Purchase a property in Kolkata can be a tricky business and for NRI, living thousands of miles away can become a nightmare.
Here are some points by Sumant Goenka for NRI to remember while finalizing flats in Kolkata:-
- Check Developers’ Track Record –
Developer’s credentials are important and reputed developers value their brand image. Most of the big & reputed developers are the members of real estate bodies like “ Credai Bengal”. Further Credai Bengal is putting a lot of efforts to bring ethical practices and transparency in the Industry and discourages malpractices.
Reputed developers of Kolkata like Bengal NRI Limited, developers of Urbana on EM Bypass, Emami Realty Limited, Rameswara Group, Belani Group, Merlin, Sureka Group, Heritage, Primarc, Shrachi, have built & delivered 1000’s of homes.
- Bank Approval for Home Loans–
Whether you need home finance or not – as a thumb rule, projects approved by Banks & institutions like SBI, HDFC, LIC, ICICI etc for Home Loans is a good benchmark that their papers & permissions are in order. Such projects have gone through rigorous checks of an institution. Though getting the papers checked independently by a lawyer is also an option ( may cost a bit) and further developers are weary to part with legal paper to individuals.
- Ask for Sale Agreement Draft:
This may be a futile exercise as developers seldom incorporate any changes in Sale Agreements, but at least you would know the terms before you part with your money, which can save you a lot of trouble in case you find any clause objectionable.
- Opt For Construction Linked Payment
While buying flat in Kolkata, Construction Linked Payment Plan is better. Even though payments may be a bit more than proportionate it is still a better option. However there may be instances where the construction is nearing completion and a developer give more time in Time linked payment. So depending on the status of construction one should choose the payment plan.
- Check Cancellation/ Opt out Clause
Cancellation charges at times can be quite high. It can vary from 5% to 20% of the apartment cost. Secondly many developers have Lock – In Period (which means that you cannot sell for certain time period), hence understanding these issues can save a lot pain at later stage.
Sumant Goenka of Axiom Estates is a Realtor based in Kolkata. The points referred above are only for general guidance purpose and neither he nor the company are any kind of legal experts.