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.
“Seeing is believing”, therefore experiencing your new home through a sample flat seems to be a significant task for a home buyer, even though there are many important factors to be considered regarding this approach too. A sample flat is one of the marketing practices used by the builders to exhibit their clients of what they can actually offer in their proposed house. From the real estate developers’ point of view, it is much more effective than the traditional marketing techniques used such as banners, brochures, emails, etc. And from the home buyers’ point of view, it is an added advantage for them, as they get to see their proposed house with all its interiors done, well before the actual purchase of it. It is indeed an exciting experience to know how their abode will look like. Following are the factors to be considered while seeing a sample flat: 1. Have a look at two or three properties from the same builders to get an overall idea about their recent residential projects. 2. Go for trustworthy builders who can deliver their proposed projects on time without making any delay. 3. Use the sample flat as a sensible guide to know how your home might finally be like. 4. In order to get a clear picture of your apartment, have a look at the layout plan and the architectural drawing. 5. Prepare a cost estimate, well in advance before making a final decision on buying the apartment. 6. Read out the sale agreement carefully, discuss with your home builder then and there so as to avoid any disagreeable conditions in the future. Varma Homes, the top and the trusted builders in Cochin presents the sample apartments of Varma Regent at Edappally. The top builders in Edappally is all set with their sample apartments of the current ongoing residential project located at Ponekkara. Varma Regent, the affordable apartments in Edappally with all the luxury amenities, is on its last phase of completion. The 2 bhk luxury apartments ranging between areas of 862 sq.ft to 1357 sq.ft ensure all premium facilities on an affordable price range. And the project is likely to get accomplished by the end of December. Only a few units are left, as most of the units of Varma Regent are already sold out. Varma Homes is the best and the trustworthy home builders in Kochi whom you can count upon. All the home seekers out there, who are looking forward to buy apartments in Edappally, pay a visit to Varma Regent’s sample apartments near Lulu mall - one of the major attractions for someone looking for luxury flats in Edappally. For more details about flats in Edappally, contact us today. Call +91 9645 88 33 33 for more details.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 is 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.Since it became the capital of the Kingdom of Travancore in 1795, this historically significant city, with roots dating back to the tenth century, has been linked to the aristocracy. Trivandrum's continuous status as the nation's capital even after independence has resulted in great infrastructure being in place as well. In addition to having some of the best multispecialty hospitals in the country, the city is also highly renowned for its top-notch educational institutions and medical travel.Trivandrum, the capital of Kerala and the second-largest city in the state, is constantly expanding in terms of real estate investments as a result of the numerous factors listed below:IT HubMore than 350 businesses and organisations with almost 60,000 employees are based in Trivandrum's Technopark, the city's information technology centre, which opened its doors in 1990. The city's current expansion, which includes the addition of 37 hectares of land as part of Phase IIII extension, is largely owed to its well-established IT hub.A Growing Job MarketAs was already said, Trivandrum is a rapidly expanding IT centre, home to large international corporations like Oracle, Infosys,TCS, UST Global, Confianz, etc., which has increased work prospects and drawn many IT professionals from throughout the state and nation. not to mention the expansion of other industries. In consequence, this has significantly increased the city's real estate market.Upcoming developmentsThe Trivandrum Light Metro is a suggested name for the metro train system that the Keralan government intends to build. It will be one of the major city developments, boosting the real estate market and the local economy. The well-known Vizhinjam harbour project will also fundamentally alter the course of the city's development once construction begins.Social InfrastructureTrivandrum has everything, including international schools, colleges, multi-specialty hospitals, and world-class shopping malls.Natural HeavenTrivandrum, like most places in Kerala, is endowed with stunning landscapes and water features. The city is renowned for its beautiful weather and less polluted surroundings.LifestyleThe city has become increasingly active as a result of the rapid growth in the number