The tastes and preferences of a Kolkata are changing fast. Ten years ago, an apartment in the city was something that they would die for. Today; a discerning customer is looking for what he will get other than the space trapped between four walls.

Customers now prefer 'self-sufficient' housing complexes rather than stand-alone apartments in the heart of the city As a consequence housing complexes are now mushrooming all around the city and have turned barren land into prime locations. 'Ideal villas' of Rajarhat, Kolkata West, Uniworld City, and Calcutta Riverside are all examples of the above.

These projects, in addition to sprawling flats or bungalows, are set in the lap of nature and provide the best in entertainment and civic facilities. As Pradeep Sureka, Chairman, CREDAI Bengal, says, "Location is not the prime concern any more. Inside the city it is congested and prices are hitting the roof. In addition to location, people are today looking at features these 'townships' offer namely large open spaces, an economical approach and professional management."

According to Sureka, these 'self sufficient' housing complexes have become a numero uno choice for customers because of the range in prices and the facilities they comes bundled with. "The more people stay in a complex, the more facilities they offer. That is exactly why a large housing complex is always economical both for the developer and the customer," Sureka adds.

 It is but natural that most of these complexes are coming up on the outskirts of the city that is already reeling under a severe space crunch. Take for instance, the Aponaloy housing complex in Madhyamgram. Set amidst undulating green lawns, it has facilities such as a gymnasium, auditorium and plenty of space for children to play the popularity of these housing complexes stems for the fact that they promise "lifestyles on offer."

Rajat Ghosh, an IT professional who recently bought an apartment in Rajarhat, states, "The primary reason I opted for my flat outside Kolkata was because I wanted to move away from the din of the city. Besides, purchasing a flat here proved to be cheaper for me than it would be in the heart of Kolkata," points out Ghosh.

Pune: Union Bank of India on Friday launched its reverse mortgage scheme for senior citizens. The scheme will enable senior citizens to obtain a monthly payment by mortgaging their residential property. Under the title “Union Reverse Mortgage Scheme”, the bank will offer benefits to people aged above 60 years. The loan drawn against mortgaged property will have fixed interest rate of 10 per cent per annum. The same will be revised after every five years.

                                                                        Courtesy: Busi. Standard April 7, 2008