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.
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!
Buying a home is a major decision in one’s life. And there are obviously a lot of things to be considered, other than the financial constraints involved in it. A huge sequence of myths must be debunked that are not true before you actually think of purchasing a home, which will ultimately demotivates you completely. The home buyers are bound to be clouded by the following most common myths: 1. A house must qualify as your dream home Both financially and emotionally, home-buying can be a tough job as it is very important to buy a home that cater all your needs and wants. But it is not compulsory to look for a house that will fulfil all the things in your dream home wish list. A few tiny changes like changing the wall paint colour or adding an extra storage space can be done so as to transform the new house into your dream home, no matter whether you buy villas or new apartments in Kochi. These are the basic remedies to resolve the trivial issues that arise after you purchase a house. A home buyer must consider the crucial aspects of a house like the location, its price, space, design, architecture, amenities, etc. well before he actually purchases it. 2. Renting vs. Purchasing Some say it’s better to purchase a house and some say it’s cheaper to rent a house. The renting vs. purchasing has been a never ending debate. This decision completely depends upon the various requirements of the home buyers. If you are planning to make an investment, then buying a home is always the best option. But if you are planning to settle in for a shorter period of time, then renting a house is a better option than buying. Thus, owning a home is an investment, while renting is merely a living expense. 3. Owning plot vs. Buying flat Similar to renting vs. purchasing; owning plot vs. buying flat has also been a never ending debate. The decision on whether you should purchase a plot of land or buy an apartment/villa absolutely depends upon one’s personal preferences. It’s up to you, whether if you prefer to buy a piece of land as a real estate investment and plan to set up your dream house there in the near future or purchase apartments in Kochi. 4. Home Buying – A Risky Business Buying or investing in anything is indeed a risky business. No investment is 100% risk free; whether if it is gold, market shares, mutual funds, bank deposits or real estate. The fact is that every type of investment has its own pros and cons. A clever home buyer will scrutinize the pros of buying a home and work a way around the cons. But if you are planning to purchase a house from the reputed and reliable builders in Cochin, then you can be guaranteed of making the right real estate investment decision. By now, you would have known about the most common home-buying myths. It’s high time that you debunk all the above mentioned myths and then go ahead with your plan of purchasing your dream home. Varma Homes wishes you a Happy Home-Buying!!! ??? If you are someone looking for ready to move flats in Cochin, Varma Homes has got a wide range of luxury apartments in the various prime locations of Kochi. The most dependable and trustworthy builders in Kochi, Varma Homes’ prestigious project of Varma Maalika in Tripunithura is to be inaugurated on 25th of February just after the inauguration of Varma Regent at Edappally that had recently held on 28th of January. (Hurry up, only a few units left!) Varma Kottaram, Varma Padippura in Kochi, Dr. Pais Heritage in Trivandrum and Varma Spectrum in Thrissur are the ongoing residential projects. And many other residential apartment projects in the major cities of Kerala including Kochi, Thrissur and Trivandrum are in the pipeline.Read More
Yes, it is clear that the real estate developers and homebuyers were the biggest winners in the Budget 2019, and therefore the industry's housing extents may see a commendable shift. Real estate experts welcome the tax benefits and the various exemptions declared within the Interim Budget 2019 are probably upsurge the demand for real estate and in the affordable sector. The Finance Minister Piyush Goyal presented the budget on February 1st, the real estate industry had the major reason to happy as various direct, and indirect measures were proposed for the damaged sector. The property area, which has been fronting a number of multi-year demand slowdown, particularly with falling sales, may profit significantly from the new proposals of this budget. Let’s check out what real estate gained in budget 2019: No need to worry about two self-occupied houses - People who own up to 2 self-occupied properties do not need to pay any notional rent tax on them. Exemption of notional rent on the 2nd self-occupied house can give extra savings within the hands of the second home purchasers and will additionally boost the capitalist activity within the sector. Considering the problem of the middle class has to take care of families at 2 locations on account of their job, care of parents, children’s education, this move will offer a space to save more on housing taxes. Many folks would additionally request choices to purchase for homes after this rollout of the new benefit in housing investments. Capital gain advantages on 2 housing investments -The good thing about the change of capital gains underneath section 54 of the Income-tax Act is going to be boosted from investment in one residential house to 2 residential house for a taxpayer having capital increases up to Rs 2crore. This profit will be availed once in a lifetime. This reinvestment of capital gains in 2 homes, is expected to increase investment in residential real estate zone and make this market more attractive. TDS threshold for the tax deduction on rent hiked - The TDS threshold for deduction of tax on rent has been proposed to be increased from Rs 1, 80,000 to Rs 2, 40,000, which provide much relief to small taxpayers. Therefore, this move will definitely drive up the sales of affordable housing. Relief for housing developers & home buyers- The Interim Budget 2019 will offer abundant chances for the homebuyers to invest. Extension of the exemption limit for taxpayers will upsurge the purchasing capacity of the homebuyer, thus providing a path to attain ‘Housing for All’ vision. In addition, builders do not have to pay notional rent on unsold flats for two years after the year in which the construction is finished, which is a great step. Income tax rebate-The tax