of retail malls and centres, multiplexes, multinational food chains, and other commercial hubs, giving it a multicultural, cosmopolitan culture.Home loansThe banks are currently offering the lowest interest rates on house loans ever, making this the ideal time to purchase apartments 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. Before applying, make sure to check your CIBIL score. CIBIL scores between 750 and 800 entitle you to very reasonable EMIs for the duration of your loan.PerksA significant amount of merchandise accumulated during the pandemic with few serious purchasers in between. The majority of folks preferred the wait-and-see strategy. Builders need money to continue forward with other projects, but because sales have stagnated, the majority of builders are providing incentives to get customers to commit. As a result, homeowners now have more negotiating power and a large number of "ready-to-move-in homes" are offered at "under-construction" prices.Market for BuyersAt prices in the inexpensive class, you can readily find high-quality properties. This is due to the buyer's market we are currently seeing, where strong projects may not provide substantial discounts but may instead include free amenities like parking or more favourable repayment terms.Market BoomA boom in the property market and its pricing is anticipated soon since Technopark will need additional high-quality residences to accommodate the well-travelled personnel of upcoming MNCs.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.Due to the rapid market change, now is the ideal time to invest in or purchase residential properties, flats, and apartments in Trivandrum. One of Trivandrum's most reputable and trustworthy builders, Varma Homes, provides high-quality residential buildings with top-notch amenities in excellent locations.Read More
Are you someone looking for new apartments or new flats in the metro city? Then this is just the right opportunity for you to purchase any of the under-construction projects progressing within the metro city limits. Under the Pradhan Mantri Awas Yojana (PMAY) scheme, a home loan subsidy interest amount of Rs 2.67 lakhs is provided to the beneficiaries and the amount is credited to their loan account. Thus, the home loan borrower is privileged to lower the EMIs and this lessens the principal amount of loan payable. The Government of India is planning to drop the GST rate for property purchases with an aim to push demand, under the Credit Linked Subsidy Scheme (CLSS) from 12% to 8%. On January 18, the GST Council had extended the GST concessional rate on projects constructed or properties acquired under the CLSS for the economically weaker section (EWS) of lower-income group and middle-income group. The home loan amount and interest subsidy rates are as follows: EWS - Individuals who are earning up to Rs 3 lakhs per annum are eligible for a maximum loan amount of Rs 6 lakhs. Interest subsidy is 6.50% per annum and maximum interest subsidy amount is up to Rs 2.67 lakhs. And the carpet area has no limit. LIG - Individuals who are earning from Rs 3 to 6 lakhs per annum are eligible for a maximum loan amount of Rs 6 lakhs. Interest subsidy is 6.50% per annum and maximum interest subsidy amount is up to Rs 2.67 lakhs. And the carpet area has no limit. MIG-1 - Individuals who are earning from Rs 6 to 12 lakhs per annum are eligible for a maximum loan amount of Rs 9 lakhs. Interest subsidy is 4% per annum and maximum interest subsidy amount is up to Rs 2.35 lakhs. And the maximum carpet area limit is 1291 sq. ft. MIG-2 - Individuals who are earning from Rs 12 to 18 lakhs per annum are eligible for a maximum loan amount of Rs 12 lakhs. Interest subsidy is 3% per annum and maximum interest subsidy amount is up to Rs 2.30 lakhs. And the maximum carpet area limit is 1614 sq. ft. 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 8% under the GST regime (excluding stamp duty and registration charges) on property value, adding that it will not apply to ready to move in properties 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. Under the current tax regime, the home builders are 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. A move of bringing real estate under the purview of the new tax regime, would definitely come as a major boost for the real estate investors of the ready-to-move-in properties. As of now, only the buyers of under-construction projects are covered under the new tax regime. On booking Varma Homes, you can avail CLSS scheme under the PMAY on home loans and save upto 2.67 Lakhs (*Terms and conditions apply) and an additional 4% Goods and Services Tax (GST) deduction will also be available. If you are someone looking for new apartments in Kerala and to get more information about any of the projects of Varma Homes, please do visit our website at www.varmahomes.com. And to make a booking enquiry, please use the form on the website or telephone +91 9645 88 33 33 and we will get back to you as soon as possible.Read More
