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.
From July 1 2017, Goods and Services Tax (GST) effectively cuts through a confounding Gordian knot of taxation complexity in the country. In other words, it will replace the multiple taxes levied by the state and central governments and will become incorporated of all the indirect taxes, including commercial tax, value-added tax (VAT), service tax, central excise duty and octroi tax/charges. The switch-over to the GST (Goods and Services Tax) regime is undoubtedly one of the biggest tax reforms in post-independence India. GST has been primarily conceptualised as a ‘One Nation, One Tax’ philosophy and it will help: • Eliminate the previous cascading tax structure • Ease compliances • Create uniform tax rates and structure • Reduce additional tax burdens on consumers The Indian real estate sector has been going through significant transformations in recent times. The latest Real Estate and Regulation Act (RERA) has already started addressing the issue of non-transparency and affixes a level of accountability on real estate builders and brokers which is exceptional in the history of the Indian property sector. For the real estate sector, the implementation of GST will definitely be a positive sentiment booster among property buyers. GST may not be instrumental over the short term in bringing down the prices of residential real estate. As the accountability being fixed at every stage and the perception of the residential real estate sector will improve on the back of a simplified tax structure, it will, however, benefit all the stakeholders of the sector. Benefit to buyers A simple and transparent tax applied on the purchase price is the biggest advantage for property buyers. All under-construction properties will be charged at 12% under the GST regime (excluding stamp duty and registration charges) on property value, adding that it will not apply to ready-to-move-in and completed projects, as there are no indirect taxes applicable in the sale of such properties. In case of under-construction properties, levy of stamp duty and registration charges on the buyer will continue. Benefit to builders Under the current tax regime, a property developer is subject to central excise duty, VAT and entry taxes (levied by state) on construction material cost. On the services used (labour charges, architect fees, approval charges, legal fees, etc.), developers pay service tax of 15%. Real estate developers also grapple with the challenges of multiple-taxation and the cumulative burden eventually gets passed on to the buyer. As the benefit of input tax credit being considered as an added advantage, developers too will find the GST regime much simpler to work with. Varma Homes is one among the best builders in Kochi offering high quality and new luxury apartments. We always create the best living spaces meeting the requirements of clients. If you are looking forward to buy new luxury flats and new apartments in Kochi, then contact us today. Call +91 9645 88 33 33 for more details.Read More
Purchasing a house is a major responsibility & it will be the greatest buy you make in your lifetime. Purchasing the correct one takes a great deal of time and research to find a property that matches with your long-time dream home requirements. Obviously, there is the challenge that ties in with finding a house which you can afford & enjoy for quite a long time to come. Also, it might be ideal if you save a cradle sum for a few different costs that are engaged with home purchasing. We are not mentioning the initial EMI costs or down payment that you need set up prior to booking your home. On the whole; here we are discussing different costs apart from home purchasing. Registration & Stamp Duty charges: There are registration & stamp duty charges that you should pay against your property. These charges become judged based on property value. Stamp duty is a mandatory payment that the purchasers give the government to register the apartment in their name. Registration and stamp duty charges in Kerala is typically 7 to 10% of the whole property cost. Maintenance Charges: Apart from registration charges, you should save some additional cash for the maintenance costs that you need to pay the builder. It is primarily a fee for maintenance of the amenities & facilities provided by the builder. Real estate builders usually take as long as a year's maintenance charge at the time you move into a new apartment. The maintenance costs fluctuate from one property to others as it relies upon the type of amenities it offers to the purchaser. Parking Charges: As well, there are also parking charges. You should pay an extra sum for the assigned parking area. In housing buildings, each flat or apartment benefits with a selective parking spot with your home number imprinted on it. You will bear an additional charge for it at the moment of purchasing the apartment & gain with problem free & easy parking each day. Property Tax: Another cost is the tax you need to pay against your property to the state government. The amount of tax depends upon your property value & it can vary from one state to another. Accordingly, you can get the estimation done in the initial stage itself. Even though you may the alternative of paying this amount on a month-to-month basis or quarterly or yearly basis. Interior Costs: Once you purchase your own home, you will have a plan to design it in your own way. For this one, you have to spend some amount in getting the interiors done as per your requirements & preferences. This spending can charge quite a fortune relying upon the specific nature of interior work being embraced. Preferential Location Charge: It is an additional charge that gets required when you book a flat or apartment with a specific location, floor & view. You may have to pay an additional cost for a home with a lake or garden view. So preferential location charge is an extra charge which every builder will impose & it will vary with the builder. Apart from this, you will likewise need to save cost for moving your things from the existing area to the new apartment. That