Buying a home is one’s lifetime event and it requires a great deal of effort, time, and money. From the years ago, buying an under construction apartment or flat was a risky choice. But now the introduction of Real Estate Regulation and Development Act (RERA) has revolutionized the entire real estate industry and turned it as a productive platform for new buyers.
With the enactment of the RERA, buyers can now stop concerning fake practices that formerly were an essential segment of the real estate industry deals which comprises properties under construction. They are:
? Fake agreements of sale
? Delays in passing over properties
? Unprepared changes in construction plans
? Absconding builders
? Acquired illegal permissions
It is true that the before RERA, the real estate industry faced challenges. But now the real estate industry of Kerala has moved out over an extreme makeover when the implementation of the RERA occurred. It helped to generate more reasonable and fair transactions among the home buyers and developers of villas & apartments, making purchases more simple, clear and liable. RERA has formed a pool of buyers who can positively choose for any apartments or luxury flats which is under construction. So let’s check out how the RERA has transformed the earlier norms in the real estate sector.
Projects with a plot size of minimum 500 sq. meters or having more than eight apartments must be registered with the corresponding state’s RERA. Current projects where the occupancy certificate or completion certificate has not been delivered are also required to meet the terms with the registration requirements under the RERA. These aids guarantee that developers & their real estate projects are genuine and they follow every criteria of authority specified as per the Act. Thus when the construction of the apartment begins, the right of buyers are secured under a registered developer.
The prime reason for the delay of projects was due to the fund collected for a project, would consistently be diverted to new projects. To stop such diversion, promoters are now compulsory to submit 70% of all projects receivables into a distinct reserve account. The profits of such account can be used towards land & the construction expenditures and will be essential to be certified by an expert.
After the RERA implementation, home buyers can be able to regularly monitor the work progress of their projects on the RERA website since developers will be needed to submit the periodic work progress submissions on the website.
Even if the best builders, made delay for handing over projects, they have to pay compensation. As the government can impose a stiff monetary penalty which may up to the 10 % of the project cost on the builders. There are also other punishments like imprisonments against violators who generate unnecessary massive delays or fraud in the projects.
Based on the rule of RERA, no pre-launches of projects is permitted without getting the approvals from the development authority or local municipal & without acquiring registration from the controller. This allow buyers to confidently invest in the apartments or villas of their tastes which has recently been launched.
As of the arrival of RERA act, buyers can stop worrying about their project work progress. The buyer only need to choose apartment from the best builders at the right location. It is also significant to confirm that the possessions for sale have been registered under the RERA.
Head off, and never hesitate to purchase an under construction or upcoming apartment with the most trustworthy real estate builder like Varma Homes. All our projects are registered under RERA. We have completed, ongoing and upcoming residential projects in Kochi, Thrissur and Trivandrum which are aimed to construct happiness.
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 MoreThe vibrant city of Thrissur has long enthralled visitors from all across Kerala with its rich cultural heritage and business savvy. The desire for real estate developments in this land of festivals, which is also a thriving commercial centre, has recently increased. Due to its tremendous potential, Thrissur is experiencing a lot of activity in the real estate market. The city has several qualities that make it a highly sought-after location for real estate investment.When it comes to apartment investing, prospective buyers prioritise finding a flat or apartment in a location that enables them to live a healthy and fulfilling life. Real estate developers have responded to this requirement by creating flats in Thrissur with slick, contemporary architectural designs that also include the local culture. But are there any additional advantages to purchasing a Thrissur apartment? Here are a few benefits that clients can take pleasure in if they decide to buy a home here.1. The Luxury of AccessibilityNot every city in Kerala can boast that the bulk of its flats or apartments offer quick access to the most important landmarks, tourist destinations, and other practical locations. Of course, Thrissur is an exception. Purchasing apartments in Thrissur ensures that you will nearly always live close to the nearest significant monuments.2. Thrissur is a Tourist HubThrissur Pooram, an annual temple festival conducted at the Vadakkunnathan temple, draws a large number of international tourists to the city. In addition to having the best of city life, Thrissur, which is surrounded by a lot of flora and foliage, is home to the Athirappilly waterfalls and the Vilangan hills. The Peechi dam and the Punnathur Kotta elephant sanctuary are visited all year round by tourists from