Residential Real Estate Investment in Bhilai
Bhilai is the second largest urban area in the Durg district of the Indian state of Chhattisgarh. It is a major industrial city and an education hub of central India, which has created a demand for residential real estate investments. Being an industrial city, it provides numerous employment opportunities for people staying here. Moreover, the city has well-developed connectivity, making it easier for students and office-goers to travel daily.
Let us know everything about investing in residential real estate in Bhilai.
Top Reasons to Invest in Residential Real Estate in Bhilai
The reasons to invest in the residential real estate of Bhilai, Chhattisgarh are as follows:
- Employment Opportunities
Bhilai is famous for its steel and cement industries such as Bhilai Steel Plant, Jaypee Cement, Steel Authority of India, ACC Cement, etc. All these industrial firms generate employment opportunities throughout the year.
- Developed Transportation
This city has a great connectivity and transportation system through buses, auto-rickshaws, taxis and so on. It is also in close proximity to three railway stations and a domestic airport for further transportation ease.
Residential Real Estate Investment Opportunities in Bhilai
The locations having the best opportunities for residential real estate investment in Bhilai, Chhattisgarh are as follows:
- Smriti Nagar
This locality in Bhilai has got all the basic amenities a residential household needs such as 24×7 electricity and water supply, supermarkets, ATMs, etc. Moreover, it is only 1 km and 3.5 kms away from the state highways and Bhilai railway station, respectively.
- Nehru Nagar
It is also a great locality to invest in residential real estate, especially because it is only 4 to 5 km away from the nearest hospital. Additionally, this area has some well-known schools and colleges, providing high-quality education to its students.
Things to Consider Before Buying a Residential Property in Bhilai
The primary things to consider before purchasing a residential real estate property in Bhilai, Chhattisgarh are as follows:
- RERA Verification
The Real Estate Regulatory Authority (RERA) is a statutory body notified by the RERA Act 2016 to promote transparent and genuine real estate transactions between agents and buyers. If you want to check the authenticity of a builder and their property in Bhilai, by visiting the RERA website of Chhattisgarh.
- Lease Structure
A lease is a long-term legal contract between the commercial space occupier and its owner. While assessing and analysing an investment, both the tenant and the landlord must comprehend the lease structure to identify the involvement of any risk in that.
Stamp Duty Rates in Bhilai, Chattisgarh
The stamp duty rates for real estate property in Bhilai, Chhattisgarh are as follows:
|Gender||Stamp Duty Rates|
|Joint (Male + Female)||4%|
|Joint (Male + Male)||5%|
|Joint (Female + Female)||4%|
Note: There is a 1% reduction in stamp duty charges for women in the state of Chhattisgarh to encourage more women participation in the real estate business sector.
Registration Charges in Bhilai, Chattisgarh
The applicable registration charges for real estate property in Bhilai, Chhattisgarh is as follows:
|Joint (Male + Female)||4%|
|Joint (Male + Male)||4%|
|Joint (Female + Female)||4%|
It is very important to consider the rates of stamp duty and registration as they will be a part of your investment amount.
Bhilai Residential Real Estate Sector: What’s the Forecast?
The entire state of Chhattisgarh is witnessing a rise in demand for residential real estate due to the set-up of various industries aiming to provide employment. For instance, the Jindal group is all set to establish its cement industry on the outskirts of Chhattisgarh.
The Government also installed digital door numbers on almost 3.15 lakh houses. The objective of providing these numbers is to provide essential services to homeowners, including basic amenities and an easier tax payment system. All these reasons make Bhilai one of the best locations for residential property investment.
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
Stock and mutual fund investments witness great fluctuation in terms of returns. On the other hand, residential real estate offers assured returns with direct asset ownership.
- Residential Real Estate vs Gold
Gold has the risk of being stolen or getting lost. On the contrary, residential real estate is a stable investment option that, unlike gold, offers passive income opportunities.
- Residential Real Estate vs Commercial Real Estate
The vacancy risks in residential real estate are higher with frequent tenant turnover of tenants. However, the documentation process and legal formalities are much simpler in case of residential properties if we compare it to commercial real estate.
- Residential Real Estate vs Bonds
Bonds have a lower credit risk in comparison to residential real estate properties. In addition, bonds are highly liquid when compared to residential real estate investments because it takes a long time to find a suitable buyer for the property.
A tabular representation to compare the asset classes on the basis of risk, volatility, returns, liquidity and ticket price is as follows:
|Parameters||Commercial Real Estate||Gold||Residential Real Estate||Stocks & Mutual Funds||Bonds|
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Steps to Invest in Residential Real Estate in Bhilai
The steps to invest in residential real estate in Bhilai, Chhattisgarh are as follows:
Step 1: Finalise your investment budget and conduct proper market research.
Step 2: Shortlist some affordable sites and plan a field visit to each of them and analyse them minutely.
Step 3: Select a residential real estate property that is suitable for you and prepare the official document for purchase.
Step 4: Complete the payment process. Make sure to complete registration charges and stamp duty formalities.
Step 5: Pay service fees to real estate consultants and brokers if you availed their services.
The demand for residential real estate in Bhilai is increasing due to its developed connectivity, infrastructure and ease of living. This city also has great educational facilities and an abundance of job opportunities due to the presence of numerous industries here. However, it is still very important to undergo proper market research before purchasing a property to avoid fraud.
Frequently Asked Questions
What are the documents required to register a real estate property in Bhilai?
The documents required to register a real estate property in Chhattisgarh include printed copies of the registration form, lease, land or building registry, electricity bill, etc. All these documents act as proof of whether you are purchasing that particular property and that there is no fraud involved.
How to register a real estate property in Bhilai?
It is possible to register a real estate property in Bhilai through both offline and online modes. For offline registration, visit the registrar’s office and submit documents like application form, Ration card, Aadhaar card, registration fees, etc. On the other hand, for online registration, visit the official website and upload the required documents.
Is Bhilai a rural or urban area?
Bhilai is an urbanised city and a major industrial centre of Chhattisgarh. However, the cost of living in this city is comparatively lower than many other industrialised cities, keeping the demand for residential real estate high.
What are the taxes that I need to pay while purchasing a property?
The taxes which you need to pay are stamp duty charges and service taxes. Other than this, there is TDS or tax deducted at source, which is payable if the property amount exceeds ₹50 lakh.