{"id":247,"date":"2021-10-26T15:38:11","date_gmt":"2021-10-26T15:38:11","guid":{"rendered":"https:\/\/www.varmahomes.com\/blog-manager\/check-before-you-buy-know-your-rights-as-an-apartment-buyer\/"},"modified":"2023-10-25T07:40:51","modified_gmt":"2023-10-25T07:40:51","slug":"check-before-you-buy-know-your-rights-as-an-apartment-buyer","status":"publish","type":"post","link":"https:\/\/www.varmahomes.com\/blog-manager\/check-before-you-buy-know-your-rights-as-an-apartment-buyer\/","title":{"rendered":"Check Before You Buy: Know Your Rights As An Apartment Buyer"},"content":{"rendered":"

Buying an apartment can be an overwhelming endeavor, and there are
\nso many facets to consider. With countless laws governing the real estate
\nmarket, it may seem impossible to know exactly what you?re signing up for when
\nbuying a property. It is therefore vital to have a basic idea of what the
\ncontract entails before signing it. There are various laws pertaining to the
\nsale of real estate in Kerala which are meant to safeguard the interests of
\nboth buyers and sellers. To avoid possible problems, homebuyers must be
\ninformed of such laws and their rights under them. Here are some must-read
\nrights of a property buyer in Kerala to help prevent any potential issues
\nrelated to apartment buying.<\/o:p><\/span><\/p>\n

?  <\/span><\/span>Right to Get Information                                                                                                 
\n                      <\/span><\/b><\/o:p><\/span><\/p>\n

One of the key rights for buyers when buying a new apartment is the
\nright to get complete information about the project they are investing in. So,
\nthe homebuyer can use this right to access all project information, legal
\nsanctioned plans, building layout plans, RERA registration number & other
\nspecifications approved by the responsible authorities. After all, your home is
\none of the largest purchase decisions you will make, and by having access to
\nall the information at your fingertips, you can be sure that your choice was
\nthe best one for you.<\/o:p><\/span><\/p>\n

?  <\/span><\/span>Right to Understand Construction Schedule <\/span><\/b><\/o:p><\/span><\/p>\n

The prospective buyer has the right to be informed of the project’s
\nstep-by-step completion schedule, which includes provisions for electricity,
\nwater, sanitation, and other services and facilities stated in the sale
\nagreement’s terms and conditions.<\/o:p><\/span><\/p>\n

? 
\n<\/span><\/span>Right for Inspection<\/o:p><\/span><\/b><\/h2>\n

Before you buy an apartment, you have the right to inspect it and
\nmake sure it’s in good condition. If it is an under construction project, you
\nalso have the right to inspect the project’s progress. This right of the buyer
\nto inspect the property before making full payment is intended to help minimize
\ndisputes and claims of misrepresentation at a later stage.<\/o:p><\/span><\/p>\n

? 
\n<\/span><\/span>Right to Claim a Refund<\/o:p><\/span><\/b><\/h2>\n

As per RERA rule, the homebuyer has the right to claim a refund when
\nthe builder fails to deliver possession of the apartment property according to
\nthe terms stated in the sale agreement. In such cases if any dispute arises
\nbetween builder and homebuyer in terms of refund, RERA could help the homebuyer
\nto get the refund amount. The National Consumers Defense and Research Center
\n(NCDRC) has ruled that buyers are entitled to a refund if possession is delayed
\nfor more than a year after the builder’s agreed time. As per NCDRC, if projects
\nare not delivered within that specified time frame, the developer is required
\nto repay the full amount plus 10% interest. <\/o:p><\/span><\/p>\n

? 
\n<\/span><\/span>Right to Claim Possession<\/o:p><\/span><\/b><\/h2>\n

The right to claim possession of an apartment could be considered
\none of the most important rights that a buyer has over the property. This right
\nhelps the buyer get his or her hands on the property once all of the necessary
\nformalities have been completed, and the required payment has been made. So, as
\na homebuyer, you have the right to claim possession of the apartment, provided
\nthe builder has handed over all the essential documents, such as the completion
\ncertificate, rights to use common areas, if any, and building insurance, which
\nis compulsory under the law.<\/o:p><\/span><\/p>\n

? 
\n<\/span><\/span>Right to receive benefits
\nin value<\/o:p><\/span><\/b><\/h2>\n

Following the transfer of ownership of the apartment from the
\nbuilder to the buyer, the buyer is entitled to any increase in the property’s
\nvalue, as well as the rents and gains generated by the property. After the
\ndeal, the builder may have no claim to the benefits of the apartment property.<\/o:p><\/span><\/p>\n

? 
\n<\/span><\/span>Right to File a Complaint
\nabout the Modifications<\/o:p><\/span><\/b><\/h2>\n

As per RERA rules, a buyer has the right to file a complaint if a
\nbuilder makes any changes to the permitted plans, floor plans, fittings, and
\namenities without the consent of at least 2\/3rds of the allottees, apart from
\nthe promoter, who have agreed to purchase an apartment in a building.<\/o:p><\/span><\/p>\n

? 
\n<\/span><\/span>Right to Get the Title Deed<\/o:p><\/span><\/b><\/h2>\n

The seller’s title to the property is transferred to the buyer when
\nthe deed is signed. The seller must officially confirm that the property is
\nwholly free and clear of any legal encumbrances. The buyer owns the legal
\nrights to the property once the title deed has been registered. <\/o:p><\/span><\/p>\n

Takeaway,<\/o:p><\/span><\/p>\n<\/p>\n

You have been educating yourself about your rights as a homebuyer,
\ndrawing you one step closer to getting your perfect dream home. If you’re
\nlooking for the most trustworthy and responsible builder in Kerala to own your
\ndream apartment, Varma Homes is a wise choice. We bring you a broad range of
\napartments that match your desires & balance your lifestyle in your
\nfavoured locations in Kerala. Get ready & never hesitate to buy an upcoming
\nor under-construction apartment with the most trustworthy real estate builder,
\nlike Varma Homes, as all our ongoing projects are registered under RERA. We
\nhave strictly followed traits such as on-time delivery, top-notch quality, and
\ntrust since the inception of our apartment projects, which has made VARMA HOMES
\nthe best of the rest!<\/o:p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Buying an apartment can be an overwhelming endeavor, and there are so many facets to consider. With countless laws governing the real estate market, it may seem impossible to know exactly what you?re signing up for when buying a property. It is therefore vital to have a basic idea of what the contract entails before […]<\/p>\n","protected":false},"author":1,"featured_media":248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21,20],"tags":[],"class_list":["post-247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-strategies-in-kerala","category-kerala"],"_links":{"self":[{"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/posts\/247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/comments?post=247"}],"version-history":[{"count":1,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/posts\/247\/revisions"}],"predecessor-version":[{"id":710,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/posts\/247\/revisions\/710"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/media\/248"}],"wp:attachment":[{"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/media?parent=247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/categories?post=247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/tags?post=247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}