10 Things You Need to Know Before Finalizing your first flat

Whenever we speak of the ‘dream home’, we consider a place that is exactly the way we imagine it to be. However, there is this one problem with imagination; we are not really building the house in most cases. We merely buy a flat. So, how do you ensure that the flat you are going to buy indeed turns out to be the ‘dream home’?

For a first time buyer of any real estate property, there are a few things that need to be checked at first. Before you go on and finalize the deal, here is a list of the top 10 things you must check.

  1. Your requirements – Don’t be vague about what you need. You need to be specific about your needs and requirements before you are going to buy the flat. You might have a car and a proper parking space will become mandatory in such a circumstance. May be you wish to own the flat on the higher floors, in that case you will need to make sure that the flat has proper elevator facility. There can be many more requirements in terms of number of rooms and bathrooms, the area and more. Before you even start considering getting the flat, you must have the list ready.
  2. Find proper location – If you go out searching for flats all through the city, you will literally be bewildered by the number of choices. Make sure you have a few locations in mind at least to start your hunt for the best property.
  3. Get the property rates – Once you have the locations in mind, get the rates of the existing properties in the area. This will give you an estimate about the cost of the flat. For example there are plenty of flats in Rajarhat. Rajarhat itself is quite a large area in Kolkata. However, the flats in Action Area-I of Rajarhat are high in demand and desirability although they come at a higher price than other zones like Action Area-II & III.
  4. Finalize your source of funding – There are many ways you can pay for the flat. Either you can go in for 100% self funding or avail a Home Loan. Generally in Home Loans, funding institutions provide a maximum of 80% loan of the property value. Make sure you get the best home loan deal, currently the starting rate of interest 8.35%. Also, you will have to check your CIBIL score to know if you are eligible for the loan you are hoping to secure. There is always the first down payment involved (generally minimum 20%) which you will have to make. Get yourself prepared to pay the initial down payment for the flat.
  5. Verify the statutory approvals of the flat/project – This is really important with any real estate property. It is easy to get a thorough investigation done by an advocate and know if there is any existing dispute over the property. If you are opting for a Home Loan, the financing institution would have already done the necessary due diligence.
  6. Verify the reputation of the builder – After all it is your dream home. Make sure the builder has the reputation to deliver as promised.
  7. Check with banks about financing options – This might not be needed for someone who is going to pay for the entire property upfront, but if you are seeking loan, talk to the bank and see what financing and repayment options are available.
  8. Check the building plan – You will not understand much about this, but consult an architect to see if the building plan is safe.
  9. Check the materials used as specified – A civil engineer will help you through this. Know if the materials used are of required/approved grade.
  10. Check registration and other documentation details – See if the documentation is done properly at the time of accepting the flat and making payment. Also, have your registration done at that time of full payment/handover.

Developments that have Made Rajarhat the Ultimate Location to Live in Kolkata

With the expansion of Kolkata, Rajarhat has risen to great heights not just in terms of high risers but also as a premium location in the city. Spread across 28 sq km, the place is a perfect example of a planned township. Rajarhat-New Town was built primarily to decongest Kolkata in the 1990s. On the eastern fringes of the city, the joint public-private partnership has helped the city to grow into an extraordinary location to live in.

Development 1: A Well-planned Location

The Rajarhat area is a well-planned one. To keep it this way, it has been divided into three Action Areas.

Action Area I:This area is dedicated to shopping malls like DLF Galleria, Spencer’s Axis Mall, BB- Rajarhat Home Town, other commercial plots along with few premium residential & hotel plots. The luxury shopping conclaves here flaunt top designers and select brands catering to the premium residents along with many existing and upcoming star hotels. One Rajarhat project comprising of Service & Residential apartments is the most premium project to come up in Action Area I.

Action Area II: This comprises the technological hub of Kolkata. It is home to the IT business parks like the DLF park, TCS, Gitanjali Park and Unitech. Also, it has entertainment areas like the Eco Park, the wax museum and City Centre 2. Few residential projects are also coming up in Action Area II

Action Area III: This area is dedicated to high rise buildings, mini sub-township like the Uniworld City, upscale gated complexes like the DLF Newtown Heights and super premium service apartments like that of One Rajarhat. Also, this area comprises top educational institutes like the St.Xavier’s College.Even the major IT firms IBM, Wipro, Cognizant are at approachable distance.

Development 2: An UrbanLiving Destination

Over the years, Rajarhat has become the most sought-after living destination in Kolkata. The ‘Smart Green City’ as it is commonly called, comes across as a well planned one. The residential properties that have embellished Rajarhat are all developed keeping the ‘live green’ ideology in mind. In view of this, while building a property, around 15% of the total area is most often left vacant to serve as open spaces and landscapes for the residents. Thus, giving them the opportunity to breathe fresh and live green!

This area receives treated water from the Hooghly River. The development in the drainage system has shown a marked improvement in the water logging problem in this area. Apart from these developments, some more are already in the pipeline. Some of these are: rainwater harvesting, converting waste to energy from the solid waste disposal ground, introducing GPS devised solid waste management, developing battery-run three-wheelers and battery -run buses, implementing a strict policing system, etc., to turn this area into a modern urban ecosystem.

Development 3: A Well-connected Location

Rajarhat, once a deserted area away from the main city is now well-connected with every nook and corner of Kolkata through highly maintained roads. The overall transport network over here links Rajarhat with the nearby locations very smoothly. An expressway has also been developed to act as bypass for major traffic on an elevated level. The 10.5 kilometres ‘Green Corridor’ connecting the Arterial Road to Sector V is the first road to have full WiFi connection. Most people travelingin government AC and non-AC buses, private buses, taxis, bike taxis and cars to this part of the city avail this facility.

The metro connectivity from New Garia to the Airport is presently under construction and will soon be launched to enhance the transportation facility. There are plans of extending the circular railway system as well. All these facilities make Rajarhat an eminently livable place.

The future of Rajarhat looks extremely bright! The well-maintained roads, connectivity, water supply, etc. are done to bring about a new wave of transformation in the City of Joy. With the fast paced developments and Government surveillance, that day is not far when every other home-buyer would want to purchase an apartment in this well-planned location. In fact, there are many who are already busy booking their flats in Rajarhat near Novotel hotel.