Kulti is a neighbourhood in Asansol, located in the Paschim Bardhaman district of the Indian state of West Bengal. With lower property prices and good connectivity to places like Asansol, Durgapur and Kolkata, the demand for residential properties in Kulti is increasing. Moreover, people who cannot afford the high property prices of cities like Asansol are choosing this location for residential real estate investment.
Other than this, the area is also undergoing rapid infrastructural changes for a better living. It currently provides amenities like 24×7 electricity and water, with schools and hospitals at walking distance.
Let us know everything about residential real estate investment in Kulti.
Top Reasons to Invest in Residential Real Estate in Kulti
The reasons to invest in the residential real estate of Kulti, West Bengal, are as follows:
- Lower Property Prices
The property prices of Kulti are much lower than that of the big cities like Asansol, Durgapur, etc., surrounding it. Hence, some people prefer investing in a residential property here, as it is more affordable than other places.
- Developing Infrastructure
The Municipal Government of Kulti is taking major steps for developing the connectivity, infrastructure, transportation, etc., of this place. It has also succeeded in so by developing many government hospitals and schools nearby to residential areas.
Residential Real Estate Investment Opportunities in Kulti
The locations offering the best opportunities for residential real estate investment in Kulti, West Bengal, are as follows:
- Nand Nagari
Nand Nagari can be termed as an affordable posh area of Kulti, with apartments providing facilities like a gym, swimming pool, shopping mall, etc. The area also has a great transportation facility to connect to any important place easily and in less time.
- Hamid Nagar
Hamid Nagar is another good place for residential real estate investment due to its infrastructural facilities such as hospitals, marketplaces, parks, etc., near the housing areas. It also has a good transportation system with buses, auto-rickshaws, cabs, etc.
Things to Consider Before Buying a Residential Property in Kulti
The primary things to consider before purchasing a residential real estate property in Kulti, West Bengal, are as follows:
- RERA Verification
The Housing Industry Regulatory Authority (HIRA) is a statutory body in West Bengal promoting transparent and authentic real estate business between buyers and agents since it was notified by the HIRA Act of 2017. You can check the authenticity of a property and its builder in Kulti by visiting the HIRA website of West Bengal.
- Proper Market Research
Purchasing a residential property involves enormous risk and thus, needs a substantial amount of market research and knowledge, especially about the builder. Additionally, consider the paperwork important and have a proper discussion about it with your broker.
Stamp Duty Rates in Kulti, West Bengal
The stamp duty rates for real estate property sales in Kulti, West Bengal, are as follows:
|Location of the Property||Stamp Duty Rates|
|For property worth ₹25 lakhs and below||For property worth ₹25 lakhs and above|
|Corporation Area (Kolkata and Howrah)||6%||7%|
|Municipal Corporation Area||6%||7%|
|Areas that do not fall under the above two categories||5%||6%|
Registration Charges in Kulti, West Bengal
The registration charges for real estate property in Kulti, West Bengal is as follows:
|Location of the Property||Registration Charges|
|Corporation Area (Kolkata and Howrah)||1%|
|Municipal Corporation Area||1%|
|Areas that do not fall under the above two categories||1%|
It is very important to consider the rates of stamp duty and registration as they will be a part of your investment amount.
Kulti Residential Real Estate Sector: What’s the Forecast?
The entire state of West Bengal witnessed an increase in real estate sales in Q3 of FY 2021 by 45%, and in Q4 by 41%, despite the Omicron effect. This was a relatively sharper growth. Hence, in FY 2022, it is expected that there will be a similar 40-42% growth in real estate sales, supported by the state government’s infrastructural push.
Moreover, to boost the state’s real estate sector, the West Bengal Government has decided to extend the rebate on stamp duty and registration fees. It also provided a 2% reduction in stamp duty and a 10% reduction in circle rate. This has created a positive effect on the prices and sales of properties all across the state, including Kulti.
Residential Real Estate vs Other Asset Classes
The comparison between residential real estate and other asset classes has been discussed below:
- Residential Real Estate vs Stocks & Mutual Funds
The returns from stocks and mutual funds witness higher fluctuations than residential property, making it tough for investors to estimate the returns. On the other hand, residential real estate offers assured returns in the form of passive rental income with direct asset ownership.
- Residential Real Estate vs Gold
Although gold is a less turbulent and safer investment option, residential real estate brings mental satisfaction as it can secure your future. Besides, residential real estate investment also tax benefits and passive income, which is not the case with gold.
- Residential Real Estate vs Commercial Real Estate
The vacancy risks for residential properties are higher in comparison to a commercial estate with the given frequent turnover of tenants. However, residential real estate has higher rental prospects than commercial spaces, although it needs to be leased annually.
- Residential Real Estate vs Bonds
Bonds have a low credit risk than residential real estate properties. Moreover, residential property investments are less liquid than bonds due to the high transaction costs involved and the long time it takes to find a suitable property buyer.
A tabular representation to compare the assets based on returns, liquidity, risk, volatility and ticket price is as follows:
|Parameters||Residential Real Estate||Gold||Residential Real Estate||Stocks & Mutual Funds||Bonds|
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Steps to Invest in Residential Real Estate in Kulti
The steps to invest in residential real estate in Kulti, West Bengal are as follows:
Step 1: Conduct proper market research on potential sites that are developing.
Step 2: Estimate your investment budget.
Step 3: Shortlist a few affordable sites. You can also take the help of an agent to get the best deals.
Step 4: Plan a field visit to these sites to analyse them minutely.
Step 5: Finalise a residential real estate property that is suitable and prepare the official documents for the purchase.
Step 6: Complete the payment process. Make sure to complete the registration charges and stamp duty formalities.
The outlook for the residential real estate sector in Kulti is witnessing positive changes considering its rapid connectivity and infrastructural growth. Due to low property value, the demand for residential property among investors is also increasing day by day. However, it is also necessary to conduct proper market research before purchasing a property to avoid fraudulent activities and losses.
Frequently Asked Questions
Is Kulti an urban or rural area?
Kulti is an urban area or rather an urbanised village with a population of more than 3 lakh residents. Here, more than 80% of people reside in the urban part whereas the remaining 20% of people live in the rural part.
What is the average real estate property price in Kulti?
The average real estate property price in Kulti is approximately ₹1500 per square foot, which is estimated up to ₹20 lakhs in total. However, property prices here start from around ₹1100 per square foot
What are the various ways of paying stamp duty and registration charges in West Bengal?
The various ways of paying stamp duty and registration charges in West Bengal are cash, cheque, demand draft, RTGS/NEFT, bank transfers, and pay orders. However, it is advisable to contact the nearest e-stamp centre, before initiating any kind of fund transfer.
What documents are required for registering a new property in West Bengal?
The documents required for registering a new property in West Bengal are sale deed, NOC from the builder and banks, completion certificate, building plan approvals, PAN Card and photographs.