When it comes to making real estate decisions in the vibrant city of Kochi, prospective buyers often find themselves torn between the allure of spacious bungalows and the practicality of contemporary apartments. While bungalows offer their unique charm, there are compelling reasons why apartments in Kochi are emerging as a preferred choice. This article delves into six key factors that underscore the advantages of apartments over bungalows in this bustling South Indian metropolis, emphasizing the investment potential, convenience, sense of community, competitive pricing, reduced maintenance costs, and high-quality construction that apartments offer.
The real estate market in Kochi is quickly expanding, with rising demand for both commercial and residential buildings. Property values are predicted to improve over the next several years, making this an excellent time to invest in the city's real estate market. Kochi is a major commercial centre in South India, with a diverse economy that includes businesses such as tourism, information technology, and manufacturing. This implies that there are several investment prospects in the city, which is expected to develop further in the next few years. Kochi is experiencing considerable infrastructure development, including the extension of the metro rail network, the creation of a new international airport terminal, and the construction of a new port. These developments will increase connectivity and make Kochi an even more appealing destination to live and work.
As previously said, several developers in Kochi provide ready-to-occupy flats, which means that homeowners may move in right away rather than waiting for development to be done. Most Kochi apartments provide a variety of conveniences that make daily living easier. Security, parking, power backup, and garbage management are examples of such services. Several Kochi apartments are in ideal locations, adjacent to major facilities like schools, hospitals, and retail malls. This can help you get to whatever you need on a daily basis. Flats can provide a sense of community since members live in close proximity to one another and share shared areas. This can promote a sense of belonging while also providing possibilities for socializing and networking.
Living in a well-established neighborhood might give possibilities for socialization and meeting new people. Many flats feature communal areas where tenants may congregate and engage, such as gardens, parks, and community halls. In a flat, an established community may create a sense of protection and security. To safeguard the safety of tenants, many apartments have security measures in place such as CCTV cameras, security officers, and access control systems. The maintenance and repair of common spaces and facilities in an established community are normally handled by the residents' organization or the builder. This implies that residents are not responsible for the upkeep of communal facilities like gardens, parks, or swimming pools.
Kochi's real estate market thrives on competitiveness, with multiple Builders In Kochi and builders in Kerala offering homes at attractive price points. Also, the price of an apartment in Kochi might vary based on numerous aspects such as location, facilities, and the builder's reputation. Buyers have a variety of alternatives to pick from, and they may compare and negotiate prices with builders to obtain the best bargain possible. However, before buying a flat, it is critical to conduct rigorous research and due diligence to ensure that the pricing is competitive and the property is a suitable investment. Kochi has various regions with economical land, which can assist cut construction costs and allow builders to provide competitively priced flats. Certain Kochi builders employ new building processes, including pre-cast concrete construction, to assist cut construction time and costs, allowing them to sell apartments at cheap pricing. The Kerala government provides numerous incentives and subsidies to builders and developers that establish affordable housing developments, which can assist lower building costs and enable them to sell apartments at reasonable prices.
Reduced Maintenance Costs
Flats may have lower upkeep expenses than other types of homes such as detached houses or villas. This is because the maintenance of common rooms and services in a flat is normally handled by the residents' organization or the builder. This implies that the expense of maintaining common facilities like gardens, parks, or swimming pools is shared by all residents, which can assist lower individual upkeep costs. Furthermore, some builders may utilize energy-efficient designs and materials, which can assist minimize energy usage and maintenance expenses over time. Professional property management companies may also assist in the efficient and cost-effective administration of maintenance duties.
Flats in Kochi are built to a high standard. Several Kochi builders and developers employ high-quality materials and building processes to create apartments that are long-lasting, secure, and comfortable to live in. These builders frequently adhere to construction laws and regulations, ensuring that the apartments are built to a high degree of quality. Moreover, some builders may employ sophisticated construction techniques such as pre-cast concrete construction, which can increase building quality while shortening construction time. They may also employ energy-efficient materials and designs, which can assist minimize energy usage and maintenance costs over time. It is crucial to remember, however, that not all builders and developers maintain the same level of quality in their construction projects.
