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.
Ø 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.
Ø 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.
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.
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.
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.
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.
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.
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!
Hey, here's the good news! Now the Kochi metro is extending to Chottanikara, an apartment in Chottanikara will be an added benefit for homebuyers. With mobility being diverted to the metro, convenience in commuting at Chottanikara would be hassle-free. Its proximity to the railway station, proposed municipal bus terminal and the easy access to seaport-airport road would be definitely an added advantage. The Kochi Metro has upturned the brand image of Kochi and increased major investments; specifically in the real estate industry. The closeness to metro has become a key selling point for all the builders. It is indeed that owning property near a metro station has its own profits in terms of the future appreciation expected out of it. Are you right now confused about what will be the perfect place where you are right in the buzz of the city, yet apart from all the bustling rush? Well, consider Chottanikara. Here is why! We all know that Kochi is busy with traffic, business and whatnot. Your next home would ideally be far away from all these buzzes and yet should be within reach of the town. That is why Chottanikara is the best option. It offers you what noble lifestyle demands. The well-developed infrastructure, upcoming metro rail line for intra-city connectivity, a wide range of health care facilities, crowned with tourist places, the wide spectrum of business and job opportunities etc. are some of the reasons why Chottanikara is evolving into the most desired destinations of property buyers. If you have any plan to buy an apartment tucked away from the busyness of the city and placed in the most tranquil living environ of Chottanikara then there awaits you Varma Homes Bougain Heights! It is 2BHK & 3BHK compact apartments near Thiruvankulam with all modern amenities. Altogether, it is simply the luxury behind comfortable living, soothing nature and excellent quality standards. Now the metro rail extending to Chottanikara boost housing demand and give you another reason to select Bougain Heights as your dream apartment near Thiruvankulam. Let’s Check Out Other Reasons Why You Should Buy This Bougain Heights Fresh Air, Unpolluted Water & Close to Nature-Away from the din & bustle of the city, Bougain Heights brings a peaceful life amidst the blessings of nature. Here, the hypnotizing views of lush green surroundings instill calmness in mind, and the wind that carries fresh cool air is a refreshing presence. Above all, this land of idyllic magic gives you unpolluted groundwater & is a true green paradise amongst apartments in Kochi. Proximity to Major Industrial Hubs-Bougain Heights located near Thiruvankulam, a small town within city limits but having all privacy of a village atmosphere. It is close to the major industrial hubs of the city like Cochin Refineries, IOC, and HPCL. This makes Thiruvankulam a preferred locality for buyers specifically for the professionals working in these respective industries. Richness of Both Culture & Heritage- The richness of both culture & heritage in Chottanikara oozes through the nook and corner of the city making it a coveted travel and tourist destination. This also makes a worthy reason for you to purchase your next home here if you are the kind who love a bit of culture and heritage and want it to be part of your everyday life. Good Accessibility- Here getting around is never a hassle. It has excellent connectivity to the seaport - airport road, mini bypass, & other transit modes. Also has proximity to all modern needs like schools, colleges, hospitals, supermarkets etc. The real estate potentials of this place are highly striking which makes a superb choice for a person looking for an apartment in Kochi along with investment interests. Tech Town Is Just Around the Corner- There is no doubt that Infopark, the IT hub of Kochi, is one of the reasons why the young generations are migrating to settle down in Kochi. It is located near to Thiruvankulam being just under 10 Kms is the perfect location for all techies looking to settle down. Residential Township- This is blessed with a strategic locality and has a lot to offer as a residential zone. Combined with continuously improving social infrastructure, residential layouts and gated communities make Thiruvankulam a thriving residential hot spot in Kochi to live peacefully and to invest in the future. The whole town is placed so perfectly that it is always not too busy & at the same time, not too detached. Isn't that what we all need? So to own a home in Chottanikara, visit Varma Homes – the top builders in Kerala who deliver projects on time and build top-quality apartments in Kerala with a good finish.
