It 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 information
One 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 area
The 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 projects
The 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 promises
The 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 off
Builders 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 funds
Typically, 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 redressal
Complaints 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 Promise
We 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.
Making life’s important decision as to where you rest your head all night and how you live your day life can be a daunting chore. When it comes to selecting a place to call home, there are various factors to be considered. These factors may comprise the location, size, amenities, price of the apartment and many other things. Among these, location is the most important factor when it comes to selecting an apartment. As one of the top reputed builders in Kerala, Varma homes is grabbing the attractions of customers with its specialties and location benefits of their apartments. All the apartments of Varma home is located in the realm of the major prime locations of Kerala like Kochi, Trivandrum and Thrissur. If you are searching for the perfect locality that lines hospitals, malls, educational institutions, markets and many other facilities in the heart of Trivandrum city then buying your dream apartment in Poojappura, would be most ideal. You can find Dr. Pai's Heritage at Poojappura, a prime residential locality for house seekers in Trivandrum based on your budget and other preferences. It is a 2 & 3 BHK super luxury apartment with most alluring amenities for a comfortable living. Insights into Locality of Poojappura Poojappura, is recognized as "The heart of Trivandrum”, located on the banks of Killi River. The place is growing quickly to become the prime residential hub in close to future. It is well-known for pronounced historical heritage backed with its magnificence of cultural diversity. It is a place that fills the heart of a traveler with its splendid temples, picturesque beaches, museums, art gallery and what else! There are a number of reasons that make this city a place worth for living. It has amenities and aesthetics no other city has and has an unbelievable equilibrium. The region has earned a divine significance owing to the existence of major ancient temple like Padmanabhaswamy temple. It is very popular and one of the oldest Vishnu temples in India. This ancient temple is famous for its architectural splendour, artistic murals and granite carvings. The Padmanabhaswamy temple stands out from the rest of them in Poojappura for its sheer architectural beauty. The place has also close proximity for its neighborhood ancient temples like KillipalamMahadevar Temple and Kanthalloor Sri Mahadevar Temple. For a place with an astonishingly serene and divine atmosphere, where you get the chance to immerse in devotion is a good family option to live in. The zone is closely set amidst various milestones places like PRS hospitals and Chalai Bazar. Schools, colleges, hospitals, ATMs, markets and shopping centers in proximity makes Poojappura as the premium alternative for all property seekers. Trivandrum Bus Station and Central Railway Station facilitate in the easy accessibility to many key nodes in and around the suburban area. Poojappura has excellent connectivity to major cities also. The place has very close proximity to Trivandrum International airport via Salem- Kochi-Kanyakumari highway. Though reputed educational institutions draw the imagery of Poojappura on one side, the place is booming with copious possibilities and massive developments on the other. Because of the rapidly developing infrastructure and facilities of Poojappura, most of the people are opting to live here. It is fast developing into a cosmopolitan zone too with the dawn of its IT hub, the Technopark, largest in Asia, where people from all over the world come to work and live. So it is another landmark of this place which makes it the most demanding zone for residing. And laterally with its scenic backwaters, historical monuments, beautiful beaches, the city is well placed on the tourist's bucket list also. The upcoming Sports hub and Lulu Mall are expected to intensify the repute of Poojappura further, making it more wanted for the ones who want to buy an apartment here. With so much to offer, Poojappura is a great place to live in. Dr. Pai’s heritage is standing as the major milestone of Poojappura to pay a world-class living to patrons. So why you waiting, head on to Varma Homes, invest for this super luxury apartment and get guaranteed returns.Read More