is relocation cost, for this you should save some additional cash for the movers and packers services that you profit. So, when it comes to purchasing a house, you have to think about the above-mentioned costs and should have a different financial plan for it. If you are wanting to purchase an apartment from the most promising real estate builder who will clarify you about every costing associated with home purchasing, then trust Varma Homes. Being the top & most demanding real estate builder in Kerala, you can completely trust Varma Homes for your dream home, which will definitely be worthy of your hard-earned money. We do charge these costs yet we will inform you concerning each cost, & you can choose the property likewise. You can select your dream home as per your requirements & budget from our different residential projects in Kochi, Tripunithura, Thiruvananthapuram, Thrissur, and Kozhikode. You can learn more about our projects on our website and connect with our team today for making your lifetime deal with us!Read More
The real estate investments in the city of Trivandrum are sure to take an upward shift in the days to come. Being the state capital and the second largest city in the state, Trivandrum is home to a huge number of State and Central Government organizations. The job openings at Technopark are attracting a great number of IT professionals to reside in the city, and thereby giving the city’s real estate market a major uplift. The Vizhinjam harbour project will also act as a game changer in the real estate industry, once when the work gets commenced. The Kerala Government has also proposed a plan to develop a metro rail system in Trivandrum which is proposed to name as “Trivandrum Light Metro”. It is going to be one of the major developments in the city, enhancing the real estate industry and economic growth. All the major real estate developers and home builders now have a strong presence in the city of Trivandrum with quite a good number of residential projects in the pipeline. When there is a rapid upward shift in the demand curve of residential apartments and flat projects in and around the city of Trivandrum, this is just the perfect opportunity to invest in one of them. Make sure that you take a wise real estate investment decision with the reputed builders in Trivandrum who guarantee timely delivery, exceptional construction quality and an impeccable lifestyle with all the luxury amenities possible. Varma Homes is such a trusted builders who have got a luxury flat project in one of the prime residential areas in Trivandrum. Varma Dr. Pai's Heritage at Poojappura, the new luxury apartment project from Varma Homes is named after one of Trivandrum's most gifted and respected sons, Dr. KN Pai. The super luxury apartments in Trivandrum are handcrafted with opulent amenities as it is one of the prestigious projects of Varma Homes. The present generation is changing their overall outlook and the graph shows a progress in the apartment style of living. The benefits on home loans and other innovative house financing schemes is encouraging more and more people to buy their own dream homes. With the increased developments in the major cities like Kochi, Trissur and Trivandrum, now is the best and the right time to make an investment in real estate.Read More
Kerala's financial capital city, Kochi is always growing, especially in the real estate field. People choose Kochi as a future home investment only because of the city's excellent facilities such as road and rail connectivity, Metro, etc. Kochi is a leading tourist destination too.The best investment in Kochi is for apartments. Homebuyers are high in rate, as the major IT Hubs are situated in Kochi. People look for easy and convenient daily commutes, hence they opt for apartments or flats. Kochi's real estate market is highly paid and attractive.All potential drivers such as IT development for employment generation, Metro rail for intra-city connectivity, the Smart City tag for basic infrastructure, port-based development for industry and commercial growth, airport terminal for international connectivity and foreign investment and tourism for the hospitality industry are emphasized in Kochi.This will ultimately boost demand for housing and make it one of the next highly-preferred real estate destinations in India. Inclusion in the top 20 Smart Cities:The Ministry of Urban Development, Government of India identified the top 20 candidates under the Smart City mission initiative through a competitive selection process. E-Governance and water management are focus areas as part of pan-city solutions which will help Kochi to access improved and planned infrastructure with assured water and power supply, sanitation and solid waste management, efficient urban mobility and public transport, IT connectivity, etc.Kakanad-Tripunithura-Central City, which is selected as the area for development, will witness intense development in the coming years. Numerous developers are trying to acquire land for real estate development in and around this area. The 'Smart City' tag is expected to boost prices exponentially.New international airport terminal to cater to growing demand:The new international terminal has a very positive economic impact and uplift the real estate market in the whole region. The catchment will witness the development of new retail and commercial spaces along with a good supply of residential and hospitality developments to cater to the increasing demand.The increased international connectivity will also pave the way for global companies and cargo-based businesses to deploy and expand operations nearby. The completion of the international terminal, along with an operational metro, will significantly boost the city's real estate market - and the catchment itself is expected to witness a 15-20% rise in property prices.Venue for one of two submarine cable landings in India:Kochi is one of the venues for 'SEA-ME-WE-3' (South-East Asia - Middle East - Western Europe 3) and 'SAFE' submarine cable landings and is the second Indian location along with Mumbai to have two submarine cable landings. This fact