The “city of joy,” Kolkata, provides opulent riverfront living as well as an array of affordably priced flat options. Knowing the property’s legal limitations is important if you are considering buying an apartment in Kolkata and navigating the real estate market. When buying an apartment in Kolkata, a historic city, this guide gives you all the information you need to make an informed decision regarding property laws and regulations.
A Guide To Purchasing The Home Of Your Dreams In Kolkata
Legal Due Diligence
Do your research before booking a flat online or in person. Making sure all necessary documentation is in order is the first step. These are some crucial documents that you should carefully review.
The sale deed, the most important contract in the transaction, formalises the ownership transfer from the seller to you. Make sure the title deed and ownership of the property are confirmed. to keep yourself free of any difficulties.
* The sub-register office’s EC (Encumbrance Certificate) attests that the property is free of debts, obligations, or liens. A clean EC signifies a hassle-free purchase experience.
* Thoroughly check the tax receipts and building plan. Check if the building plan has received all the necessary approvals from the municipal corporation.
* Another crucial certificate is CC (Completion Certificate). The municipality issues this certificate to complete the project according to the approved plan.
Tip- If you need assistance with document verification, do not hesitate to seek a legal property lawyer. This will ensure your interest and protection throughout the process.
RERA Compliance
The Real Estate Act of 2016 introduced accountability and transparency to the real estate industry, and it was put into effect in West Bengal in 2017. Here’s how this will protect you-
* According to RERA, any real estate project bigger than 500 square metres or more must register with the WB authority. This will guarantee the project’s authenticity and transparency.
* Every real estate project must be registered with the appropriate authority, including the plans, approvals, carpet area, and completion date. Thus, the purchasers will be entitled to view project specifications.
* RERA provides a process for resolving disagreements between purchasers and developers. There is a forum available for you to use if there are any disagreements during the process.
* Always verify the RERA registration number of a real estate company in Kolkata before contacting them or booking an online flat. You can safeguard your investments by taking this easy step.
Registration & Stamp Duty
Once you have selected the best flats in Kolkata or a riverside apartment, be ready to pay registration and stamp duty fees. This is the general outline of the terms and conditions of the sale, which includes the property’s price, the payment schedule, and the date of possession. Transfers of property ownership require these legal fees. The stamp duty in Kolkata is between 5 and 7% of the property value, while the registration fee is 1% of the property value.
Ownership and Maintenance Duties
It is essential to comprehend the ownership structure and the maintenance responsibilities. Be mindful of these obligations if you reside in a housing society. A thorough examination of the conveyance deed is necessary as it transfers ownership from the developer. Get acquainted with the society’s rules and regulations, including information about common areas for usage, maintenance fees, and dispute resolution procedures.
Final Imprint
In conclusion, acquiring an apartment in Kolkata gives you access to a mainstream way of living. Consider Orchard Amiritaya by Oswal Group, a reputable real estate company in Kolkata, if you are searching for a riverside apartment. The Oswal Group offers a luxurious and secure living environment while following all legal requirements. Get access to premium Ganga-facing 3BHK flats in North Kolkata starting at ₹88 lakh onwards. Take the first step towards becoming the owner of your ideal home.