A substantial amount of research is put in when property buyers decide on investing in property. If you are looking for properties in Kolkata, it will help you to know that the West Bengal Central Valuation Board Act of 1978 legislates uniformity in the valuation of urban properties in West Bengal. Further, it also introduces objectivity in property valuation Kolkata, in other words, puts forth the valuation of lands and buildings in the urban areas for Municipal taxation. The Act also secures the municipal revenue in the form of Property Tax.
Among other impending tasks, buyers need to manage their budget, decide on an appropriate location, among others. Property buyers often find themselves in a fix, especially while choosing an established (developed) or an upcoming (developing) locality. The location of the property is an important point to consider in property valuation Kolkata, as well as while finalizing the property in Kolkata. The choice of the locality impacts most of the facets of your life, it is therefore, important to weigh important factors such as accessibility, potential appreciation for the property, civic and social infrastructure, among others.
How to calculate Property Value in Kolkata by using circle rate?
Calculating Property Valuation Kolkata by using circle rate for Stamp Duty Payment is an effective way to understand the property value of your location. Use the following steps to calculate property value by using the circle rate of properties for sale in Kolkata:
- Calculate the property’s built-up area.
- Evaluate the property type by the available amenities and facilities.
- Work out the circle rate for the property as per its location.
- Add up the minimum property value with the following calculation –
Property value = Built-up area (in sq. metres) x Circle rate for the location (in Rs./sq. metres)
How to calculate Property Value in Kolkata online?
You can also calculate property valuation Kolkata through an online process. We have created a helpful guide for you to find property valuation in Kolkata online.
The Government of West Bengal’s new online platform helps to get property valuation through easy online methods and from the comfort of your home. The online property valuation website in West Bengal offers you several options to get the property valuation.
Here are a few important details to help you get through—
- Open the online property valuation website in West Bengal
- Click on the “market value of land.”
- Select the drop-down list.
- Fill in the details such as – District, Thana, Local Body, Mouza, Road, Road Zone, Premises Number, Ward Number, Jurisdiction, and Local Body Name.
- Enter the details for Plot Number and Khatian Number.
- Select Proposed Land Use, Nature of Land, Area of Land, Is the property on Road?, Adjacent to Metal Road, Litigated Property.
- Select “type the characters shown.”
- Click on “Display Market Value” after typing the characters.
- You will get the market value of your property on the left corner of the page.
How to calculate Property Value in Kolkata by a comparative property valuation method?
The easy comparative method helps you to arrive at the rate of property valuation Kolkata by closely examining and comparing the value of similar properties from the same location. This sales comparison approach is especially useful if you are in a dilemma while selecting urban apartment-based projects. Below is the data you need to evaluate to get property valuation for comparison:
- Location: A key feature to decide the property’s worth. Flats closer to the main entry point will have a lower price owing to the disturbance caused by the continuous shuttle activity of the residents. On the other hand, a flat surrounded by other flats will again fetch a lower price, in comparison to a flat facing a park.
- Size: This is obviously an important comparative to consider while examining the value of similar properties. Even a slightly smaller property is bound to affect the property’s market value to a great extent.
- Level: The level or the floor of the flat will greatly affect the value of your property. In most high-rises, the premium for the flat increases as the floor
- Frontage: This is another important comparative to evaluate. A corner flat has easier entry and egress points, it is therefore considered a premium property in comparison to other properties.
- Legal issues: You may want to consider the legal issues before and during the possession of the property. The legal technicalities may stall your plans.
Property Valuation Kolkata: Developed localities
Also consider these factors if you are thinking about having a house in kolkata in a developed locality; this will make your choice easier before you sign on the dotted lines:
Land scarcity is a major drawback
While investing in an established locality, you will often come across terms like space crunch and land scarcity. In such a case, limited land also restricts the scope for vegetation thus resulting in surface level heating. This is one of the main drawbacks for properties in developed areas. Furthermore, with growing urban demand, there is limited scope for price negotiations and price drops.
Skyrocketing costs are overwhelming
Properties for sale in Kolkata in well-established localities usually boast of excellent connectivity and high-end civic and social infrastructure. The property prices therefore escalate. Furthermore, with the increasing demand for urban properties in the business of real estate, the prices of properties at Kolkata are only sky-rocketing. Purchase therefore falls heavy on the pocket and may become overwhelming.
You might have to make do with existing infrastructure
Well-established localities usually have robust infrastructure, providing less scope for up- gradation. The prices of such high-end homes with the promise of established infrastructure are bound to escalate with time. Furthermore, with prices falling above your budget, you may have to settle with old constructions, small-sized apartments, or lack of the latest amenities available in newly constructed houses.
The uncertainty of return potential on your investment
While investing in properties in Kolkata from developed localities, you have to brace yourself for slow appreciation in home and land prices. Although buying properties in premium localities is a safe bet, and promises returns on your investment, the return potential on your investment may not be substantial, due to the volatile nature of the real estate market.
Property Valuation Kolkata: Developing localities
Investing in emerging localities has its own set of advantages that can help you get appreciable returns on your investment. You should remember the following factors while buying properties in Kolkata in an emerging locality:
Land availability is ample
In comparison to well-established localities, the availability of land in a developing locality is usually greater. This is mainly because ample land is undiscovered for development. This is one of the important factors for the comparatively lower prices in such areas. Unused land for a longer duration may impact a slump in demand for the place in the future. You should therefore check the absorption rate of the land.
Signs of upcoming infrastructure speak volumes about the property
With the absence of existing infrastructure in developing localities, the price of the property does drop. However, you must ensure that the property falls under a dependable municipal jurisdiction. A healthy infrastructure is crucial for the growth potential of the property and may also affect the health of your investment in the future. For instance, you should get to know about the upcoming commercial, residential, and infrastructure projects that are likely to develop around the locality.
The future scope for connectivity
Although properties in upcoming real estate localities don’t have the perks of excellent transport connectivity and property accessibility, you should look into the possibility of future scope of connectivity nodes in the locality. This will help to determine the property valuation Kolkata.
Some risk is always involved
One of the greatest advantages is if you buy at lower rates, the potential for price appreciation in the future increases. However initially, you will have to take the risk of investing in emerging property locations, as the real estate market is unpredictable.
On the whole, it is important to make a conscious effort of studying the historical price trends for the properties in Kolkata in emerging locations, as well as in well-established locations. Targeted market research will help you to understand the growth trajectory of the area. Furthermore, properties that have good capital value appreciation tend to become premium property projects in the future. Preparing a realistic budget and studying quarter-on-quarter as well as year-on-year price trends will help you to keep a track record of neighboring localities. Furthermore, you will be able to make sound investment decisions.
Property buyers usually want to earn profit from their property purchase in the long run. In this case, it is necessary to consider the property’s valuation. Below we have listed some methods to help you calculate the Property Value in Kolkata.
Real estate markets in Kolkata offer some of the best long-term investment opportunities; the risk is always high— whether you invest in a project from a developing or a developed locality. This is mainly because the real estate market is often volatile. You can however reduce the risk by doing a proper analysis, or by consulting a competent authority or an expert. They are well-versed with the strategic entry points in the volatility. Furthermore, seeking professional advice helps to understand the market trends and also helps to evaluate the value of the property. This certainly makes the process of getting a valuation of the property easier.
While the properties in developed localities ensure quality life and proximity to amenities and connectivity nodes, properties in an upcoming neighborhood offers comparatively affordable housing options. Your ability to study and compare both the options separately, and according to your family needs will help you reach a sound decision.