highlights Kochi as an important destination for IT-enabled services. Presently, the Government of Kochi is keen on developing IT/ITeS, as the entire Kerala state is promoting this sector heavily.The major thrust on IT/ITeS development will eventually boost real estate development in the city, as it creates demand for residential properties, Grade A office spaces and retail developments.Ample employment opportunities:The swelling number of businesses in the city has presented residents with increased employment options. The Kakkanad technological cluster and the Cochin Special Economic Zone (CSEZ) have become appealing locations for enterprises and businesses seeking to establish their base in India. The proximity of well-developed transport infrastructure and a large population of potential customers and partners has made the city attractive for businesses seeking to expand or start-up. The presence of large foreign corporations in the city has provided a good platform for the growth of the local employment sector.Continued tourism growth:Kochi receives millions of tourists annually, which is crucial in adding significant value to the city's earnings. It has historical pertinence and is a popular attraction for its coastline, lush countryside, and watersheds. Kochi is also visited annually by domestic tourists for cultural celebrations and festivals. The city's aspiration to become a prominent vacation spot provides a pathway for the skyrocketing demand for the hospitality industry and its ancillary sectors. Furthermore, the proximity of large international airports and the growing popularity of cruise tourism make the city an attractive destination for international visitors.In short, Kochi - which was earlier struggling to recover from an oversupply scenario - will see a massive revival due to the creation of demand from these initiatives. Sustainable growth in real estate prices is now assured in the city, and this has incited new interest from numerous real estate developers from all over India who are keen to launch residential, commercial and hospitality projects there.Varma Homes offer flats in Kochi with the most contemporary design style and architecture. We have been giving flats in Kochi and have a huge happy client base. On-time fulfilment and delivery of projects are some of our strong points. Our flats in Kochi use the most advanced technology, including contemporary design while keeping the highest standards in quality.Read More
Having a spare space is really nice to have in these days of apartments. If you just bought an apartment where 3 bedrooms, and if you have only 3 members in your family including you, wife and a kid and you actually require only 2 bedrooms and one remains as a spare. So if you have any plan of making your spare room in an active one, it can be a little difficult to decide what you can do with your extra space. Sometimes it may depend on your lifestyle, budget, your likings, hobbies, etc. Let’s take a look at the different ways that we can use it in an interesting way. A Dressing Room Or Walk-In Closet- If you have an extra room and an overflowing wardrobe then you can create that dreamy, beautiful walk-in closet and dressing room combo that you have seen in movies. The best part is that it is simply easier than you thought. You can transform your small bedroom into a dressing room with just a few items and repurposing. Home Office-Transform your extra bedroom into a home office which is the best idea to keep all your office-related files and supplies together for the quick access. However, transforming this spare bedroom into an office room can be a bit challenging. But you can make it as the most out of the space with the carefully selected furniture and interiors to keep away from feeling cramped or cluttered. A Craft Room- If you have hobbies like sewing, jewerly making, scrapbooking or any other similar hobbies, a dedicated craft room may be exactly what you need. So you can transform your spare room into a craft room by putting essential supplies like a large table, wall shelving etc. Music Room- If you are a musician, you may definitely know about amplifiers, instrument stands, speakers, sheet music, instruments that accumulate. What a delight to have a sole room for this. You can also include window treatments, rug and any kind of upholstered furniture to help with sound buffering. Reading Room - If you are looking for a quiet, comfortable place to relax with a good book in your home, then you can use your spare bedroom for this purpose. For this you want a comfortable chair, a good reading lamp, small bookshelf and if you need to go further, paint the walls with a new color and put accessories, throw pillows and artwork. Exercise Room – Convert a spare bedroom with exercise equipment and wall-mounted television. Whatever maybe your work out choice, your extra bedroom is a good place to burn some calories. You can invest punch bag or a treadmill for getting relief from your day to day hectic life. During your work out session, you can watch your favorite show which will definitely give you a much more pleasant experience. Yoga Or Meditation Room- If you have a spare room that is going unused, change that space into a dedicated personal space for yoga or meditation room. It needs less equipment than transforming it into a traditional home exercise room. It is one of the easiest of all at a minimum, one just needs to clear out all distracting furniture and lay down your yoga mat. If you want to go further, paint the walls a new color to transform it as tranquil or relaxed space. For getting bolder, you can put natural elements, small decorative fountain, landscape painting, etc. all these can add a great ambiance to the room. So whether you had the luxury of spare space in your apartment, you can adopt these ways to transform it beautifully. If you are looking for a 2BHK or 3BHK apartment in the prime localities of Kerala like Trivandrum, Thrissur & Kochi. You can contact Varma Homes, the top real estate builder in Kerala. Enquire now for the best possible deal, great experiences are just around the corner!!!Read More