In the vibrant city of Kochi, the choice between apartments and bungalows is not merely about four walls and a roof but about embracing a holistic lifestyle. While bungalows hold their charm, the practical advantages presented by apartments, including investment potential, convenience, community, competitive pricing, reduced maintenance costs, and high-quality construction, paint a compelling picture. As Kochi's Builders In Kerala and Builders In Kochi continue to shape the real estate landscape, the choice to invest in apartments in Thrissur or flats in Thiruvananthapuram emerges as a prudent decision that encompasses contemporary living and promising returns.
Anyone who is serious about investing in real estate must stay up-to-date with market trends; what types of properties are commanding more rent? Which localities are in high demand? What are the new regulations being introduced? What is the right time to buy or sell?By knowing the answers to these and other questions, investors can make smart decisions to maximize their ROI. Market trends help investors identify opportunities and exploit weaknesses to make profits.Kochi is the biggest, most developed, and most cosmopolitan city in Kerala, and is also its commercial capital, with several corporate offices and IT companies headquartered here. This in turn attracts professionals to the city in droves, creating a huge demand for housing. Apart from residential properties, there is a huge demand for commercial and industrial properties as well. Infrastructure development has been rapid too; all these factors make Kochi the ideal city in Kerala for real estate investors.Residential Real Estate Trends in KochiRecently, the residential real estate market is undergoing a radical transformation. Several factors influence the demand and supply in this sector:The rapid growth of the IT sector and tourism has led to a burgeoning economy, attracting professionals and investors, and increasing demand.Kochi metro and highway projects have improved infrastructure and connectivity, making it a more appealing city to live in. Areas along the expanding Kochi metro project are seeing more real-estate development.RERA regulations and the PMAY initiative have also impacted demand and supply. The state government has introduced affordable housing schemes, which are ideal for first-time buyers or low-income groups.These are the key Residential Trends:The IT corridor comprising SmartCity Kochi and Infopark has spiked demand for housing in surrounding areas.There is a sudden mushrooming of affordable housing projects to cater to the needs of the middle-class buyers and investors.Flats in Kochi remain the number one choice due to the convenience and security they offer; villas in gated communities rank second.Neighbourhoods that have schools, healthcare facilities, IT parks etc. are the most sought after - like Edappally, Palarivatttom, Kadavanthara, etc. Thripunithura, Vyttila, Eroor, and Vazhakkala are preferred for their pleasing surroundings in addition to availability of essential services.More people are demanding sustainable construction and eco-friendly initiatives like rainwater harvesting, green spaces, solar powered lights, and proper waste disposal systems.Smart homes with automation are gaining popularity as they are more secure and make life easy.The real estate market in Kochi has remained pretty stable, with steady appreciation as expectedKochiís residential real estate market is evolving with a focus on sustainable living, cost-effectiveness, and modern amenities.Real Estate Value Appreciation in KochiLetís see what is causing value appreciation of real estate in Kochi:Thereís a high market demand for properties especially in localities close to commercial hubs and essential servicesWaterfront properties, and those close to transportation hubs and safe localities appreciate rapidlyProperties with modern amenities, green spaces, and security spaces command high prices.Which Neighbourhoods are the most sought-after and have the highest appreciation?Vyttila - at the intersection of major roadways, it's a popular neighbourhood for buyers and investorsKadavanthara - a major commercial centre and prime residential areaThripunithura - the land of temples and a rich heritage, itís a tourist destinationPalarivattom - an important commercial centre in the heart of Kochi, with proximity to the InfoparkEdappally - home to Lulu Mall, this area is a bustling commercial hubInfrastructure and Connectivity in KochiIt is no secret that infrastructure development has a massive impact on the real estate market. When there is infrastructure, it attracts businesses; this gives rise to a need for property development, both commercial and residential.Kochi has several infrastructure projects in the pipeline. The Kochi Metro is being expanded, and the Water Metro project has also been proposed. Roads and highways are also being built to improve the cityís connectivity with other cities not only in Kerala but also in other states.There is no doubt that the improved connectivity with better and more roads, metro, and so on, will give rise to demand for housing along the areas that