rebate concept helps Individual taxpayers, those having taxable annual income up to Rs five lakh can get the full benefit for the tax rebate and so won't be needed to pay any income tax. This proposal can facilitate in increasing the budget of house buyer’s and might give a giant boost to the demand for housing. The budget offers additional income within the hand of the residential land client, encouraging them to push their budgets up for brand spanking new homes, whereas conjointly providing tax incentives for finance in a very second home. It ought to increase demand in the residential niche market. The much-awaited auspicious time of the year is here, when persons look forward to spending cash on several kinds of stuff, especially homes and golds. Because of this favourable budget 2019 of Government, the real estate market gets a big boost and the homebuyers gained more benefits. Therefore, it is clear that this 2K19 is the perfect year for both housing developers and homebuyers. Experts say that there cannot be a better time to buy a house than now. If you have any plan for buying your dream home in your preferred location, then it is the right time. Also, you no need to worry about choosing the right builder; here is your solution Varma Homes, the best builders in Kochi. We building living spaces that truly matters your happiness. You can catch your dream apartment with us in the major prime locations of Kerala. So hurry up, now the decision is up to you…Read More
Living in a big city has a lot of great advantages that are difficult to overlook. And for apartment residents, living in the city's center is the most popular alternative, since it provides the finest of metropolitan experiences. With the city's bustling nightlife, endless shopping options, and picturesque scenery, it's no surprise that living in the center of town can be pretty great. Here are some of the key benefits of living in a charming, contemporary high-rise apartment located in the heart of one of Kerala's greatest cities. Mass ConnectivityA flat or apartment in the city's center has direct access to all the main transportation hubs, such as the train station, bus stop, metro rail, airport, and so on. Another benefit is the easy accessibility to different regions of the city.Close to AmenitiesStaying close to the city's core also means being close to all of the city's essential amenities. The alleys in the city center should preferably have a blend of shops, retail malls, restaurants, salons, urban open spaces, & amusement centers, as well as educational and healthcare institutions. Those residing in nearby areas have the opportunity to see and admire the city lights long after it becomes dark, since shops in the city center remain open until late at night.The Better Choice for Social Activities Living in the city increases your odds of connecting with people, providing you with several possibilities to socialize. You can broaden your personal & professional networks by connecting with a group of people, whether they are college friends, neighbors, or coworkers. Meeting people from other regions of the world or with different life experiences is not only energizing but also helps you get a deeper understanding of the world.Close to WorkThe city's centre will be quite near the core business center, which will house the majority of the city's offices and employment zones. This means that houses in the city centre will be closer to work, making commuting easier.Varied Entertainment OptionsWhen you move to a metro region, you'll find lots of places to get out and thingsgo out to do for leisure & fun. Right from movies to sports facilities and gleaming shopping malls, etc. So, if you're looking for cultural and entertainment enrichment, relocating near the city center appears to be an excellent choice.Get the Best Medical Care FacilitiesIn comparison to major cities, remote towns lack the facilities and resources required for proper medical treatment. They also have to travel vast distances to visit a doctor to receive medical treatment. In contrast, medical options are typically more available in the city center. There are various walk-in clinics, physicians, & pharmacies spread all across the city, and many of the best hospitals are accessible only in metropolitan areas. Would you like to be part of having an apartment in the heart of one of the most popular cities in Kerala? We at Varma Homes, the leading real estate builder in Kerala, have assorted ongoing apartments in the center of the prime spot in Kerala. Are you looking for a vibrant, urban environment where everything is at your fingertips? Varma Homes has it all. Varma apartments offer homes that are a perfect blend of everything futuristic, including location, community, technology, & top-of-the-line amenities. We're committed to providing you with the opulent & convenient apartment living experience you've always desired. So if you’re searching for your dream home, browse through the stunning projects of Varma Homes.Read More
A home is an utmost investment that you have made in your life. So, when you are planning to purchase a flat or an apartment for yourself and your family members, you always need to put in some extra care and effort. People usually purchase or buy a flat either by seeing some advertisements or getting recommended by others or being influenced by google search results. But a plethora of studies have claimed that many companies do some cheap or inferior quality promotions only to entice customers towards their projects. When it comes to the handover phase, they hardly provide them with any modern amenities or use very inferior quality materials for construction. So, it is always recommendable that as a buyer you should check thoroughly before investing a single penny in a property.Location's everything for a home.The paramount concern when you relocate to a new home should be convenience. The location of the home should place you near your workplace with urban conveniences like shopping and public outlets when within walking distance.AmenitiesYou also need to check whether your apartment is equipped with all new amenities (gym, swimming pool, indoor games area, banquet hall, fire extinguisher, etc.) or not. So, put amenities in your flat purchase checklist.ConnectivityConnectivity is another prime thing to check before buying a flat in Kerala. If your apartment is well-connected with retail shops, hospitals, schools, bus stops, and medical stores, then everything will become easier for