Time and again, property investment has proven to be one of the most secure and lucrative options. Whether you are looking for a residential space or a commercial one, the real benefits of buying a property will only be determined in the long run. And what could be a better place than India’s financial capital when it comes to buying a property? Today, Mumbai is a highly desirable choice for real estate investments, closely followed by the MMR. Speaking of which, the twin cities of Kalyan-Dombivli are regarded as some of the most prime real estate locations in the country.
The remarkable transformation of Kalyan over time is admirable. This has made the locality a highly desirable neighbourhood for property investments. Kalyan, which was once hidden amidst the verdant surroundings of the city, has now emerged as a cosmopolitan hub and is attracting investors and homebuyers.
And while finding a place that you can call home can be a daunting task, with the correct information, you would have already won half the battle. So, before you sign the dotted line, here are a few things that you must know:
Compliance with RERA regulations
This is one of the most critical aspects that people often overlook. This one step will ensure that your potential property is compliant with the government's Real Estate Regulatory Authority (RERA) regulations. According to the Real Estate (Regulation and Development) Act, 2016, all builders must register their projects with RERA and obtain a valid RERA number. This is crucial to verify that the property you choose is RERA registered.
Developer's Goodwill
When investing in a home, the reputation or goodwill of the builder in the market is a crucial factor to consider. Apart from factors such as applying for a loan, making the purchase, decorating, and finishing the project, it is crucial to have a good understanding of the developer's past work quality, reputation in the business, and other factors.
This becomes even more important when you are looking for flats in Kalyan West under construction. A background check can help provide information about the builder's track record, which can give an idea of their credibility and reliability. While buying an under-construction property is profitable, one should be extra cautious during a deal like this.
Stamp Duty
As you may already know, stamp duty is a tax levied on the purchase of property and can vary from state to state. So, it is essential for you to know the tax imposed in Kalyan before making a property purchase.
For males, the stamp duty is 7%, which comprises 5% stamp duty, 1% metro cess, and 1% local body tax. Females, on the other hand, are required to pay a slightly lower stamp duty of 6%, which comprises 4% stamp duty, 1% metro cess, and 1% local body tax. For joint property purchases, the stamp duty rate is 6.5%. Be sure to keep these rates in mind while planning a property purchase in Kalyan.
Infrastructural Development
There has been some significant infrastructural development in Kalyan in recent years, making it an attractive location for realtors. Other than a comfortable lifestyle, the area also offers a bunch of social amenities to the residents. Kalyan has a well-established network of schools, hospitals, marketplaces, and highways.
Moreover, Kalyan has been designated as a Smart City by the government of Maharashtra. Owing to this, the area is expected to see unparalleled growth in the coming decade. This designation means that the city will have access to advanced technologies, infrastructure, and public amenities, including integrated systems for essential services such as water, power, healthcare, and sanitation. The Smart City plan comprises 20 projects, out of which three have already been successfully executed. This would also include segregated trash bins at the house level and a ten metric-ton bio-methanation plant in Umbarde, which is automated solid waste management.
Job Opportunities
The area surrounding Bhiwandi and Kalyan has also witnessed a significant transformation. This is because the area has now evolved into a vast warehousing and logistics hub for major brands. This has resulted in a base shift for MNCs from the Central Business Districts (CBDs) in Mumbai to these areas. Moreover, the area has ample land and lower property rates and even better connectivity, making it an attractive spot for large organisations to invest. As a result, there is a rise in employment opportunities, making it an attractive location for individuals seeking job prospects and a place to reside.
Conclusion
Kalyan is emerging as a lucrative real estate investment option due to various reasons. So, people looking for a high-yielding investment option can consider Kalyan. However, it is important to consider some important factors such as location, budget, and amenities before investing in property. We hope that this information will not only help you know Kalyan as a locality better but will also assist you in buying a property here.