Kochi, the Queen of Arabian Sea, is the spotlight of many developments, especially it is hub spot of real estate market. The well-equipped social infrastructure, the multitude of eateries, entertainment, technology and cosmopolitan culture makes Kochi as the more vibrant cities in God’s own country, Kerala. Often referred to as the economic capital of Kerala, Kochi offers great opportunities for investment. Numerous builders and real estate companies have chosen to set up their residential projects in diverse areas of Kochi. This has also opened up countless choices for people who are looking to purchase apartments in Kochi. Many factors drive the real estate market of Kochi forward. #1 Varying living Lifestyle The life at Cochin City gives away the best lively living lifestyle with all the needs at the doorstep. One can enjoy the pluses of the God’s own country filled with the modern lifestyle that this fast-growing city has to offer. It offers significant infrastructural facilities to its citizens. Be it educational institutions, healthcare facilities, retail outlets, shopping malls, modes of transport, or recreation centres, the Kochi provides you access to only the best for a supreme lifestyle. Lulu International Shopping Mall, the largest shopping mall in Asia built in 17 acres with 2.5 million square feet is located at Kochi. It is the one-stop destination for shopping, fun and entertainment for Kochiates. These developments add up the aesthetic value of Kochi and increase investment in the city. #2 IT Boom The tremendous growth in the IT sector along with the government initiatives made Kochi as one of the best technological hotspots in India. Infopark and Smart City revolutionizes the job market in Kerala, which give a huge push to the IT industry in Kochi. Due to the availability of affordable and skilled labour, it becomes the key options for corporate who looks to expand their business in South India. Booming micro-markets in suburban areas like Chottanikara, Tripunithura Edapally, Palarivattom, Elamakkkara etc. are developing at a fast pace. This will open up different opportunities in investment and business, especially for youngsters. So it is now a platform for migrants who looking to start their career in IT industry together with a blend of rich heritage, modernization and culture. The cost of living and operational expenditure of Kochi is comparatively much lower than other metropolitan cities. Therefore it becomes the first investment choice for techies and real estate investors. #3 Excellent Connectivity Kochi has a well-connected transport system that runs through road, rail, air and water. Kochi’s backwater system offers inter-city connectivity and acts as a cheap mode of transportation for natives. The launch of Kochi Metro rail has also added to make accessibility an essential feature of the city. Kochi metro brings a revolutionary change to public transport. It also turned out to be a major boom in the real estate sector. Now also the recent stretch of Kochi Metro to the new five stations like Ernakulam South, Kadavanthra, Elamkulam, Vytilla and Thaikoodam escalated the growth of this city. #4 Tourism hotspot Kochi fascinates around 10 lakh foreign travellers per year which donate huge to the total revenue produced. Kochi is the city of historic value along with being a favourite destination for green lands, watercourses and beach. The steady upsurge in demand for hospitality allied real estate holdings like resorts and hotels owing to sustainable tourism growth which also leads to the real estate boom in Kochi. #5 Property Appreciation Because of the upcoming developments in the city, property appreciation is high in Kochi which acts as an incentive for investors with a long term vision. There avail number of choices for investment in realty market such as apartments in Kochi, flats in Kochi, villas in Kochi etc. Due to the high demands, the resale value of the property is always greater than invested. Are you one among those many planning to own an apartment in Kochi city? Well, think no more and choose Varma Homes, one of the leading builders in Kerala offering best residential projects strategically situated at key locations of Kochi to ensure matchless living experience. Be ready to experience a new level of happiness by living in the house of Varma Homes, here is your list: VARMA MAALIKA I, TRIPUNITHURA (Completed ahead of Schedule) Luxurious apartment project having 12 residential apartment units of 2BHK & 3BHK with G + 4 floors with premium quality amenities. VARMA PADIPURA, TRIPUNITHURA (Ongoing) Luxurious apartment project having 32 residential apartment units of 2BHK & 3BHK with B + G + 11 floors with premium quality amenities. VARMA KOTTARAM, TRIPUNITHURA (Completed ahead of Schedule) Luxurious apartment project 24 residential apartment units of 2BHK & 3BHK with G + 4 floors with premium quality amenities. VARMA MAALIKA II, TRIPUNITHURA (Ongoing Nearing completion) Luxurious apartment project having 8 residential apartment units of 2BHK & 3BHK with G +4 floors with premium quality amenities. BOUGAIN HEIGHTS PURPLE, CHOTTANIKKARA, KOCHI (Ongoing) Compact apartment projects having 44 residential apartment units 2 BHK &3 BHK with B+G+8 floors with premium quality amenities. Choose from our array of villas, flats and apartments in the heart of the city as we give you more reasons to own one at Kochi. To know more - https://www.varmahomes.com/Read More