are being connected; in fact, there is already an increasing demand for real estate development in new areas which are now being connected by Kochi Metro and highway projects.Technology Integration in KochiHereís how technology is transforming and re-shaping Kochiís real estate market:Proptech solutions like virtual tours are becoming increasingly common. AR and VR technologies deliver immersive experiences to prospective buyers and investors.Property developers and real estate agents alike leverage mobile apps and websites to list properties and market them, reaching more people easily.Blockchain is making its entry slowly into the real-estate market as it facilitates transparency, reduces risk, and streamlines processes related to property deals.Data analytics tools are popular with real estate professionals as they offer actionable insights into market trends, buyer preferences, prices, etc.Developers and agents also use CRM software to deliver personalized services to customers.Online mortgage calculators enable buyers to check loan eligibility and their EMIs, streamlining the financing process.Home automation solutions allow buyers to control appliances, ambient temperature, lighting, and more from their mobile apps.Sustainability and Green Building in KochiThere is a rising demand for sustainable construction practices, eco-friendly and green initiatives among buyers and investors, as awareness spreads about the need to protect the environment. More people are demanding energy-efficient electrical equipment and lighting, green energy sources like solar panels, rainwater harvesting, proper waste segregation and responsible disposal, more green spaces, and so on.The state government has also announced various initiatives to promote eco-friendly construction and Ďgreení buildings. Certificates will be awarded based on several criteria, beginning with the land chosen for construction. Incentives are in the form of reduced tax liability and so on.Real Estate Regulatory Changes in KochiAs property tax rates were fixed in 1995 and not revised for the past thirty years, the Kochi corporation is proposing a plan to bring more buildings into the tax purview. An additional payment for extra FSI has been proposed. Read more details here and here. Future Projections in KochiAs a city with a major port, efficient and expanding Metro system, wide roads, excellent connectivity, and tremendous commercial activity, one can only say that the future of the real estate market in Kochi is very bright. We can say confidently that the demand for high-quality real estate projects will only increase in this metropolitan city. The city is already witnessing high economic growth and urbanization. With nuclear families becoming the norm, one can predict a spiralling demand for flats in Kochi. ConclusionIt is evident that the residential real estate market in Kochi is growing, but there is a shift towards affordability and sustainability, with the availability of modern amenities. Important areas and types of housing are evolving to cater to the eclectic needs of the changing demographics and the growing population. It is definitely an exciting time to get involved in the real estate market in Kochi.Read More
Onam is one of the biggest festivals of Kerala with 10 days of celebrations and fun. Onam is the season which shows Kerala at its cultural best where we get to see rich harvest, happiness, prosperity, family gathering with sadya, onam pattukal, traditional thiruvthira dances and so many outdoor activities. Double your happiness this Onam season by owning a luxury apartment in your dream city and start a new beginning in life. Buy a new flat in Thrippunithura to experience the family get togetherness and feel rejuvenated to smell the goodness of life. Many builders launch their new residential projects in Kochi with many offers that you canít deny to for the first few bees. One benefit that you can look ahead to while buying an under construction flat is the discount offered during the launching time. In most cases, builders offer per square foot rate of a house at the stage of launch of the residential project with a lucrative concession lower than that what you have to pay when you buy the flat / apartment which is ready for possession. When buying a flat under construction, total cost may go down compared with a ready to move in. While buying an under construction flat, the only thing you have to take in account is choosing a trusted builder. Go for the reputed builders to minimize the risk. And the Varma Builders ensure the timely completion of residential projects. For this Onam buy a luxury apartment in Trippunithura from the renowned builders in Kochi to acquire a traditional feeling in the land of royalty which has a huge corpus of custom, culture, art, economics and space for fulfilled and spiritual activities especially during the festival time. Spirituality at the door step Owning a dwelling at a place that emanate divine legacy especially in a city like Thrippunithura is indeed a long cherished dream any devotee has. Located just a 300 metres from the famous Sree Poornathrayeesa Temple, Varma Kottaram