The Estimate: Will Property Prices Will Hike In Coming New Year in Kolkata
“Though we are going
through pandemic situation, yet many people want to know if the land prices
will go high in the coming times or not. This article will provide useful
information on the same. Read thoroughly”.
Of course, the impact of
corona virus has risks many businesses and many thousands of people unemployed.
With a fall in each industrial sector, the confusion is at its peak if real
estate company business will drop-down the property prices incoming New Year.
Over the estimate, the
expectation says that Kolkata has a possibility of a surge of 10-15% property
rates of land or constructed buildings (like apartments, offices, godowns,
etc.). This is a rough institution for the first 3-6 months. However, if we
count overall construction cost, that has gone up to 12%, and the labor rate
has increased by 20%. This drastically bothered many builders, tenders, and
construction business owners. The rising cost has, of course, ensured the
chances to rise with the upcoming year.
Precisely, property prices
per sq feet are expected to increase by Rs 350 (INR) to Rs 400 (INR), as many
reliable property builders claim. This is, of course, a surprising part for
customers who were in the mood to plan for property investment especially
looking for purchase. There are ample reasons that lead to a considerable rise
in the real estate business, such as raw materials, labor cost, construction
expenses, fuel prices, and more.
The Reasons For Property
Rise Even Land Prices In Kolkata:
1. Raw Materials: The overall requirement on constructional raw materials is the
prime factor causing property rates to be high in the city. If you are unsure
of the actual pricing of the property, then explore a reliable real estate company in Kolkata or the state (West Bengal).
2. Labour Costing: Manpower is always a crucial factor when it comes to
construction projects, and the size of the project actually decides the
movement of money among labor. In fact, the labor rate varies from residential
constructional sites to commercial projects. This is a permanent reality that
labor pricing will affect the property rates across the country over the next
few months or with the coming year.
3. Project Size: Yes, of course, the construction project size also ensures high
to massive money investment. The bigger the project, the more is the investment
for labor, raw material, and other management resources. There is a difference
between the development of one home, a godown, and a building fledged with
multiple apartments, thus increasing cost.
4. Fueling and Other
Resources: The country faces a high
price of fueling, affecting each industry. The much distance for transportation
of raw materials, labor, and other resources ensures project increase with
rates.
A Note for New Property
Buyers or Sellers in Kolkata:
For Sellers:
Land
is easy to get in
Kolkata, yet the idea is to get all inspections personally done.
Moreover, you need to understand the market trends of the plot with price
value. If you have a plot
for sale in Kolkata, it is good to check
for the reliable classified section over the web or in print media before
exposing your property to sale. Apart from selling the land, if you want to
give your constructed property on rent or else on sale, then also stuck with
ongoing marketing on both residential as well as commercial property.
For Buyers:
Sooner or later, if you
want to invest in property, especially in developed cities like Kolkata, it is
good to explore. You need to pick the topmost real estate company if you want a good home, office, or land
for sale in Kolkata. Value your money and,
just above that your time, get a reputed real estate developer to help you with
better options in the land, apartments, office buildings, posh colony bungalow,
etc., as per your requirement.
The Bottom Line:
There is no point in
waiting longer, as, in months of the coming year, the estimates tell on
increment for property rates in a metro city like Kolkata. The important
factors with price high in raw materials, labor, fueling, etc., will affect the
rates on both residential and commercial sites. Even the land
price in Kolkata will let you shred more money, so look for the best options on
your budget and needs and get your own property done as soon as possible.
Author Bio: Roma, a real estate blogger writes on various real estate related facts. In this article, she has shared some useful information on the rising property prices in coming times. Read her articles to know more about real estate industry.
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