Read MoreBuying a home is always a dream come true moment for a person. Owning a home means settling and having a space that is truly yours. It is an important moment in your life when you finally own your dream home. However, the procedures before owning a home is not so much easy. One has to go through various tasks before purchasing an apartment or home. Often homebuyers may find it difficult to finalize an apartment or house, after shortlisting their final list of properties. When these shortlisted properties are of same price range and in the preferred location, each homebuyer may consider various other factors for reaching a final decision. Let us explore the important factors that every homebuyer considered when it comes up to choose an apartment to buy in this new-year 2019. Legality: There are local government bodies in every city that are authorized to approve the maps of any construction. Therefore, each buyer needs to check the approvals before entering into the contract or agreement. Builder Reputation: It is essential to check the builder reputation before finalizing your apartment. By visiting the previous buildings built by the same builder, you will be in a point to decide upon the quality standards followed by the builder. In addition, when you go through the history of the builder you will make out whether the builder will deliver the apartment on the promised possession date or not. Project Location: The location of an apartment is also yet another important factor for buying an apartment. You need to choose the locality that is best suited to your needs. The apartment must be in the secured and safest place since we all prefer to live in a serene environment that should be free from all worries. The facilities and the physical infrastructure of the selected apartment need to be thoroughly analysed. You also need to check the existing infrastructure of the project location such as connectivity with your workplace, ease of commute, availability of basic amenities/ markets. Features & Specifications: Features are the specifications and amenities provided in the apartment. Every Builder gives the host of specifications and features to lure buyers. The most crucial part in this regard is to comprehend which specifications and features are of actual use and which are cosmetic. Future Prospects of The Locality: While apartments in major locations may seem appealing, buyers need to consider the future prospects of the project location and the infrastructure developments in the locality. It is important to measure if the apartment location that you are considering will be developed as a commercial or residential area later on. A fully residential zone with a rational mix of commercial centres bids good living conditions. Another future aspect is the green quotient theme of the apartment. Now the whole world is facing the problems of global warming, and most of the metropolitan cities are challenged by the pollution problems, so it is preferred that choosing the apartment that offers more green aspects, which has various benefits. Buyers can also check if the apartment is furnished to conserve energy and has adequate natural light, as it will help to save power and money. Concisely, purchasing an apartment is perhaps the primary decision you would take in your life. You need to consider the above factors before buying your dream apartment. But you no need to worry; here is your one-stop store! Varma Homes, where you can meet all these factors in the apartments of Varma Homes at various prime locations of Kerala. Being one of the leading builders in Kochi Varma Homes has always believed in Constructing Happiness for our clients who trust in financing safely in happy homes for generations to come. All our apartments are located at the heart of the major cities of Kochi, Trivandrum and Thrissur. Get Ready To Spot Your Dream Apartment From The House Of Varma Homes! If you need extreme serene and advanced amenities for your souls, and if you are searching for apartments that can exceed the expectation levels of your dream home, then look no further as the all-new apartments are here! Get ready to experience a new level of happiness by living in the house of Varma Homes, here is your list, you can choose your favourite apartment to buy in 2019: VARMA MAALIKA I, TRIPUNITHURA Apartment project having 13,180 sq. ft. the area comprising G + 4 floors with 12 residential apartments units of 2 & 3BHK. VARMA PADIPURA, TRIPUNITHURA Apartment project having 38,000 sq. ft. the area comprising B + G + 11 floors with 31 residential apartments units of 2 & 3BHK with luxury amenities. VARMA KOTTARAM, TRIPUNITHURA Apartment project having 34694 sq. ft. area comprising G + 4 floors with 24 residential apartments units of 2 & 3BHK with luxury amenities. VARMA MAALIKA II, TRIPUNITHURA Apartment project having 10161 sq. ft. area comprising G + 4 floors with 8 residential apartments units of 2 & 3BHK. BOUGAIN HEIGHTS PURPLE, CHOTTANIKKARA, KOCHI Compact apartment projects having 71,990 sq. ft. area comprising B+G+8 floors with 44 residential apartment units 2 & 3 BHK with luxury amenities. VARMA SPECTRUM, POOCHATTY, THRISSUR Apartment project having 41000 sq. ft. area comprising G +8 floors with 30 residential apartments units of 2 & 3BHK in Thrissur with luxury amenities. VARMA DR. PAI’S HERITAGE, THIRUVANANTHAPURAM Apartment project having 82651 sq. ft. area comprising B + G + 13 floors with 60 residential apartments units of 2 & 3 BHK with super luxury amenities. All these apartments in Kochi, Thrissur and Trivandrum are bound to make happiness among beings. If you are looking forward to buying apartments in these prime locations of Kerala then contact us today. Expert’s state that this 2K19 would be the right time to invest. So, register your interest with us!!!
