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.
Purchasing a dream home is something that everyone dreams of, and it is somehow a matter of pride. So, most people, whether they are in India or not, have shown big interest in real estate investment. When it comes to NRIs, real estate investment especially in the launching phase and ongoing phase of the projects could increase their investment substantially. Our Government and the regulatory acts are very investor-friendly for NRIs. With the RERA & GST, there is improved reliability in the entire system, which is legitimately affecting the amount of NRIs planning to put their hard-earned cash into the realty market of India. Fortunately, you may not need to revisit the nation to reap the benefits. You simply need to take a home loan for NRI in India, buy the house, invest in it, and perceive how it blows into a successful lifetime investment. You can buy property in India by taking home loans from housing financing firms or banks. For getting the home loan for NRIs, gone are the days when you should be physically present at the bank. These days, home mortgage applications can be filed online too alongside the essential documents referenced by the bank/ housing finance organization. Though the document's nature might differ from people to people dependent on their work status. But certain records are compulsory such as visa, photos, residence proof and passport. As yet pondering whether you should make the jump or not? Here are three good reasons why you certainly want to invest in the Indian Real Estate. Ř Earn More Money Suppose that you are an NRI that is living in countries like the USA, Canada, UK or Middle East countries like Qatar, Kuwait, Saudi Arabia, UAE etc. The currencies in these nations are far more valued contrasted with the Indian rupee. Accordingly, if you choose to invest in the realty market, you'll have the option to acquire more cash from the gap amongst the values of the currencies. Ř There's Demand As the demand for housing is always there, then no matter if you like to sell your property later or lease it out, you will always discover an enthusiastic customer to help out. So, buying a property in the prime region of India is a lifetime investment, since the demand for the land is always there. Ř Save on Income Tax Perhaps the best part of NRIs investing in the Indian realty market is that they are hardly liable to comply with any legal formalities. In this context, they will just need to proceed with the registration process without the payment of income tax. However, if they get income from lease over that specific property, at that point they may need to undergo some tax compliances. Yet, taking into account that interests in realty projects barely have any major legal formalities, these payments won't be as critical. Start Investing Today with Varma Homes! Investments may sound a little scary to start with. Even so, as long as you invest into the right property of the right real estate builder apartments, you will profit a ton over the long haul. And all you should do is get a loan from bank or financing company and make a buy from the right builder – from any place you are! For those of you who have considered planning to buy a new apartment, now would be a good time to start searching. Here is your ideal choice, Varma Homes, the most leading real estate builders in Kerala. We have residential projects in Kochi, Tripunithura, Trivandrum & Thrissur with the superb quality of construction and excellent amenities that offer the right kind of choices for your lifetime investment. So, what are you waiting for? Opt Varma Homes apartments for your housing option, we have several reasons to start investing with us. Keep track of Varma Home’s upcoming, and ready to occupy apartment projects all across Kerala. Buy your dream apartment from the most trusted builder in Kerala and get plenty of happiness in return! Ping us to know more about our projects or visit: www.varmahomes.com/residential.html
Read MoreDo you have any experience with living in Kochi's luxury apartments? Luxury apartments are becoming the new standard of living for people who want to improve their quality of life. The serene atmosphere, interiors outfitted with cutting-edge technology, opulent amenities, and more space provided by luxury premium flats in Kochi allow you to live life to the fullest.Modern Kochi luxury apartments are inexpensive!Your goal of owning a luxurious apartment in Kochi is now a reality. Nothing could be more satiating than the affordably priced but luxurious Flats in Kochi. In addition to constructing luxurious apartments in Kerala and all the other major cities, Varma Homes also attempts to keep their prices low.Varma Homes offer you affordable Luxury Flats in KochiVarma Homes is the ideal location if you want to enjoy peace and tranquility as well as other facets of city life. Our projects are developed and created to be 100% luxurious and private, offering you a variety of amenities and making sure there are no shared walls. Our projects are spread throughout Kochi's various neighbourhoods, fostering a rich sense of contented living. All the conveniences of daily living are available to you at a reasonable cost. The railway, metro, bus terminals, and other city centres are more easily accessible from our projects that are located in Kochi. Within fairly short distances, you can locate both schools and hospitals. Our projects are the finest places for a family to live because they are close to all of these amenities. Excellent facilities