near and far. The majority of the well-known mosques, churches, and temples are concentrated in the city. Since the Chera Empire, Kodungallur has held significant archaeological significance as a result of its strategic role as a port of entry for naval fleets.3. Choices Galore when it Comes to ApartmentsThere are many different kinds and price ranges of apartments in Thrissur. Thrissur has everything, from practical, affordable flats to opulent apartments that incorporate some of the greatest architectural characteristics into your dream home. Kerala is undoubtedly one of India's most advanced states in terms of real estate development. Kerala adopts any new real estate trend quite swiftly. So, you can relax knowing that apartments in Thrissur are there to suit your preferences, regardless of your spending limit, lifestyle, or other preferences. Therefore, it is quite possible that you will eventually wind up investing in apartments in Thrissur without much effort if you want to enjoy a vigorous lifestyle in the heart of Thrissur without giving up the concept of your dream home. 4. A Home for All BudgetsApartments in Thrissur are built on the principle of competitive price. If you choose to invest in flats in the city, you can be sure that you will pay a reasonable price when compared to other areas of India. Due to the wide variety of options available to buyers, Thrissur's apartment prices have long been competitive. Thrissur is the ideal location to buy your dream house and prepare for a long-term settlement when you consider all of these factors along with the availability of apartments in different shapes and sizes to suit your lifestyle preferences.5. Thrissur Offers You All the Facilities of LifeEvery person who looks for a place to build their home considers the accessibility of everyday essentials. The city of Thrissur consistently comes out on top because it has excellent transportation, health care, and a comprehensive educational system. Apartment investing in Thrissur is a wise choice because the city has all the conveniences and even offers special features that no other area can. These are a few of the factors that make Thrissur apartments a sensible investment. While maintaining accessibility, it provides seclusion and enhances your standard of living. Builders in Thrissur offer a wide range of options, whether you are searching for a small, practical apartment or a spectacular, modern luxury apartment for you and your family. You won't have to give up on accessibility or conveniences, and you'll also get to live in a quiet neighbourhood far from the hustle and bustle of the city.Situated within the cultural perimeter of Thrissur, Varma Homes carry an array of apartment options that matches your expectations for exemplary modern living. With its characteristic features, our milestone projects could be your chance to realize a perfect home in the temple town capital of Kerala.
Read MoreYour dream to own a home in Kochi can soon be a reality! Do you feel surprised? Well all our dream spaces that are beautifully created have always made surprises to our global clients giving them much more than they expected. That’s Varma Homes, the best builders in Kochi. Kochi is the fastest growing metro of the country and owning a living space in Kochi is a matter of pride. On the other hand it’s going to be extremely difficult in future as the city is getting populous day by day. An increasing demand for dwelling spaces is slowly picking up in Kochi. Get the best apartments in Kochi, plan this at one of the best residential location. Our projects in Kochi are focused in a way that it goes with the way the city is developing. We always choose the best residential destinations and all the place where we have prestigious projects are best suited for peaceful homes. In this busy Kochi, we are presently having almost five luxury and compact apartments all in well-connected locations like Tripunithura, Edappally. If you have noticed we have the maximum projects in an around Tripunithura, Four beautiful projects are awaiting you in this Royal Town of Kochi. A lot need to be thought before we align continuous projects in the same place and with Varma Homes we do not have such confusions. Every project that we work bring goodwill to us as there is no compromise in quality. We are extremely transparent and we can ideally say that it’s you who decide how your apartments need to be. Well do you feel it funny? All our apartments, except from the basic structure is planned and worked according to specifications of our beloved clients. This done like that because it’s basically you who is living there. Varma Homes, the most trusted builder in Kerala, the builder with a Royal lineage is proud to have these classic luxury apartments in Tripunithura. We present you Varma's Maalika, Kottaram, Padippura and the second phase of Maalika is already in the stage of construction. All these projects are dream projects beautifully curated from the master craftsmen of Varma. Our architects and well experienced staff is all committed to make Varma a true value for your invested money. All our projects come under the PMAY (Pradhan Mantri Awas Yojana) scheme were you get discounts in price and we provide you the benefit of GST as well. So to know more about Varma's dream projects, contact us soon and avail the early bird surprises that awaits you! Apartments in Kochi | Apartments in Thrissur | Apartments in Trivandrum
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 MoreFrom 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.
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