Buying an apartment can be an overwhelming endeavor, and there are
so many facets to consider. With countless laws governing the real estate
market, it may seem impossible to know exactly what you?re signing up for when
buying a property. It is therefore vital to have a basic idea of what the
contract entails before signing it. There are various laws pertaining to the
sale of real estate in Kerala which are meant to safeguard the interests of
both buyers and sellers. To avoid possible problems, homebuyers must be
informed of such laws and their rights under them. Here are some must-read
rights of a property buyer in Kerala to help prevent any potential issues
related to apartment buying.
? Right to Get Information
One of the key rights for buyers when buying a new apartment is the
right to get complete information about the project they are investing in. So,
the homebuyer can use this right to access all project information, legal
sanctioned plans, building layout plans, RERA registration number & other
specifications approved by the responsible authorities. After all, your home is
one of the largest purchase decisions you will make, and by having access to
all the information at your fingertips, you can be sure that your choice was
the best one for you.
? Right to Understand Construction Schedule
The prospective buyer has the right to be informed of the project’s
step-by-step completion schedule, which includes provisions for electricity,
water, sanitation, and other services and facilities stated in the sale
agreement’s terms and conditions.
?
Right for Inspection
Before you buy an apartment, you have the right to inspect it and
make sure it’s in good condition. If it is an under construction project, you
also have the right to inspect the project’s progress. This right of the buyer
to inspect the property before making full payment is intended to help minimize
disputes and claims of misrepresentation at a later stage.
?
Right to Claim a Refund
As per RERA rule, the homebuyer has the right to claim a refund when
the builder fails to deliver possession of the apartment property according to
the terms stated in the sale agreement. In such cases if any dispute arises
between builder and homebuyer in terms of refund, RERA could help the homebuyer
to get the refund amount. The National Consumers Defense and Research Center
(NCDRC) has ruled that buyers are entitled to a refund if possession is delayed
for more than a year after the builder’s agreed time. As per NCDRC, if projects
are not delivered within that specified time frame, the developer is required
to repay the full amount plus 10% interest.
?
Right to Claim Possession
The right to claim possession of an apartment could be considered
one of the most important rights that a buyer has over the property. This right
helps the buyer get his or her hands on the property once all of the necessary
formalities have been completed, and the required payment has been made. So, as
a homebuyer, you have the right to claim possession of the apartment, provided
the builder has handed over all the essential documents, such as the completion
certificate, rights to use common areas, if any, and building insurance, which
is compulsory under the law.
?
Right to receive benefits
in value
Following the transfer of ownership of the apartment from the
builder to the buyer, the buyer is entitled to any increase in the property’s
value, as well as the rents and gains generated by the property. After the
deal, the builder may have no claim to the benefits of the apartment property.
?
Right to File a Complaint
about the Modifications
As per RERA rules, a buyer has the right to file a complaint if a
builder makes any changes to the permitted plans, floor plans, fittings, and
amenities without the consent of at least 2/3rds of the allottees, apart from
the promoter, who have agreed to purchase an apartment in a building.
?
Right to Get the Title Deed
The seller’s title to the property is transferred to the buyer when
the deed is signed. The seller must officially confirm that the property is
wholly free and clear of any legal encumbrances. The buyer owns the legal
rights to the property once the title deed has been registered.
Takeaway,
You have been educating yourself about your rights as a homebuyer,
drawing you one step closer to getting your perfect dream home. If you’re
looking for the most trustworthy and responsible builder in Kerala to own your
dream apartment, Varma Homes is a wise choice. We bring you a broad range of
apartments that match your desires & balance your lifestyle in your
favoured locations in Kerala. Get ready & never hesitate to buy an upcoming
or under-construction apartment with the most trustworthy real estate builder,
like Varma Homes, as all our ongoing projects are registered under RERA. We
have strictly followed traits such as on-time delivery, top-notch quality, and
trust since the inception of our apartment projects, which has made VARMA HOMES
the best of the rest!
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