and property management, more living space, and high-end specifications makes our project highly demandable. Varma Homes has a wide selection of apartments in and near Kochi if you're looking for residential flats for sale in that city with a variety of features. We design our residential projects with a blend of all modern and traditional amenities in response to the trending demand and investors' desire to profit from quality-styled apartments. Well, Kochi, Kerala's commercial centre, has seen a significant real estate development. The city's outskirts are quickly being impacted by the real estate industry, making them the next ideal location for investors. Since its inception, Varma Homes has firmly established itself as one of the most trusted builders in Kerala. Starting with residential projects in Kochi we have stepped into Trivandrum, Thrissur, Calicut and many more to follow. The mantra behind our success is that "we value customer happiness above all". At Varma Homes, we embrace our unique position as industry pioneers to change the Kerala real estate practice in terms of project completion. We take pride in our track record of completing all our projects ahead of schedule. Varma Homes is now synonymous with trust, quality and good value for money. Varma Homes, one of the reputed builders in Kochi gives utmost priority to unique your lifestyle with maximum carpet area. The projects come with open space, smartly planned out so that you get to live in a highly beautiful, amazingly spacious, relaxing, and private home. What are you waiting for? Come and own the lifestyle you have always dreamed of. Why say no to luxury if you can own it at an affordable price?
Read MoreWhen you decide to purchase an apartment for yourself, you will find a broad range of real estate builders from all over giving you their views and choices. In this case, you have to select a reputed & reliable real estate builder from many, to guarantee you make a safe investment. Most people favour a quality lifestyle as well as a brand value of the builder who can be reliable. Let’s have a look at some of the key factors which could help you in investing with a reliable & reputed real estate builder. Timely Completion The most challenging real estate builders face is the complex chore of handing over the property to buyers on time. It plays a vital role in handing over the apartment as it talks about the brand & reputation of a firm. Reputed builders have the practice of their own systems & processes in handing over the apartment to the client immediately after purchasing without any delay. This assures that you will get the key to your dream apartment on time. Avoiding Foul Play It is of the highest significance to maintain a reputation that encourages them to sell their apartments not just in a single project as well as in other forthcoming activities also. Because of the change in the whole field of real estate, the developers and their projects must be registered with RERA, by this means considerably lessening the odds of foul play on their part. So, a reputable builder will always need to give the promised carpet area and satisfy different formalities. Modern Upgraded Amenities Many reliable builders have constructed their brands upon the type of amenities their apartment projects offer. These builders ensure that the apartments made by them possess leading-edge amenities. Amenities offered can be 24/7 security, clubhouse, landscaped gardens, ample parking space, swimming pool, children's play area, rooftop party area, firefighting system, recreation space, sewage treatment plant, open auditorium, home theatre etc. A trusted real estate builder can readily weigh the need for a new generation home-buyer & that mirrored in their apartment projects. Ease of Availability of Home Loan Once you decide to purchase an apartment from a reputed real estate builder in Kerala, your loan might get sanctioned easily without any problem. This is because financial businesses like banks are attached to recognized players of the real estate industry. So, the possibility of a potential scam lessens as the organizations & financial companies have completed the due ingenuity measure by themselves. High Return of Investment The apartment you select can run in your boon if you ever think of selling or renting your property. These kinds of apartment projects are typically located in the most popular zones, have good connectivity and also a safe & chic neighbourhood. Henceforth, this will make your return on investment of your property a higher one. So, when you search for an apartment offered by a reputed builder, ensure to identify the location. So here is the reason that purchasing an apartment from a reputed real estate builder gives you comfort, security as well as ensures first-class construction quality and a good living for you & the entire family. Varma Homes is one such real estate builder in Kerala that has acquired its stripes as one among the best & the most trusted builders. We have been consistent with the timely delivery of our apartment projects and, rest assured, can yield for you an incredible return on investment. Varma homes created a benchmark to construct not just the perfect homes but also emotions, happiness, comfort & dreams. We are continuing our commitment to build quality homes delivered on time & uphold the excellent standards of our design, quality, pricing and client service. Check out our newest apartment projects built in the thriving locations of Kochi, Tripunithura, Thiruvananthapuram, Thrissur, and Kozhikode.