offers a spiritual harmony as well. Livings near the temple also add cultural value. Experience the real regal life knowing the traditional culture by owning a luxury apartment at Varma Kottaram. Comfort & Connectivity Varma Kottaram is a G+4 luxury apartment project exactly located at Thrippunithura between Kalikkotta Palace and Sree Poornathrayeesa Temple. Varma Kottaram is 24 units with 2 & 3BHK apartments in 25.6 cents. Kottaram has all the modern amenities like Fitness Center in First Floor, solar energy utilisation in selected areas, fully automatic lifts, intercom facility, Fire Fighting System, childrenís play area, roof top party area, terrace garden, recreation space, fitness centre, care taker room, Provision for 24 hrs. Power & Water Supply Facility, Sewage Treatment Plant, Water Filter, Surveillance Camera, Rubber Fender for Corners in the Car Parking Area and many more. Best Builders whom you can trust Varma Homes assures the timely completion & delivery of flawless and qualitative projects to the valuable customers. Come and book flat at Varma Kottaram during this Onam and enjoy a lifetime long merriment.Read More
When you make real estate investments, you start building your equity. This asset becomes part of your net worth. Building equity gives you the leverage to acquire more properties and significantly boost your income and cash flows. A significant advantage of real estate investments is the potential for diversification. By adding real estate to your investment portfolio, you can make it more stable, reduce volatility, and gain higher returns for each risk unit. While the returns can fluctuate, they are still likely to be higher than those provided by other asset classes.Basic Real Estate Investment Strategies in KochiReal Estate Investment Strategies for Beginners in KochiInvesting in real estate in Kochi can be very rewarding. It's the largest city in Kerala and the most cosmopolitan, and on its way to becoming a smart city. It continues to attract investors and families who want to settle there. But before you take the plunge, there are certain things you need to know.Understand the BasicsThere are different types of real estate like industrial, commercial, and residential properties, and within residential you have individual homes, villas in gated communities, and flats in Kochi. Each type has a different potential for returns. The location of the property is critical - research to see locations with high demand. Proximity to markets, workplaces, transportation, healthcare, educational institutions, Kochi metro, etc. is important. Analyze the Kochi real estate market, and study recent price trends, current prices, and other economic indicators, before making your investment decision.Set Clear Investment GoalsIt's important to know the reason you are investing in real estate - quick profits, stable income, or long-term wealth. Calculate the initial investment like down payment, renovation expenses, registration, etc. This will help you in finding properties within your budget.Risk Tolerance and Financial PlanningIt is critical that you evaluate your risk tolerance, as investing in real estate is also subject to risk. Your investment strategy must be in line with your tolerance level. You should have a comprehensive financial plan that includes your budget for initial investment, a returns forecast, and a backup plan to exit in case things go awry.Different Real Estate Investment Strategies in KochiAll strategies are vulnerable to market volatility. Depending on your risk tolerance, you can choose from among these popular strategies of real estate investment:Property FlippingThis refers to buying property and selling it at a higher price, sometimes after making improvements to it. This can help you make quick profits and is a good short-term investment. However, it necessitates heavy capital investment initially.Renting PropertyRenting out living spaces provides a stable income along with the potential to accumulate wealth in the long run and save tax. Bear in mind that you need to actively manage the property to ensure it stays in great shape to attract tenants. You can also hire property management professionals to do that for you for a small fee if you don't have the time to do it yourself.Real Estate Investment Trusts (REITs)This avenue offers liquidity and a passive income and helps diversify your investment, but you have to pay management fees, and you have little control over property decisions.Commercial PropertyRents and resale of commercial property offer much higher returns than residential, and you have longer lease durations. However, the transactions are more complex, and the capital outlay is very high.Property Types and Strategies in KochiRental Property Investment Strategy in KochiRental property investment can bring significant rewards in the long run. Here are some tips:Investing in Rental PropertiesLook for localities in Kochi with potential for property value appreciation, and high demand for rental properties. Define your budget, as we mentioned before. Check out financing and interest rates. When you find the right property, do your due diligence, evaluate