Read MoreOwing apartments in Kochi is the biggest dream of NRIs and the middle class people. Kochi is basically said to be an investors’ market and these investments of both the NRIs and the middle class people have fuelled up the growth in the city. Kochi has seen a massive growth in its IT sector and Infrastructural development through NRI investments. Kochi is one among the most expensive real estate markets in India. Significantly, the populaces with an annual income of 13 lakhs and above only can consider buying residential projects in Kochi. Furthermore, the average price of the new apartment projects in Cochin and the rental value is noticeably getting high in the commercial capital of Kerala. The city of Kochi is already in the process of progressing from the small town into a metro city. The major places like Tripunithura, Vyttila, Fort Kochi, Kakkanad and Edappally are becoming part of the prime residential locations in Kochi. Many number of new apartments in Kochi are found available for sale and rent in these places. Nowadays, the home buyers who are most interested in investing in flats in Kochi are the salaried classes - the NRIs and the middle class people. And both these classes are specific about the facilities and the amenities offered by the flat builders in Kochi. They are also price conscious and are not willing to spend their hard earned money on investing in the independent homes especially because of the unreasonable hike in the prices of such properties in Kochi. In order to help the home buyers in buying their dream homes, the Government of India is planning to drop the GST rate for property purchases under the Credit Linked Subsidy Scheme (CLSS) from 12% to 8%. As NRIs are not dependent on home loans for buying new luxury flats in Kochi, the middle class people are the most beneficial with the Pradhan Mantri Awas Yojana (PMAY) Scheme in India. Under the scheme, a home loan subsidy interest amount of Rs 2.67 lakhs is provided to the beneficiaries and the amount is credited to their loan account. Thus, the home loan borrower is privileged to lower the EMIs and this lessens the principal amount of loan payable. The younger generations are also into investing in new luxury apartments in Kochi mainly because of the increase in number of IT companies, rapid progress of the transportation sector and improved communication in the metro city. With the advancement of metro rail, youngsters also prefer to buy new flats in Kochi which are even farther from their work places.
Read MoreIt is possible that, as a first-time buyer while deliberating on purchasing a dream abode, choosing an apartment will cause you to second-guess your thoughts. After all, it's your hard-earned money and the secure future of your family that’s on line. There was once a time when different builders had different standards and principles applied to the purchase of an apartment, stirring confusion among home buyers. This is the reason why the Indian government brought about a revolutionary change in 2016 to safeguard the interests of existing and potential buyers. The Real Estate (Regulation and Development) Act was enacted in 2016 and the Real Estate Regulatory Authority (RERA) was born. The Kerala Real Estate Regulatory Authority (KRERA) was founded by the Kerala government to regulate and enhance the real estate industry in the state. KRERA is the new real estate champion, supporting accountability, citizen-centric policies, and greater financial discipline while defending the rights of investors. This Act is a sigh of relief for consumers as it makes real estate dealings transparent. Here are the positive RERA ACT benefits for why you can confidently buy an apartment now:? Exposure to comprehensive informationOne of the most essential benefits of RERA for house buyers is the right to property information. You get thorough information about the property that you are purchasing as a home buyer. When it comes to making prospective selections, this type of knowledge can be quite useful to a purchaser. The developer or builder should share with you all the project information, such as the layout plan, building phases, action plan, and completion status. ? A normalised carpet areaThe carpet area, or the area of the apartment apart from the width of the inner walls, is the space that can actually be covered by a carpet. Prior to the RERA Act, builders used their own technique or calculation for estimating the carpet area of a unit or property. RERA, on the other hand, has codified or standardised how a builder determines the carpet area. As a result of the RERA Act's implementation, a builder must now specify how much carpet space they are providing. Property prices in India are now determined by carpet area. ? No more holdups in projectsThe possession date for each flat must be specified by the property developer. The developer will face a flurry of penalties if the project is not completed by the deadline. If the developer fails to deliver on the specified date, the buyer has the option of either withdrawing from the project and receiving a complete refund, including interest, or continuing to work on it and receiving reimbursement and interest. ? Control over advances One of the great benefits of RERA is that a builder cannot charge more than 10% of the cost of the flat as an advance or application fee before entering into a sales agreement. ? Flaws are held responsible If a buyer discovers any flaw or problem in the structure, quality, or service of the flat within 5 years of ownership of the flat, the builder is required to rectify the deficiency within 30 days at no additional cost under the RERA Act. The buyer would be able to claim compensation if the builder failed to correct the fault. ? Mending broken promisesThe buyer has the right to litigate if the builder's obligations or promises regarding the actual project do not match. The buyer then has the right to decline the projects and receive a full refund of the initial deposit, plus interest and compensation. ? Approval before selling offBuilders may have sold projects without the necessary