Everyone strives to achieve the key milestone of home ownership. And it becomes a notable accomplishment while purchasing a flat in Trivandrum. Despite being the capital of Kerala, Trivandrum is still expanding both vertically and horizontally. There are a tonne of residential developments underway throughout the city, which gives homebuyers a tonne of options since the real estate market is booming!With miles of tranquil beaches, several lakes, and eco-tourism in the enigmatic Western Ghats, Trivandrum is renowned for its natural beauty. However, prospective homebuyers are attracted to Trivandrum just as much as tourists are. Given all the city has to offer, it is understandable that those looking to purchase apartments choose Trivandrum.While taking this huge step of your life, there are certain things one should consider while buying a 2BHK and 3BHK Flats in Trivandrum: Tangible asset: This is the ideal time to make a real estate investment, thanks to a recovering economy and job security. The majority of individuals learned the value of having tangible belongings and a place to call home throughout the pandemic. They also started to think more about investing in reliable assets and ensuring the safety of their family. The investment returns from purchasing a flat are also certain, as rental incomes are expected to steady.Loans: The banks are currently offering the lowest interest rates on house loans ever, making this the ideal time to buy flats in Trivandrum Most banks now provide home loans with interest rates as low as 7% as a result of RBI's numerous repo rate reductions. A word of advice: make sure to check your CBIL. CIBIL scores between 750 and 800 entitle you to very reasonable EMIs for the duration of your loan.Location: The apartments in Trivandrum should be located so that staying there would satisfy all of your needs. It should be close to reputable hospitals, schools, and markets, as well as other amenities like post offices and ATMs. You shouldn't have to worry about anything while visiting if it is safe, tranquil, and has little to no crime.Infrastructure: It is crucial to be aware of the infrastructure quality in the area where you are purchasing a home. It is challenging to investigate this before you purchase a property, nevertheless. Therefore, if at all feasible, ask others who have already purchased properties in that area.Favourable market: At prices in the inexpensive class, you can readily find high-quality properties. This is due to the buyer's market we are currently in, where good projects may not provide significant discounts but instead include free amenities like parking or better financing options.Whether it be 2BHK or 3BHK luxury flats in Trivandrum, Varma Homes believe in providing something above and beyond what is expected, something that is more. We therefore have the appropriate selection of apartments for sale in Trivandrum that will meet your budget, whether you are a first-time home buyer or an NRI investment. In order to help you understand the high calibre that the company promises, our team of experts would be happy to show you around some of our upcoming apartment projects in Kochi, Trivandrum, and Thrissur.Read More
An ideal home is one of the best lifetime investment that one can make in his life. A much planned and aspired home is a place where you need to enjoy a healthy, stress free and vibrant life. As soon as you enjoy your home, you will have to leave behind everything and enjoy a stress free life with your family members. All together, a home strengthens the bond between all family members and brings them under a roof. So if are all set to buy a home or an apartment for yourself or for any of your family members, an extra care need to be made. Advertisements can provide a lot of information, but its highly recommended that physical check and inspection is done with the property to make sure your requirement is satisfied and the quality is superior. When you are looking to buy an apartment, its always mandatory that you make a checklist of things that you will need and compare them with what is been offered. This will make it easy for you to narrow your search to a project which is very specific and special and focus your discussions only for that. Here we are providing you a checklist which can help you in selecting the right apartment. 1. Structure Structure is the foremost and most important aspect which you need to give importance. The structural soundness of the apartment, should be given importance where an enquiry about the materials used should be checked thoroughly. Insulation s, placement of power points and wired connections with the process of how earth quake resistance is done need to checked. 2. Amenities A check-up need to be done if the apartment is provided with all new amenities as said and agreed in the brochures or display. Some of them may include a multi gym, swimming pool. indoor games area, banquet hall, fire extinguisher. 3. Car parking A complete check-up need to be made to make sure that a car park is committed in your house. If the builder does not have a space for car parking and if you have a car, then its going to be a problem. 4. Outdoor area One need to check if the apartment gives ample space for setting up an outside area, where you can free yourself and kids can play. its important for kids to have some play area as air and space is required for their growth. Such an area gives a lot of space for some physical activity. 5. Noise level If the apartment is too noisy it's better not to choose. Noise levels need to be checked before making any sort of decision as too much of noise is going to be a problem for you, especially if you have elderly people or even too young kids. 6. Garbage disposal Disposal of waste is always a big problem, as public disposal is not any more a culture. Need to check if there is ample infrastructure for waste disposal otherwise it's a factor which will hamper your health. 