High demandThrissur is a popular destination for both tourists and residents, which means that there is a high demand for housing in the city. This demand makes it a good investment opportunity, as you can expect to have a steady flow of renters or buyers for your apartment. The city's burgeoning status as a cultural and tourism centre has also boosted real estate demand. The city is well-known for its lively festivals, museums, and monuments, which draw people from all over the country and outside. Thrissur also has numerous famous educational institutions, world-class healthcare facilities, and a thriving IT industry, making it an appealing destination for students, professionals, and families. Because of the great demand for real estate in Thrissur, property values have steadily increased, making it an appealing destination for real estate investment. Whether you want to purchase a house or invest in rental property, Thrissur is an ideal choice due to its high demand for real estate.Developing infrastructureThrissur is currently experiencing a period of rapid development, with new infrastructure projects such as highways, metro rail, and an international airport underway. This growth is likely to increase the value of your investment over time. Many large initiatives are underway in the city that will revolutionise its transportation and connectivity, as well as its economic and social landscape. Another noteworthy development in Thrissur is the projected Puzhakkal Riverfront development, which would be a major tourist destination as well as a source of economic growth for the city. Among other things, the proposal calls for the creation of a riverside park, a shopping complex, and a water sports facility.Cultural and historical significanceThrissur is known for its rich cultural and historical heritage, with numerous festivals, museums, and monuments that attract visitors from around the world. Investing in an apartment here allows you to be a part of this vibrant cultural scene. Thrissur is also well-known for its numerous festivals and cultural activities. The Thrissur Pooram is one of the city's most prominent events, drawing thousands of people each year. The event features a parade of adorned elephants, lighting, and traditional music and dance performances. Many museums and galleries in the city reflect Kerala's rich cultural and aesthetic traditions. The Kerala Lalithakala Academy is a prominent art gallery that exhibits works by some of the state's most well-known painters. Another famous site is the Thrissur Archaeological Museum, which shows items from diverse periods of history.Education and healthcareThrissur is home to several prestigious educational institutions and world-class healthcare facilities, making it an attractive destination for students and professionals. Thrissur has a robust network of private and public schools that provide high-quality education at all levels. The city's emphasis on education has contributed to the development of a talented workforce, making it an appealing destination for businesses and investors. Thrissur features some of Kerala's top schools and institutions. Many notable educational institutions, including the Government Engineering College, Kerala Agricultural University, and Sree Kerala Varma College, are located in the city. These schools provide a diverse range of courses and programmes, ranging from engineering and technology to medical, law, and liberal arts. The city maintains a network of clinics and health facilities that provide low-cost healthcare to the general people.Weather ConditionsIn general, Thrissur experiences nice weather. The winters make up for both the humid and scorching summers and the copious rains brought on by the monsoon. To experience the finest of Thrissur, visitors take advantage of this pleasant and comfortable time of year. Since Thrissur is surrounded by a lot of natural greenery, a peaceful getaway is never far away at any time of the year. Every morning, the air is filled with the sound of birds chirping. Every evening, pleasant breezes rush by, and in the distance, waterfalls are gurgling.Buying an apartment in Thrissur can be a good investment due to its high demand, developing infrastructure, cultural and historical significance, education and healthcare facilities, and natural beauty. This is a city with a distinct combination of cultural heritage, natural beauty, great education and healthcare, and a thriving real estate market. The city is well-connected to major cities in Kerala and has a solid infrastructure, resulting in increased demand for real estate.Read More