Kolkata, a major metro city in India’s eastern region is also a hub for commercial activities. With a paradigm shift in businesses demand for the best commercial property in Kolkata soars. The local businessmen discover localities to engage and expand operations. Similarly, industries across India are willing to open doors of business from the eastern side. Thus a giant commercial market in Kolkata awaits domestic and foreign investors.
Commercial Property In Kolkata
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Along with possibilities, challenges do lie ahead for Kolkata’s commercial real estate. But, RERA-guidelines and other necessary options are enough to combat difficult situations. Step into the harbour of businesses via waterways and get ready to embrace business flourishment. Here are there important things to keep in mind when buying a commercial property in Kolkata.
Location Advantages
Location plays a significant role in business profitability. Kolkata the city of joy has several areas, but finding an ideal amongst them is a task. Explore Salt Lake City, Park Street, and Esplanade areas to allure ideal footfall for your business. The seamless connectivity and proximity to IT and business parks are top features of the best commercial projects in Kolkata.
Also, the connectivity to railway stations, bus depots, and airport are the parameters of the best commercial property in Kolkata for sale. The stamp duty on retail shops in Kolkata depends upon its locality.
Market Research
Prepare a checklist when planning to buy commercial property in Kolkata. Make an online search to compare features of one or more immovable assets. Check for additional cost to property or hidden charges if asked for.
When investing in retail shops or office space in Kolkata keep yourself updated with upcoming and proposed developments including infrastructure. By thorough market research, understand clients’ expectations and emerging areas where your business can grab maximum footfall.
Distinguished Property
With an elevation in lifestyle and pocket-holding, the demand for businesses has outgrown. As a result, industrialists explore localities to find the best commercial property in Kolkata. With the changing dynamics and real estate market, there are distinguished immovable assets to suit different requirements.
There are retail shops in Kolkata and office space in Kolkata for sale. Prepare a criteria list before stepping into the market to explore options. Visit multiple properties and tick the checkbox if anything suitable comes across the visit.
Office Space in Kolkata
The multifold growth in the economy of Kolkata city raises demand for office space in the city. The majority of businesses prefer creative and modern design in the office. Also, strategic location is the biggest requirement it ensures seamless travel for professionals. The well-positioned office space in Kolkata is popular amongst investors. In addition to these characteristics, state-of-the-art facilities and scenic views make office space in Kolkata popular.
Return on Investment
An investment in commercial property in Kolkata is mainly aimed at rental income. It may be a monthly rent value or lease activity. Hence, it is important to study the risk factors to know the approximate rental value of a commercial asset.
Keep memories of COVID-like situations in mind, before finalizing a deal. Explore the ways to find out the best way to keep the inflow of monthly rentals unobstructed even in the worst scenario.
Also, keep an eye on when and how much the circle rate ascends or decreases. The rental value of an immovable asset largely depends upon it. Do check for the rental values in the neighbouring localities along with the features available in the commercial property in Kolkata.
It all helps in finding the best immovable asset in a budget-friendly way and thus reflecting as an asset in the balance sheet.
Commercial Property in Kolkata – Challenges in the Future
High Price – The biggest challenge in finding the best commercial property in Kolkata is high property prices. Despite being a commercial Hubspot in India’s eastern region, the modern designs in offices and fit-outs propel prices. Thus, even after finding office space and retail shops in the perfect locality, prices remain a challenging front for investors.
With reputed developers coming into the property market, the demand and supply balance is the future. In the current scenario, the cost of immovable assets continues to be a major confrontation for investors.
Stamp Duty | Commercial Property in Kolkata
A stamp duty of Rs. 5,000 is chargeable for an agreement giving authority to a promoter or a developer for the construction or sale of an immovable asset with property’s market value less or equal to Rs. 30 lakh.
The stamp duty raises to Rs. 7,000 if the immovable asset is more than Rs. 30 lakhs and less or equal to Rs. 60 lakh. Similarly, the commercial property in Kolkata ranging between Rs. 60 lakh and Rs. 1 Crore brings a stamp duty of Rs. 10,000.
Going forward, the immovable asset in Kolkata is between Rs. 1 Crore – Rs. 1.5 Crore, Rs. 1.5 Crore and Rs. 3 Crore and more than Rs. 3 Crore attract stamp duty of Rs. 20,000, Rs. 40,000 and Rs. 75,000 respectively.
Documents Checklist to buy Commercial Property in Kolkata
Irrespective of the segment, real estate transactions in Kolkata become seamless only with valid documentation. Consider the below-given papers and keep them ready for processing, to find the best commercial property in the city.
- ID Proof (Aadhaar Card, PAN Card, Driving License)
- Receipt or Demand Draft (DD) as a payment proof for Stamp Duty, Registration Fee, and Transfer Fee.
- Section 32A form of Claimants/witnesses/executants
- ID Cards and Photos of two witnesses
- A photo with the property’s front view
- GPA/SPA Documents
Kolkata the city of joy holds multiple occasions to raise a toast to celebration. However, considering the above-mentioned points double the celebration. Check out retail shops, office space, and other commercial properties in Kolkata at a fair value.