you.Sense of securityThe security arrangement in an apartment complex will ward off all unwanted salesmen, beggars and suspicious strangers. Even if the family goes out of town for a few days your home will be safe and secure.Builder's BackgroundMake a checklist before buying a flat and make sure, this one tops the list. Whenever you look for a flat, do a background check of the builder or the seller. Make sure everything is legal. Make casual conversations and find out about his life. How a person earns his bread says a lot about him.Most importantly, legal documents need to be checked before buying a flat from the builder. This is to minimize any sort of legal drama that may occur. When it comes to documents and police work, the case may stretch for years. And you do not want that over your head.The Area The next important thing to take notice of is the locality of your house. Kerala flats are located in rather neat areas but you need to make sure. What helps a lot is talking to the neighbours. They will be able to provide the best information about the current owner. Additionally, check if the place is too noisy for you and if it matches all your standards. Once you buy the house, there is no turning back. Therefore, it is wise to make a 'before buying a flat checklist'.Outdoor AreaIf you have children, then before purchasing a flat you should check whether it includes any outdoor area or not. Because children love to play different outdoor games and for that, they need a spacious and airy outdoor area. Moreover, if you have a large and open outdoor area, then you can also do some physical activities which are very wholesome for your health.You can't choose your relatives. But the neighbours you can.Where you live is at your sole discretion. When you relocate to a new home make sure the neighbourhood is of your social status and liking. The community you live in will be of your liking. Your children will have good company to play with.Every housing project looks beautiful on paper. Before you buy a home from a builder, inspect a few projects of the same builder to understand the quality and standards they offer. Better still, ask some residents about living standards. Because you don't buy a home every other day.Varma Homes in Kerala is one of the most prominent home builders, who have completed 18 + luxury projects across Kerala. We value customer happiness above all. We envision a clarity in our thought processes which would eventually pave the way to build quality homes delivered on time and aspire for the betterment of the environment, the general public, and our business. Contact us and enjoy your relationship with your dream home builder.Read More
Have you ever confronted a situation in which you frantically attempted your best to own a dream home yet, but it was put off by the steadily increasing property costs and loan fees? We are sure that a significant number of you have confronted this and still keep on doing so. Presently the solution to your journey for owning your own particular space on a financial plan is going to wind up a reality. A standard pattern that is making its essence felt in the Real Indian home is the making of Varma Dr. Pai's Heritage. Homes that are perfect for the ones who looking for a way of life that fit for the lord, Varma Homes are the most recent trends in the ultra-luxury segment in the Indian Real Estate. Varma Dr. Pai’s heritage is pulling more customers in our world with its sheer magnificence and the high-end amenities. Dr. Pai's Heritage is a unique apartment project comprising of 2 and 3 BHK luxury apartments with all advantages of autonomous home. Following showcase drifts, the Varma Homes plans to centre on expanding our housing portfolio with improvements over the fragments in super luxury apartments. With more number of individual desired to relish an elite and niche lifestyle, the plea for Varma Homes is on the ascent. The fact is that building a house to the home is not an easy task it comes up with amazingly elevated requirements, and just developers with a specific reputation, experience, and loyal brand can stand to work to them. It must be settled in the correct area and the developer ought to make a perfect neighbourhood that mirrors the selectiveness that these homes accompany. Aside from the host of pleasantries, these homes are a mark address, a door to a specialty societal position and these characteristics ought to be instilled in the plan of the Varma homes. We carefully worked to give a consistent living background; the venture will have all cutting-edge amenities. Varma Homes presents to you another universe of satisfaction, security and flourishing, providing finest apartments, townhouses, and luxury villas that match the prerequisites of clients with the one of a kind mark of a modern brand. Varma Homes gives you an immense feeling of the lavish way of life. Invest in Housing Apartments with the Finest Builders in Kerala Striding into the capital of Kerala, Thiruvananthapuram is an excellent achievement for Varma Homes. The heritage and values of the state capital is always inspiring to any builders. With the launch of our new residential project Dr. Pai's Heritage, we wish to deliver a quality lifestyle space in the heart of the Thiruvananthapuram city and want to become a milestone in this industry. Our main motto is to provide quality assured homes to all within the range of affordable prices. The vital essence of our mantra is to constructing happiness among needy people. Because of this, Varma Homes remains as one of the leading builders in Kerala providing diverse residential projects in all over Kerala. We bid a broad range of luxury and budget housing projects comprising ultra-luxurious apartments and flats with exceptional quality and comfort. Our projects mainly spread across various cities in Kerala like Trivandrum, Thrissur, and Kochi. From inception, we are always dedicated to providing superior quality homes on time with unsurpassed constructing happiness. At Varma Homes, we believe in creating experiences that are value for money, which is why we ensure that all our services are high in quality and effectiveness. We aim to provide a marketplace for the best residential projects while maintaining high-quality standards. Find the right luxurious apartments from Varma Dr. Pai's Heritage. The testimonials and previous projects that are mentioned on the website will give you a clear idea of what exactly we are capable of. Let us know, we are all ears!!!!Read More