Read MoreIt is everyone's longing to turn out to be financially independent. For this, most people depend on traditional ways to earn more, like being salaried in an organization or being self-employed. Yet there are different medians for individuals to enjoy surplus monetary advantages like stock purchasing, shareholding, and the long and worthwhile standby of retirement pension. Apart from all these, the most efficient way to earn is by investing in real estate. You can relish a profound pace of profits, astounding tax benefits & leverage of land to construct your wealth. Here are some reasons why real estate is an extraordinary investment. Reason 1: Predictable Cash Flow Cash flow is the net spendable profit obtained from the investment after every single operating cost & home loan installments have been made. When you purchase a good property from a reputed real estate builder in Kerala, the cash flow will be just as hefty. You can make money through rental income as it tends to rise over time, which can lead to greater cash flow. In most cases, cash flow makes stronger over time as you pay down your loan & build up your equity. As well, RBI has recently declared a reduction in the REPO rate which creates home loans even less expensive. So this will help you to smoothly begin your investment & hence increase cash flows. Reason 2: Get the Most Delightful Return on Your Investments From the pool of real estate builders, you can select the best real estate builder in Kerala who can offer the best quality construction works for their projects. Because the quality of the construction work matches the most excellent grades. So it comes with assured safety, security & top-notch amenities. This shows, by investing in those properties, you are going to accept the most appealing return on your investments. Reason3: Financial Security over Time While another reason that forced people to make their investment in the realty market is long term financial security. If you have a constant flow of cash in succession, the bonuses of this investment yield monetary bonuses for a long time. Possessing a residential property can give investors a sense of security due to the property appreciation over the long run. Well, this is only possible when you invest in the right place. So it is always advised to completely research the location before finalizing the negotiation on the apartment of choice. Reason 4: Hedge against Inflation In contrast to most different sorts of ventures, the realty market can contribute a hedge against inflation, which is yet another reason that pulls customers to put in this income stream. I.e. with high inflation, your rental pay & property value develop profoundly. Hence investors welcome inflation wholeheartedly because as the cost of living rises, so makes their cash flow. Accordingly, buying a property offers extra investment security during inflation. Reason 5: You Become Your Own Decision Maker The most satisfying part about real estate investment is that you become your own boss. Similar to any other business you have total authority & freedom over your investment strategies just as your flops and achievements. You make better decisions on which property to invest in, the tenants who will live in your property, how much rent to impose per month and so on. Reason 6: Qualifies you for Tax Deductions Another reason that real estate is an extraordinary investment, is the tax deductions you can take in this income stream. You get to deduct expenses straight connected to the operation, maintenance & management of a property such as property maintenance, insurance, maintenance repairs, property management fees, repairs, travel expenses, legal fees, and even the interest paid on the home loan. All of these deductions will reduce your taxable income, which might save you cash while you file your taxes. Reason 7: Admittance to Credit Reliant upon a variety of features, extra payment created from real estate investments might grant you admittance to added credit. Usually, loaning institutions finance more money to individuals who get more cash flow. The additional payment generated using property ventures may unfold more comprehensive credit lending entryways. To Sum Up, You can see the profits of investing in real estate while investing in other sorts of investments like the stock market. Investing in real estate can be your ticket to making passive income & reaching long-term financial stability. Nevertheless, before you can obtain these things, always remember that you need to make careful decisions when investing in your property. I.e. while choosing the right builder for your investment, is the first and the most important aspect when it comes to a real estate investment. If you are seeking a top-rated & most well recognized real estate builder in Kerala, then head over to Varma Homes and start searching for investment properties for sale across Kerala. We have our apartment projects at the prime locations in Kochi, Tripunithura, Thiruvananthapuram, Thrissur, and Kozhikode. Visit our website to get more information about our projects. Get in touch with us today to start an investment with us that will definitely offer you a lifetime of fun, happiness & priceless memories.
Read MoreAre 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.
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