7. Security A 24/7 security is much advised for apartments to avoid entry restriction and recorded entry and also to avoid any kind of issues especially when there are kids. 8. Connectivity Connectivity is really important as living in a deserted place is not something which any one would appreciate. Moreover, it should be well connected with all retail shops, hospitals, schools, medial shops which will make ones life easy. Its going to be extremely thrilling to move to a new apartment which will,be your dream, but if its not the right one then its going to be a worst experience as well. So its advised to check every aspect before the final purchase is done. Varma Homes, a builder with over two decades of experience is committed to educate our customers with important aspects from the industry which they need to be aware. Varma Homes - The Builder With A Royal LineageRead More
Emotional attachmentInvesting in property in their home state or city gives many NRIs a sense of connection to their roots as well as a sense of security. This emotional bond might be especially strong for Gulf NRIs who have lived and worked overseas for an extended period of time. Purchasing real estate in their native state or city might help individuals keep links to their cultural background and familial relationships. Furthermore, for Gulf NRIs hoping to return to India in the future, investing in property may give a sense of security and stability. They might live in the property alone or with family members, or they can rent it out. For many Gulf NRIs, purchasing property in India is a financial as well as an emotional choice. Having a house in their home state or city offers a sense of stability, comfort, and familiarity, which can be beneficial for those who live far away from their relatives and loved ones. Furthermore, investing in real estate in India may be viewed as a means for people to give back to their home country and contribute to its growth. It is a method for many Gulf NRIs to express their pride in their cultural heritage and dedication to their community.Favorable exchange ratesThe value of one currency in respect to another is referred to as an exchange rate, and it can fluctuate over time. When the exchange rate between the Gulf nations and India is advantageous, Gulf NRIs might get more Indian rupees for each unit of their currency. This might make investing in real estate in India easier and cheaper for them. For example, if the conversion rate is 1 USD = 75 INR, a Gulf NRI wishing to invest in real estate in India would need to spend $75,000 in order to purchase a home worth 56,25,000 INR. If the exchange rate is 1 USD = 80 INR, the same property will cost the Gulf NRI just $70,312.50, making it more affordable. Favorable exchange rates can make it simpler for Gulf NRIs to invest in Indian real estate by lowering the amount of foreign cash they need to spend. But, bear in mind that currency rates are unpredictable and can move quickly, so keep a watch on them before making any investing decisions.High rental yieldKerala has a thriving rental industry, notably in towns such as Trivandrum, Kochi, and Calicut. Because of the increasing demand for rental properties in these locations, Gulf NRIs may be able to earn significant rental yields on their assets. The rental yield might vary depending on the property's location, nature, and quality, as well as the current rental prices in the region. Nonetheless, Gulf NRIs may often expect rental rates of 4-6%, which is considered a fair return on investment in the Indian real estate market. With the emergence of holiday rental sites such as Airbnb, Gulf NRIs may be able to earn even greater rental returns by renting out their houses as short-term holiday rentals, especially in famous tourist locations such as Kerala. Overall, the prospect for high rental yields may be appealing to Gulf NRIs wishing to invest in Kerala real estate.Growing real estate marketGrowing real estate markets in India are drawing Gulf NRI investment. Kerala, in particular, has experienced a recent spike in real estate demand and property prices, making it an appealing option for Gulf NRIs wishing to invest in Indian real estate. The increasing demand for housing as a result of the state's expanding population, urbanization, and infrastructural development is one of the causes behind Kerala's developing real estate industry. The development of new IT parks, commercial hubs, and industrial zones in towns like Trivandrum, Kochi, and Calicut has also generated job possibilities and drawn more residents to these areas, increasing housing demand. Kerala's state government has established a number of policies and efforts to help the real estate sector, including easing the clearance process for new projects, giving incentives for affordable housing, and granting tax breaks to real estate developers. The previously stated advantageous exchange rates and high rental returns, together with the emotional tie that many Gulf NRIs feel to their home state or city in India, have all contributed to Kerala's expanding real estate industry.Affordable