Residential Real Estate Investment in Bhilai

Bhilai is the second largest urban area in the Durg district of the Indian state of Chhattisgarh. It is a major industrial city and an education hub of central India, which has created a demand for residential real estate investments. Being an industrial city, it provides numerous employment opportunities for people staying here. Moreover, the city has well-developed connectivity, making it easier for students and office-goers to travel daily.

Let us know everything about investing in residential real estate in Bhilai. 

Top Reasons to Invest in Residential Real Estate in Bhilai 

The reasons to invest in the residential real estate of Bhilai, Chhattisgarh are as follows:

• Employment Opportunities

Bhilai is famous for its steel and cement industries such as Bhilai Steel Plant, Jaypee Cement, Steel Authority of India, ACC Cement, etc. All these industrial firms generate employment opportunities throughout the year. 

• Developed Transportation

This city has a great connectivity and transportation system through buses, auto-rickshaws, taxis and so on. It is also in close proximity to three railway stations and a domestic airport for further transportation ease. 

Residential Real Estate Investment Opportunities in Bhilai 

The locations having the best opportunities for residential real estate investment in Bhilai, Chhattisgarh are as follows:

1. Smriti Nagar

This locality in Bhilai has got all the basic amenities a residential household needs such as 24×7 electricity and water supply, supermarkets, ATMs, etc. Moreover, it is only 1 km and 3.5 kms away from the state highways and Bhilai railway station, respectively. 

2. Nehru Nagar

It is also a great locality to invest in residential real estate, especially because it is only 4 to 5 km away from the nearest hospital. Additionally, this area has some well-known schools and colleges, providing high-quality education to its students. 

Things to Consider Before Buying a Residential Property in Bhilai

The primary things to consider before purchasing a residential real estate property in Bhilai, Chhattisgarh are as follows:

• RERA Verification

The Real Estate Regulatory Authority (RERA) is a statutory body notified by the RERA Act 2016 to promote transparent and genuine real estate transactions between agents and buyers. If you want to check the authenticity of a builder and their property in Bhilai, by visiting the RERA website of Chhattisgarh.

• Lease Structure

A lease is a long-term legal contract between the commercial space occupier and its owner. While assessing and analysing an investment, both the tenant and the landlord must comprehend the lease structure to identify the involvement of any risk in that.

Stamp Duty Rates in Bhilai, Chattisgarh

The stamp duty rates for real estate property in Bhilai, Chhattisgarh are as follows:

Note: There is a 1% reduction in stamp duty charges for women in the state of Chhattisgarh to encourage more women participation in the real estate business sector.

Registration Charges in Bhilai, Chattisgarh 

The applicable registration charges for real estate property in Bhilai, Chhattisgarh is as follows:

It is very important to consider the rates of stamp duty and registration as they will be a part of your investment amount. 

Bhilai Residential Real Estate Sector: What’s the Forecast?

The entire state of Chhattisgarh is witnessing a rise in demand for residential real estate due to the set-up of various industries aiming to provide employment. For instance, the Jindal group is all set to establish its cement industry on the outskirts of Chhattisgarh. 

The Government also installed digital door numbers on almost 3.15 lakh houses. The objective of providing these numbers is to provide essential services to homeowners, including basic amenities and an easier tax payment system. All these reasons make Bhilai one of the best locations for residential property investment. 

Residential Real Estate vs Other Asset Classes

The comparison between residential real estate and other asset classes has been discussed below: 

• Residential Real Estate vs Stocks & Mutual Funds

Stock and mutual fund investments witness great fluctuation in terms of returns. On the other hand, residential real estate offers assured returns with direct asset ownership. 

• Residential Real Estate vs Gold

Gold has the risk of being stolen or getting lost. On the contrary, residential real estate is a stable investment option that, unlike gold, offers passive income opportunities. 

• Residential Real Estate vs Commercial Real Estate

The vacancy risks in residential real estate are higher with frequent tenant turnover of tenants. However, the documentation process and legal formalities are much simpler in case of residential properties if we compare it to commercial real estate. 

• Residential Real Estate vs Bonds

Bonds have a lower credit risk in comparison to residential real estate properties. In addition, bonds are highly liquid when compared to residential real estate investments because it takes a long time to find a suitable buyer for the property. 

A tabular representation to compare the asset classes on the basis of risk, volatility, returns, liquidity and ticket price is as follows:

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Steps to Invest in Residential Real Estate in Bhilai

The steps to invest in residential real estate in Bhilai, Chhattisgarh are as follows:

Step 1: Finalise your investment budget and conduct proper market research.

Step 2: Shortlist some affordable sites and plan a field visit to each of them and analyse them minutely.

Step 3: Select a residential real estate property that is suitable for you and prepare the official document for purchase. 

Step 4: Complete the payment process. Make sure to complete registration charges and stamp duty formalities. 

Step 5: Pay service fees to real estate consultants and brokers if you availed their services.

Final Word

The demand for residential real estate in Bhilai is increasing due to its developed connectivity, infrastructure and ease of living. This city also has great educational facilities and an abundance of job opportunities due to the presence of numerous industries here. However, it is still very important to undergo proper market research before purchasing a property to avoid fraud. 

Frequently Asked Questions