RANCHI: Unable to easily find a litigation-free property in the state, prospective buyers have now started looking for flats in Kolkata. The trend was visible during an interactive meet organized by Kolkata-based real estate developer Eden City Group here on Friday.
Officials of the company said a large number of prospective buyers from Jharkhand were interested in investing money in Kolkata property due to unfavourable real estate market trends in Jharkhand.
"Ban on sale and purchase of land from people of reserved category - ST, SC and OBC - to general category as per clauses of Chotanagpur Tenancy (CNT) Act and Santhal Pargan Tenancy (SPT) Act has made situation tough here. Kolkata being close to the state has come up as the first choice among the investors from Jharkhand," said an official, adding that a large number of properties are litigated for violating CNT and SPT Act.
Vice president of Eden City, Biswadeep Gupta said in the in the last one month, at least 100 people have contacted them to know about their upcoming project at Maheshtala in Kolkata. "Around 10 people including some from Jamshedpur have already booked flats at the Maheshtala project. The interest shown by people has forced us to come down to Ranchi and organize a three-day interactive meet that will end on Sunday," said Gupta.
He said that on the very first day they received at least 50 calls and almost equal number of people participated in the interactive session.
"People are also interested in Kolkata because in future if they do not want to retain the flats, they will still get a return of at least 10-15 per cent per annum on a flat that is priced around Rs 30 lakh," said Gupta adding that price of flats at Maheshtala range from Rs 30-45 lakh.
One of the prospective investors, AK Mukherjee said no one is ready to take risk at least when it comes to investment worth lakhs. "The situation is not congenial in the state as most properties are litigated as per CNT and SPT Act so I thought of buying a flat in Kolkata," said Mukherjee.
Source: timesofindia.indiatimes.com
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