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News Updates

19 May23

Kolkata Mayor warns officials of suspension over illegal constructions

The Kolkata Mayor is taking a tough stance on illegal constructions and has warned officials that they could face suspension if they are found to be involved in such activities. It is important to follow the rules and regulations when it comes to construction to ensure the safety of the residents and the environment. If buildings department officials in boroughs fail to report illegal constructions in their jurisdictions or neglect to take action, they can be suspended without a showcause

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06 May23

The Benefits of RERA for Home Buyers

The Real Estate (Regulation and Development) Act, 2016 (RERA) is a landmark legislation that has brought transparency and accountability to the real estate sector in India. The Act was introduced to protect the interests of home buyers and promote fair play in the real estate industry. Here are some of the benefits of RERA for home buyers: 1. Transparency: RERA mandates that all real estate projects must be registered with the regulator and provide complete details of the project, including

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24 Apr23

Is Akshaya Tritiya good for purchasing a property?

Akshaya Tritiya, also known as Akti or Akha Teej, is a popular Hindu festival celebrated in India. It is considered an auspicious day for new beginnings and is often associated with buying gold and property. Many people believe that purchasing property on Akshaya Tritiya can bring good luck and prosperity. However, whether or not this belief holds any truth is a matter of personal opinion. From a practical standpoint, Akshaya Tritiya can be a good time to purchase property due to the various

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04 Apr23

Kolkata Office Space Demand Witnessed in the City Grow

Nine out of 10 office space kolkata deals were for properties below 50,000 sq ft in 2022. Only one out of 10 was in the 50,000-1 lakh sq ft size with none exceeding 1 lakh sq ft. Overall office space demand witnessed in the city grew from a little over 0.8 m sq ft in 2021 to over 1.1 m sq ft in 2022, a growth of 42% year-on-year. Knight Frank India that conducted the study in Kolkata, the 57 deals in under 50,000 sq ft office space comprised 70% of floor space transactions that happened

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20 Mar23

Kolkata Municipal Corporation set to offer paid tatkal service at Doorstep

Kolkata civic body has firmed up plans to introduce tatkal-cum-doorstep services for a fee starting with property mutation. Services like issuance of birth certificates and copies of death certificates are to be brought under its ambit at a later stage. According to a Kolkata Municipal Corporation (KMC) official, the time-bound service has been designed keeping in mind the requirements of busy professionals, the elderly and infirm who find it difficult to visit the civic headquarters or

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14 Mar23

From April1 UAA Property tax system launch plan For Sec V

After New Town, Kolkata the Unit Area Assessment (UAA) system of property tax collection is all set to be introduced at the IT hub of Sector V this year. The Nabadiganta Industrial Township Authority (NDITA) is planning to introduce UAA in 2023-24 — from April 1. Officials said that the West Bengal Valuation Board, which had earlier come up with a draft scheme on the UAA system of tax collection for Sector V, has finalised the proposed structure, based on which NDITA will start

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16 Jan23

India’s housing market hit a 9year high in 2022

The year 2022 saw the demand for apartment in India increase by 34% reach a nine-year-high in a trend driven primarily by a post-pandemic need for security, increased savings and income disruption for middle- and higher-income groups, according to a new report. The report says house sales stood at 312,666 units in 2022, adding that the growth was particularly noticeable in the higher-income segments. For comparison, the sales in 2021 stood at 2,32,903 units, according to the report. Also shows

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17 Dec22

Property buyers West Bengal at mercy of builders as RERA still not made functional

Homebuyers' association FPCE on Sunday urged the West Bengal government to make the real estate law RERA functional in the state at the earliest to protect the consumers' interest. Supreme Court struck down the West Bengal government's law WBHIRA for regulating the real estate sector, saying it was "unconstitutional". state government introduced West Bengal Housing Industry Regulatory Act (WBHIRA) as a substitute for the central law RERA, which was passed by Parliament in 2016. The

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23 Nov22

Kolkata Records Highest Residential Registrations Oct 2022

Stamp duty and Circle rate relaxation has boded well with Kolkata as the city recorded significant sales volume in October 2022. The Kolkata Metropolitan Area expects the ongoing homebuying momentum to continue. Read on to know more about the city’s realty performance in October 2022. Ongoing relaxations have led to an improvement in registrations across Kolkata. The city has witnessed highest property registrations this year in October 2022, and the second-highest since the relaxations

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21 Oct22

Diwali: Good time to Invest in Real Estate Sector

Diwali is an auspicious celebration that is rooted deeply in the rich cultural tradition of our country. The festival brings with it lots of hopes for new happiness and beginnings. Many people prefer buying property during this time of year since it symbolises wealth and progress.  The festive season brings appraisals, bonuses, and other workplace benefits, leaving property buyers with extra money to spend on their dream homes. Here are some reasons why buying property during Diwali is

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