it professionally, and negotiate a price. Do a thorough background check of prospective tenants - check credit ratings and ask for references.Managing and Maximizing Rental IncomeIt is essential that you maintain and improve your rental property regularly to attract and keep your tenants. Get repairs done immediately, and address the concerns of tenants promptly so that you have happy clients. Check prevailing market rates and offer competitive rates to ensure your property doesn't stay vacant. Ensure that lease agreements cover all details of rent, tenant responsibilities, eviction, and more. You can hire a company to manage your property for a fee if you don't want to do it yourself. They will handle all routine tasks. Familiarize yourself with tax benefits like the various deductions you can avail, etc.Commercial Real Estate Strategies in KochiCommercial real estate can be very lucrative. Let's check it out:Introduction to Commercial Real EstateIndustrial facilities, retail spaces, warehouses, office spaces, etc. are the different types of commercial properties in Kochi, each with its own dynamics and potential for returns. Just as for residential, the location of commercial property is also important. Study the market thoroughly and learn all about rental rates, demand, vacancy rates, and more for various types of commercial property in Kochi.Evaluating and Managing Commercial InvestmentsDo your due diligence before you buy commercial property - zoning regulations, appreciation potential, and condition of the property. Diversifying your tenant base can lower risk if you have multi-tenant properties. Negotiate lease terms properly and draw up a comprehensive agreement, mentioning rents, durations, and tenant responsibilities. Think of consulting real estate agents, accountants, and lawyers to get the best deals.Long-Term Investment Strategies in KochiThese help accumulate wealth over the years.Benefits High quality real estate properties usually increase in price in time and help in wealth accumulation, with rental properties providing a steady stream of income. You also get tax benefits as discussed. Diversification in your investment portfolio is made possible, lowering your risk.Buy and Hold StrategyProperties are bought, and sold after a prolonged period, giving you benefits of long-term appreciation, and leading to significant accumulation of wealth, helping you have an excellent quality of life.Tax and Finance Strategies for KochiReal estate investment offers several tax benefits. Here's how to maximize the benefits:Tax Advantages and DeductionsYou can claim deductions on property depreciation, interest payments on housing loans, maintenance and property management fees, insurance, and property taxes. Offset rental incomes and reduce your tax liabilities. When you hold property for a long time, you can avail reduced capital gains tax.Structure Investments for Tax EfficiencyIf you want more tax benefits and liability protection, you can form an LLC to hold the investments. You can also reinvest the proceeds from one property in another property or in long-term locked-in investments.Real Estate Investment and Finance Strategies in KochiIt is critical to structure your real estate investments. Here are some tips:Different Financial StructuresThe simplest form is to hold the property in your name, where you increase liability. You can form an LLC to reduce liability and tax and have more flexibility. REITs are publicly traded, are liquid, and help you diversify.The Role of LeverageYou can reduce your initial investment by using loans to finance your investments. It can increase your returns, but is also risky. Ensure that the rent amount covers your installments and other costs.Tips on Securing FinancingIt is imperative that you have a robust credit profile; compare different lenders to get the best deal, and be ready for down payments. Have an exit strategy to pay back loans, and have a backup plan to meet sudden expenses or property vacancies.Alternative Investment Strategies in KochiBRRRR Investment Strategy in KochiThis stands for Buy, Rehab, Rent, Refinance, Repeat. In this strategy, people buy property for a low price, spend some money to renovate it, give it on rent, and refinance it to buy another property and repeat the entire cycle again. This strategy helps to expand your portfolio, and gives you the edge of having several properties, putting you in an advantageous position to negotiate for better prices on labor and materials.Real Estate Investment Trusts (REITs) in KochiREITs enable investors to participate passively in the real estate market. It's a type of investment whereby individuals can invest in a diverse portfolio of real estate properties that earn income. They are publicly traded and hence liquid.BenefitsREITs can be traded like stocks, allowing investors to quickly enter or exit the market. You get exposure to a range of properties, residential and commercial, spreading your risk. It provides a steady stream of income, and as they are managed professionally, you save time and gain from their expertise.Selecting and Monitoring REIT InvestmentsResearch a REIT intensely