pricesThe advantageous exchange rate is one of the elements that makes property investment in Kerala inexpensive for Gulf NRIs. Because the Indian rupee is often lower than Gulf currencies, Gulf NRIs may be able to obtain more bang for their buck when investing in Indian real estate. With the advent of the Indian government's affordable housing projects, there has been a drive for developers to create more inexpensive homes in Kerala and other regions of the nation. As a result, the supply of cheap houses in Kerala has increased, making it simpler for Gulf NRIs to discover residences that meet their budget. For Gulf NRIs interested in investing in Indian real estate, many financing alternatives are available, including house loans from banks and financial organizations. While property costs in Kerala vary according to location, kind, and quality, there are many reasonable choices accessible for Gulf NRIs interested in investing in Indian real estate.Legal protectionsThere is the legal protection given to Gulf NRIs who invest in property in Kerala, India. The Indian government has put in place different legislative frameworks to safeguard property purchasers' rights and guarantee that the real estate business is open and responsible. The Real Estate (Regulation and Development) Act of 2016, for example, attempts to regulate the real estate market and promote openness, accountability, and efficiency in transactions. The statute compels developers to register their projects with the Real Estate Regulatory Authority (RERA) and submit complete information about the project, such as its completion timetable, specs, and cost. It also requires developers to deposit a set amount of the project's cash in a separate bank account to verify that the funds are utilized for project development. In India, there are several consumer protection regulations, such as the Consumer Protection Act of 2019, which offers a framework for customers to seek remedies for any issues linked to transactions with developers or builders. In the event of a disagreement or legal issue arising from their property investment, Gulf NRIs have legal recourse. To resolve disagreements between parties, the Indian legal system offers numerous dispute resolution processes such as mediation, arbitration, and litigation. Gulf NRIs are clearly investing in Kerala property for a variety of reasons, including emotional tie to their country, good exchange rates, strong rental yield, a developing real estate market, and inexpensive costs. Several surveys and data on real estate investments in India reveal a considerable growth in investments from Gulf nations in recent years, indicating a trend of Gulf NRIs investing in Kerala property. Furthermore, anecdotal information from real estate developers and property agents in Kerala shows that Gulf NRIs are increasingly interested in investing in houses in the state. It is apparent that Gulf NRIs see Kerala as an appealing property investment location, and this trend is expected to continue in the future years.Read More
Kochi, the commercial capital of Kerala, is one among the fastest growing cities in the country. There has been a constant boom in the real estate industry of Kochi, especially the residential property sector that has been aided by the entry of all inclusive apartments and residential enclaves. If you are looking for the best real estate investment option, especially apartments in Kochi, Varma Homes offers you an excellent opportunity. Varma Regent is a compact apartment project in Edappally with 1,2 and 3 bedroom apartments designed for a lifestyle of comfort and convenience. Varma Regent At A Glance • 1, 2 & 3 BHK Compact Apartments • 40 unit urbane homes • 862 sq.ft to 1357 sq.ft • Handover in 2017 December • No pre-EMI till handing over Favorable Features of Edappally Kochi Metro: Kochi Metro is a promising corridor for the growth of real estate in Kochi. The 25-km long stretch metro rail between Aluva and Petta is in the final phase now. The first phase up to Palarivattom will be ready for commissioning by the end of March. Changampuzha Park Metro Station is just 2 km away from Varma Regent. Edappally & Palarivattom Flyovers: Before the commencement of flyovers no other place in the city which had this much of traffic passing through it, other than Edappally. However, the four-lane flyovers in Edappally and Palarivattom have cleared the traffic bottlenecks in these areas. Social Infrastructure: Edappally enjoys a well-developed social infrastructure with many schools, hospitals malls and shopping centres in the vicinity. Some big malls including Lulu Mall - Indias Largest Shopping Mall is just 2 km to the Varma Regent. Amrita Institute of Medical Science, KIMS hospital, Renai & Aster Medicity are just a few km to this project. Connectivity: Edappally Junction is the meeting point for NH 47 and NH 17. It manages to connect the city to most of its components, either directly or as an alternative route. The IT core of Kakkanad and the Infopark also connect with the rest of the world through Edappally. All these factors make Edappally a prime investment option in Kochi for both, investors and end-users. Experts assert that now would be the right time to invest. Register Your Interest Now !Read More