bongdada

Hello everyone.

I'm seeking guidance with respect to buying a property in India (Kolkata). I'm currently based in UK, with an outlook to R2I in 2012, just after Olympics. I want to purchase a flat for myself and have been researching the real estate space for a while. I have shortlisted couple of projects in Kolkata.



Just as an indication, a 3 BHK apartment of 2079sft is costing about Rs 80lacs (incl of all other costs such as club membership, car parking etc). They are charging rate of Rs 3500/sft

I will be taking a mortgage of 70%.

• Is this right time to buy property ? (could be a subjective question)
• Is the real estate market stagnated in Kolkata or is there chance of further going down ?
• Is the price indication above a reasonable one or is it towards higher end ?
• what kind of bargaining power do I have with the developers, or do they offer fixed price ?
• what is my bargaining position ? I know in UK, currently its buyers market i.e. buyer have very strong bargaining position, not sure how it will work in Kolkata.
• is it buyers market, if so, any pointers on negotiation aspects that I can work on
• what kind of things should I be on the look out and check with the developer before committing myself?
• Is instalment payment better than downpayment, given the fact the rates are higher for instalment.

I will appreciate if anyone could give me guidance in this matter.