an established neighborhood that caters to all your current and future needs; in fact, everybody wants to find a house that matches the home of their dreams. But the perfect home is more than just a list of specifications, it’s a safe haven for you and your family. You must verify the neighborhood from a safety perspective, i.e., you must look into the history of the locality with respect to theft & petty crime. In addition, you may want to evaluate the communal resident profile as well as the nature of establishments in your surroundings before you go ahead. For example, a neighborhood lined with one too many wine-shops & liquor bars is probably not the best locality to raise young children.
Civic Infrastructure & Amenities
As human beings, we do not live in isolation. There are certain amenities we need on a day-to-day basis to run our homes as well as our lives. While buying flats in Kolkata, especially those in upcoming residential projects in Kolkata ensure that your home permits ease of access to provision stores, supermarkets, pharmacies, beauty parlors to aid in the smooth functioning of your household. Without this basic infrastructure, the daily errand run of getting milk & veggies or getting a routine check-up can become a tiresome chore.
Connectivity & Ease of commute
A home is a home in any locality, but having a home in a prime location has too many perks to ignore. For starters, the connectivity of public transport, both buses, cabs, and metros in Kolkata can ease your daily commute to the office and/or the kids’ school. Moreover, being located close to the airport and railways station also ensures that you don’t waste precious time in the traffic on your way to and from intercity travel.
While this may not seem like the biggest consideration among factors like budget and cost per sq. ft. while you buy flats in Kolkata, over the long-run connectivity does provide for a more comfortable life.
Access to a Diverse Community
Given the connectivity & infrastructure benefits of buying houses in and around prime localities in Kolkata, more people prefer to buy centrally located homes in good neighborhoods. This popularity of the locality attracts a wide range of people across different communities, occupations, and ways of life. Needless to say, living in a rich cultural environment is not only good for the development of your children, it’s great for the community as a whole.
Proximity to upcoming centers of commerce
Whether you’re working at one of the leading MNCs in Kolkata or one of the home-grown industrial names, everybody’s looking for better opportunities to progress in life. On the front, having a home close to upcoming business centers and IT parks can prove to be a futuristic investment that yields results over time. This is especially true for people buying flats in Kolkata, Newtown as well as those considering houses for sale in salt lake Kolkata. These homes can prove to be a good long-term asset in terms of rental and resale.
Most folks looking to rent a 2BHK flat in EM Bypass or ready to move flats in Joka are doing so for a reason- they want to live in the vicinity of their workplace or educational establishment. If you’re trying to buy flats in Kolkata from an investment perspective, paying attention to the location really pays off. The average prevailing rental rate in Kolkata is …INR per month. However, if you look at the rental trends in ready to move in flats in Kolkata towards Park Street, Ballygunge, Alipore, and other central and southern districts of the city, you’ll find the premium for these localities is almost one and a half times the average. Hence, if you buy houses in Kolkata in any of these premier locations, you stand to make a handsome rental yield in the long run.
Expected ROI for resale flats
One of the primary reasons to buy flats in Kolkata is to earn handsome capital gains at the time of sale. At the start of 2010, the cost per sq.ft in residential real estate attracted approximately …INR per sq.ft. Over the last 10 years, this figure has compounded manifolds attracting a sum of over …per sq.ft which translates to an average of …% CAGR growth in the decade. While these figures hold true for Kolkata as a whole, the resale value for properties in Kolkata strategically located in prime residential markets has attracted a much higher resale rate than other neighborhoods.
Finding a buyer
In real estate, there are countless instances of appreciation in property value on paper that doesn’t translate into an actual sale in real life. One of the primary reasons for this phenomenon is the difficulty of finding buyers who are willing to pay the market premium. That said, finding buyers for residential real estate located in key neighborhoods is relatively easier than finding buyers for homes in far-off localities. Because resale of homes is a high-value transaction, second-hand home buyers also assess all criteria for purchase such as accessibility, amenities, and convenience which makes the location a key decision-making factor at the time of sale.
Does it make sense to buy flats in Kolkata in a developing neighborhood?
In the above paragraphs, we’ve emphasized the importance of buying houses in Kolkata in a well-established neighborhood. There are undeniable benefits of buying flats in Ballygunge, Alipore, or Loudon Street; however, buying a property in New Alipore, Kolkata, for example, which is an upcoming residential locality close on the heels of Alipore is not without its own unique benefits. As a homebuyer, you may have to trade the conveniences of a well-settled neighborhood for the developing infrastructure of a new suburb. But in return, you stand to make a lavish return on investment when the neighborhood does mature & command a hefty premium from future homebuyers. A home in an upcoming locality might be more affordable than one in a developed one, but over time, this foresight can serve you well in terms of access to newer infrastructure, advanced recreational attractions, and a higher return on investment. It’s a matter of time if you’re willing to wait.
When it comes to real estate, location is everything. Making a life-altering decision to buy flats in Kolkata to settle down with your family can seem to be a momentous task, but if done right, can prove to be extremely rewarding. List your priorities for the selection of your new home & decide on a location accordingly- this weighed out process will help you make a well-thought-out choice. To glance through a list of top 5 localities to buy flats in Kolkata, click here.
You can also check out “Must Read: 6 Reasons to Buy Flats at Kolkata During COVID“