Month: September 2023

What was proposed back in 2010 during the erstwhile Left Front regime, is fast taking shape now as the international financial hub planned in New Town gathers momentum. The second such financial hub in the country after the Bandra-Kurla Complex in Mumbai, it will showcase fintech at its sparkling best, further elevating New Town’s growing stature as a vibrant, modern township.

The project that was relaunched by the ruling party in 2017, laid a sharp focus on the financial technology industry, as more than 24 financial institutions are already present in New Town, with others casting admiring glances. The relaunch has cleared the decks for sustained activity towards developing the township as one of the most sought-after destinations for fintech businesses.

Fintech is one of the fastest-growing domains in the financial services sector which has majorly disrupted the traditional value chain of this sector. Consequently, investments have come pouring in and both the state government and WBHIDCO are buoyant that New Town won’t be any different.

“If Mumbai is geographically close to New York and London, Kolkata is even closer to Singapore and Hong Kong – the two international financial and business centres in Asia,” Debashis Sen, Managing Director, WBHIDCO, had told a CII event. The financial hub is eyeing business from South-East Asia using Kolkata as the eastern gateway for trade and financial institutions, it is understood.

A study by McKinsey Global Institute had predicted that Kolkata would emerge as one of the epicentres of global financial activities. The New Town fintech hub certainly augers well for that forecast. The township has already become the preferred hotspot for businesses, national and MNCs, to set up shop as support infrastructure continues to develop and attractive incentives offered.

The New Town advantage

There’s a lot going for New Town. From proximity to the airport and Sector V, the IT district, to existing and upcoming Metro connectivity, wide roads and ample modern residential accommodation, the pluses are plenty.

Add to that swank shopping malls like Axis Mall, City Centre 2, Reliance Central and DLF Galleria, besides luxury business hotels like Novotel, Fairfield by Marriot, Pride, Ibis, The Westin, Vedic Village and more, and we are talking about more reasons to embrace New Town.

The township also offers a plethora of quality educational and healthcare institutions, including DPS New Town, DPS Megacity, New Town School, Narayana School, Techno India College, Amity University, St. Xavier’s University, the Tata Medical Center, Sankara Nethralaya, Bhagirathi Neotia Hospital, Ohio Hospital, Apollo Clinic New Town, Glocal Hospital, among others. Then there is the international-standard Biswa Bangla Convention Center, the Mother’s Wax Museum and the sprawling campus of the Eco Park with its emerald golf course to add further value to New Town.

The infrastructure for the fintech hub is being developed by the government and the project is being executed by WBHIDCO. The financial hub is blessed with dedicated power supply and bandwidth. Overseas institutions like the Brooklyn National Laboratory and the Bureau of Energy Efficiency have been consulted to ensure a uniformly environment-sensitive development through the green-building concept.

WBHIDCO officials estimate that the New Town financial hub, once fully functional, can generate over 200,000 jobs. The clamour for commercial and residential real estate space is already rising in sync with this scenario as fintech companies rush to grab a slice of the New Town pie. The financial hub is expected to become a potent energizer to take the township’s development to another trajectory altogether.

Buying a property is more often than not your life’s most critical investment decision. And you don’t want to leave any stone unturned to ensure that the investment is safe. Once you have zeroed in on your dream home in your favourite neighbourhood, the next and a very important step is to scrutinize all the documents with a toothcomb to rule out any legal loopholes before you sign on the dotted lines.

Legal verification of your property papers is absolutely imperative, no matter how alluring your new home looks, so that you don’t face any litigation in future and your investment is safe. If any document is doctored or deliberately misleading, it can make life difficult for you. So, do seek professional legal assistance if you deem fit. However, you can also do this verification on your own. In any case, it is crucial that you take the initiative to study the documents properly and establish their veracity.

What are the documents to be verified?

With or without the help of a lawyer, you should collate these following documents for legal verification:

# Seller’s details: Even before you start scrutinizing the documents, find out more about the seller. Establish his/her credentials through PAN, Aadhaar, passport, etc. Then you must check his professional track record, either through media exposure or by taking feedback from previous customers. Once you are armed with these inputs, you can make an informed choice.