before investing - track record, management, portfolio etc; check if it is in line with your risk tolerance. Diversify your REIT investments across property types and geographies to spread your risk. Look at the history of its dividend, and how consistent it is. Check important metrics that convey its financial health. Monitor the market trends in Kochi and the economic conditions that may impact properties in its portfolio. You must review the holdings frequently to ensure they will help reach your investment goals. It's a good idea to consult a financial expert who can guide you in your real estate investment and make the right recommendations.ConclusionReal estate is one of the most lucrative investments that you can make in Kochi, Kerala. Just as with any investment, real estate investment in Kochi is also subject to market risks, and one must do thorough research and due diligence before finalizing any investment. Make sure that the property you choose is from a reputed real estate developer known for high-quality construction and transparent dealings.Read More
Everywhere you gaze, you can see a new residential project offering the top amenities for your needs. In this competitive realty market, there avail number of choices, so how does one select the right choice for them. Selecting the right builder plays a major role while purchasing your dream home. Trusting someone to handle our biggest dream is not a simple task, but here are some tips, which will guide you to settle on the proper builder to construct your dream nest. Know Your Builder Before you buy your dream apartment, research your builder. There are various builders of repute in Kerala and most of the information and details on their past projects is public knowledge. However, the ideal way to comprehend the builder well is to talk with their existing customers about their project delivery schedules, how they deal with them daily, their work quality and so on. Check Well the Authenticity Any residential project in Kerala requires RERA certification. Therefore, a builder has to add all the information about the project online. Here one can get the details about the builder as well. Besides, you have another valuable resource like the Ministry of Corporate Affairs official website to access the list of registered builders along with information about them. In this manner, one can understand how authentic their builder is. Previous Work Any time when you start something new, people will always check your earlier work. The same is in the case of builders. So before finalizing a deal do visit a few completed projects of your selected builder. See whether you are comfortable with the way it is designed, the facilities provided, the quality of construction and its aesthetics. The project you have chosen may be quite different from the previous ones, but then again it will give you a basic hint of how the builder maintains the project. Observing at various completed projects will also give you an idea of the range of work the builder can do. Bank Approval If a bank has approved a residential project it is safe to assume that the builder has proven to be financially, technically and legally sound. To approve a residential project bank have to conduct a stringent investigation about the project and study all aspects of the project. Since owning your dream home is your key investment of a lifetime, and you would not want to take chances. So before buying your apartment check whether the particular project has got all the bank approvals. † Reputation & Recommendations Incredible builders have equally incredible reputations. Good word of mouth makes or breaks any custom home manufacturing professional, so search for custom homebuilders whose reputations precede them positively. Finding the right homebuilder will confirm that your path to that dream home is as smooth and efficient as possible. If you are looking for an excellent custom homebuilder, connect with Varma Homes, one of the top real estate builders in Kerala for a consultation. We have our ongoing residential projects in major parts of Kerala like Trivandrum, Kochi & Thrissur. You can completely trust with us, as we are following all the criteriaís that require for the construction of an apartment. After all, we know that buying a home may the biggest purchasing of your lifetime. So, without any doubt, you can trust us. Be ready to invest your interest with us and get a lifelong investment!Read More
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 thatís 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 informationOne 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 areaThe 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 projectsThe 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 promisesThe 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 offBuilders 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 fundsTypically, 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 redressalComplaints 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 PromiseWe at Varma Homes understand the buyerís 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.Read More