permission in the past. This is not the case under RERA now. Builders and real estate brokers will be obliged to register with the authorities, providing every detail about their projects, and only then will they be permitted to sell them after receiving the necessary approval. ? Prohibition to deviate fundsTypically, a developer will be working on multiple projects at the same time. They used to be able to divert funding between projects as they pleased. After the implementation of RERA, this will no longer be possible. The builder must set aside 70% of the project's proceeds in a separate bank account. He can only withdraw money from such an account after the project has been completed and certified by a civil engineer, an architect, and a practising chartered accountant. Because the funds can no longer be diverted to other projects or used for other purposes, they will be used for their intended purpose. ? Fast track grievance redressalComplaints against a builder can be brought to the state body established under RERA, which will have the jurisdiction to resolve all. If you disagree with the order, you may appeal to the Appellate Tribunal, which will resolve your case within 60 days. It will keep track of the reasons for any failure to do so also. The Varma PromiseWe at Varma Homes understand the buyer’s requirements and concerns. Therefore, all of our projects from the year 2019 are KRERA approved, following the industry norms, and are delivered as per our given commitments. We consider RERA as an opportunity to comply with a rule that warrants the hard-won endeavours and investments of many. If you aspire to buy an apartment in Kerala, Varma Homes is all set to take you ahead. We are a renowned real estate builder who specialises in providing accessible residential properties. You can select from a variety of alternatives to meet your needs and budget. We started with residential construction in Kochi and have since expanded to Trivandrum and Thrissur. Our major launches will be coming soon in Calicut and other important cities. Choose the option that best meets your requirements! For additional information, please contact us at 9645 88 33 33.
Read MoreLet's look at the present state of the real estate market so that you can get the best deal for owning an apartment or flat in India. As we know, the real estate market has witnessed a market decline or downfall in the number of people buying residential properties. One of the major cause for this fact that the property prices remain high when it compared to the average income of people. The concept of affordability also affected by an increase in income and interest rates. The rental yield is another factor that determines the level of demand for both investors and end users. Rental yield is the amount of rent paid per annum over the cost of purchasing a property. The demand for real estate started declining from the year 2013. By 2016, it hit an all-time low; the entire market was going through a bearish stage when it was affected by two main black swan events. That is the introduction of RERA in 2016 and then demonetization of Government that demonetized high-value currencies, which in turn washed out 2016 and 2017 for residential real estate. However, the impact of these is only short term and it will not have a long-term impact. I.e., it is true that the residential demand, sales and supply took a hit on the back of uncertainties surrounding RERA and GST. Though, with the improving clarity on GST & RERA, sales are expected to revive across categories and budget segments. Key Reforms In Real Estate Will Lift The Demand Now the change is already visible by the implementation of Government flagship mission “Housing for All by 2022” and its focus on the affordable housing segment. Moreover, the effective implementation of RERA restores confidence among homebuyers and the real estate sector is set to greatly benefit from RERA. Now the Residential real estate in India is set to make a comeback. Demonetisation had a healthful impact on property costs by restricting money transactions and checking speculative evaluation, successively increasing affordability, that may be a key to realize the government's flagship mission of 'Housing for All'. The government has also stretched the credit linked subsidy scheme till March 2020, which offers interest subsidies on home loans for Low Income Group (LIG), Middle Income Group (MIG) and Economically Weaker Section (EWS) under the Pradhan Mantri Awas Yojana. So it is clear that the real estate sector is showing signs of recovery and is in reforming stage where Government put its focus on providing affordable housing, consumer-friendly regulatory reforms and infrastructure to warehousing industry providing a sense of positive market sentiment. RERA and GST are now the prime factors that facilitate a recovery in the real estate sector. Recent evaluations after the implementation of RERA and GST indicate a 6 percent growth in housing sales across some of the major cities in 2018. The growth outlook across both commercial and residential real estate is turning progressive now. Based on estimates, by 2030, the real estate in India become a $1 trillion market. Hence the mess is over, buyers can come across to purchase their dream property without any second thought. Now they need to worry about the only thing that the selection of the best and trusted builder, finding the proper location & amenities while purchasing a ready to occupy or under construction 3 BHK or 2 BHK apartment or villa. Here you can stop your concerns about the selection of the right builder; you can undoubtedly contact Varma Homes, the top builder in Kerala. We have completed and ongoing residential projects in the three major districts of Kerala like Kochi, Trivandrum and Thrissur. Head off, to purchase your dream apartment with the most trustworthy real estate builder like Varma Homes. Find your dream home with us, great experiences are just around the corner!!! Also, read Importance of using RERA website before buying property.docx
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