# Title deeds: This is the most crucial one in your bunch of documents you need to confirm and verify. The task is to establish that the person is the genuine owner of the property and has unfettered authority to sell it. You would do well to check the transaction chain to find out how many times the property has changed hands. Seek an encumbrance certificate (EC) from the Sub-registrar’s office to make sure the house/property is not shackled by mortgage, loan or debt.

# Property tax receipts: Ask to see receipts for property tax which is payable to the civic body every year. By scanning the details in the property tax receipts, you can make sure that tax payment is up to date and there are no statutory dues pending which could needlessly burden you.

# Necessary approvals: It is important to look into clearances of the building plan/layout by appropriate authorities if you are buying a land parcel. Construction can legally commence only after the land parcel is converted for residential use. In case you are buying a built property, make sure there aren’t any serious departures from the sanctioned plans. You will also need the occupancy certificate granted by the local civic body, certifying that the constructed structure is fit to be occupied, besides all the relevant NOCs.

# Sale deed: This document is essentially the bridge that transfers ownership of the property from the owner to the buyer. To avert needless hassles in the future, please ensure that this sale deed is expertly drafted and details all relevant points pertaining to both the parties. The sale deed must contain all the necessary information about the transacted property, including location, dimensions, land survey number, amount of transaction, etc.

# Possession certificate: While buying a property, you will need this document from the developer/seller, listing down the payment details as well as specifying the date of handover to the buyer. It is a must-have legal document giving the buyer the right to move into or make use of the property, as it denotes that the said property has officially changed hands.

Buying a home is your life’s biggest investment and you would obviously like to keep it safe with the cover of insurance. A home insurance policy offers you financial security on your residential apartment or house and can also cover you against natural or manmade disasters, burglary or other losses including jewellery, appliances, etc precipitated by damage to your property.

When you are buying your first home, it might feel like an added burden, but home insurance is absolutely essential to safeguard your home and valuables, and in the process, insulate your financial stability against any unforeseen catastrophe. It is peace of mind.

While the need for home insurance is a no-brainer, the home-buyer has to figure out whether to go for a structure or contents insurance policy. A structure insurance covers you against losses incurred in natural disasters resulting in structural damage to the house, while a content insurance safeguards against losses or damage to household items including fixtures and furniture, jewellery and electronic appliances.

Points to ponder for a first-time home-buyer:

# Figure out the ambit of coverage: It is absolutely imperative to comprehend the extent of the home insurance cover before you opt for one. You will always find a policy tailored to your needs. Usually, a home insurance should offer you coverage for the home structure, personal belongings, liability, etc, besides providing you with additional expenses to get by if your home is rendered unliveable due to any covered event.

# Fix a price to your home: You must find out the real value of your house keeping in mind factors like built area, age of the property, materials used in construction and of course, location, among others. This would help you fix a price in case you have to rebuild your house following a total loss due to any event covered by your home insurance.

# Compare before you buy: Before settling for a particular home insurance package, you should compare a number of policies from various providers so that you can look at the rates vis-à-vis coverage. This should enable you to land the best coverage at the most competitive price point.

# Bundling is a good option: It could be a profitable exercise to combine or bundle your home insurance with other existing insurance policies like car insurance, etc. You could end up saving a tidy sum.

# Be comfortable with your deductible: The out-of-pocket expenditure that you incur before the insurance policy kicks in, is your deductible amount. You must be comfortable with this quantum, since it will affect your premium payout. So, choose the right deductible after dialogue with your provider.

# Review policy at regular intervals: Your home insurance policy should be flexible to address your evolving needs. For instance, you might choose to carry out major upgrades or changes or renovation work that would necessitate updating your policy accordingly. Hence, you must review your policy details periodically, so that you are on your toes.

# Seek discounts: Remember, it is a highly competitive market and insurance providers are falling over one another to expand their footprint. So, they are usually open to cutting a little slack in terms of discounts. Don’t hesitate to ask for discounts on certain points.