Buying apartments in Kochi: Things to consider

Own home is something that everyone dreamt of. But before purchasing a property we need to be aware of the hidden traps and pitfalls around us. First and foremost you need to understand buying a property is a time-consuming process. You need to spend your energy and time on finding the right one. Because if you make it hurry and without doing any relevant research you may end up buying something that doesn't meet your needs, as well as beyond your budget.

So let's see the checklists you need to know while buying an apartment in India.
Check the documents

Check the documents
There are some important documents that you need to verify carefully.

1. Title Deed - This document shows the builder has the right over the property or not. Confirm whether the developer is a landowner or a builder. In case if the builder is not the landowner then the documents by which the developer gets the right and entitlement to develop, sell, and collect money from the landowner to be verified. So before buying make sure you check the title deed.

2. Release certificate - If you're buying a property in resale, always remember to produce a release certificate from the bank to show that all the liability regarding the property has been repaid.

3. Encumbrance Certificate - This certificate helps you to prove the land is free from legal tolls. In case the project land is leasehold land then check whether instalments towards lease premium, lease rent, dues, etc in the respect of such project lands have been fully paid or not.

4. Verify land use - From the respective local body office, you will get the city master plan and can verify your land use zone. And also verify that the complete layout has been accepted by the development department and the local body

5. Consult a lawyer - First, we should consult a lawyer and verify all the documents on the property. Because it is difficult for us to understand the legal terms and closures used in the 7/2 extract as well as in the documents. And it is also important to know about the total cost of ownership which includes parking charges, registration charges, new furniture charges, etc. 5 to 10% of these charges are added to the basic cost of the apartment.

6. Size of the apartment -Double-check the claims in the builder advertisements. Some builders usually advertise the super built-up area of the apartments in brochures and ads. But in the actual case, the carpet area or the actual area is 30% less than the super built-up area and excludes the lobby and staircase area. So it is advisable to always go by the carpet area. And such issues can be easily avoided by considering trusted and renowned builders. JGT Living Spaces is one such trusted builder in Kochi, renowned for its unique apartments and finest home features. Since the RERA (Real Estate Regulation And Development Act) has come into force, a lot of information regarding the registered project can be downloaded from the respective state real estate authority website. And all the developers have to be compulsory register their ongoing projects and new projects with the respective state RERA authority. So check that your builder or the real estate agent is registered under RERA.

7. Review the builder-buyer agreement - It needs to be checked that the draft agreement to sell provided by the developer is in line with the draft of the agreement to sell prescribed under the RERA rules. The developers cannot make any additions, amendments, or variations which are contradictions to RERA. And also review inclusions and exclusions in property price, because RERA requires the price of the property should be linked to the carpet area. And make sure that you pay only one tax on property, ie; GST.

8. Choose your payment plans carefully- There are various kinds of payment plans which the developer offers to the buyer like a down payment plan, construction linked plan, Flexi payment plan, time-linked payment plan. Ensure you understand the payment plans in detail and calculate the total price payable by you under such a payment plan. Do not get deceived by the flashy payment schemes, which is not beneficial for you in the long run.
So be aware of all these checklists and invest your money and time in the right hands.