Flats in Kerala: A quick guide you’ll need before buying flats in Kerala!
February 25, 2020|Posted in: real estate
Kerala – God’s own country is one of the most beautiful states in South India. As a state rich in legacy, literature, culture, and arts, Kerala is a tourist hotspot as well. The last few years have seen a surge in the real estate sector of Kerala as it is considered as one of the most livable states in India.
Why Kerala is the best place to live in?
Investors from all over the country are building budget and luxury flats in Kerala as a large mass of people are migrating to Kerala to lead a healthy and wholesome life. The main reasons are:
- Kerala is one of the Best Holiday Destinations in India.
Kerala boasts of ecstatic scenic beauty, mesmerizing beaches, serene mountains, vibrant greenery, and colorful people. If you purchase a flat in Kerala, you can come anytime and spend some quality time with your family or rent it out to generate revenue.
- There are many luxury flats in Kerala built with design quality using the best products and materials along with the latest amenities and facilities. These will gain appreciation in the course of time.
Area guide of flats in Kerala
The area of the apartment excluding the thickness of the inner walls is the Carpet area. This does not cover areas like the lobby, lift, stairs, play area, etc. You will get a clue about the actual space of the interior of the apartment from the Carpet area.
The area adding carpet area and thickness of the inner walls area is the built-up area of the flats in Kerala.
Super Built-Up Area of the apartments in Kerala
Built-up area + the common area that includes the corridor, lift lobby, lift, etc. is the super built-up area or the saleable area. Amenities like pool, garden, and clubhouse are included by some builders in the common area.
Stamp duty & registration charges for the flats in Kerala
The stamp duty stands at 8% and the registration fee is 2% of the property cost for flats in Kerala. In the case of family properties, Rs. 1,000 is fixed for all transactions.
Property Documents Checklist for Buying Flats in Kerala
- Sales Agreement with the seller
- Latest Tax Paid Receipt till Date of Registration like Property Tax/Municipal Tax etc.
- EC up to date for last 13 years or from the date of registration till date TBPL
- Demand Letter from the vendor before disbursement
- Own contribution receipt along with the bank statement
- NOC from the Society/Building association
- No-due certificate from the building association
- Approved plan of construction/extension & license for construction
What is RERA?
Real Estate Regulatory Authority (RERA) Act was introduced in 2016 and it seeks to protect home-buyers as well as help boost investments in the real estate industry. The state government of Kerala launched K-RERA (Kerala Real Estate Regulatory Authority) at the beginning of the year 2020. This will provide relief to all the home buyers in Kerala from the malpractices of the unfair builders.
What is a CRISIL rated project?
CRISIL rigorously scrutinizes the projects based on the quality of legal documentation, construction-related risks and financial flexibility/viability of the project, besides the background and the track record of the developer
Benefits of buying a flat in Kerala with CRISIL rating
- Gives you a competitive advantage
- The SWOT analysis by CRISIL enables you to improve
- Provides assurance to buyers and investors
- Enhances the builder’s reputation
- Allows builders to grow their market and set premium pricing
- Enables buyers to make an informed decision
To sum-up buying a flat in Kerala can deliver a long-term return on investment (ROI). Planning to buy a flat in Kerala? We have more tips to buy a home that can deliver long-term ROI here.