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RERA: 7 Things you must know about Real Estate Act

7 things you must know about RERA

The Real Estate (Regulation and Development) Act (RERA) is aimed at bringing promotion to the real estate sector. It will bring more transparency and accountability in terms of procedures to both developers and buyers.

SECURITY

According to this Act, the builder has to keep 70 percent of the money collected from the buyers in an exclusive bank account (ESCROW account), only to meet the construction purposes of that particular project. The builder cannot accept more than 10 percent of the property’s cost as booking amount/application fee before the execution agreement for sale.

Quality

As per RERA rules, the builder ensures protection to buyers up to five years after the possession. If any issue brought to notice by the buyer during this period including quality of construction/defect in workmanship/provision of services, the builder is responsible to rectify such defects within 30 days.

Transparency

According to this Act, it is mandatory for builders to publish all the information about their projects, such as project plan, project layout, land title and status, government approvals, contractors, schedule and completion of the project with clients and RERA.

Integrity

RERA mandates that carpet area have to be clearly mentioned before sale. The builder cannot charge for the super built-up area. The area for balcony/terrace should be mentioned separately before the sale.

Authorisation

The act clearly states that the builder will be able to sell the project only after registering the project with RERA. Any advertisement inviting a person to purchase or investment should carry the unique RERA registration number. All the ongoing and upcoming projects will come under the purview of this.

Responsibility

It is mandatory that the agreement of sale should mention the date of possession. RERA imposes strict guidelines on the builder and ensures on-time delivery of the project.

Penalty

In case of any complaint against the builder, the buyer can go the real estate regulatory body for redressal.  For a builder, if they come across any delayed payment, they can also approach the regulatory body.

Important Guidelines To NRIs For Investing In Real Estate

NRI Real Estate Investment GuidelineA home in one’s native is often the dream of all Keralites who are living abroad. Kerala, one of the most developed states in India, is the preferred real estate destinations for all NRIs. According to a report by JLL India, a global real estate management company, Trivandrum and Kochi are the two of the 10 the future cities of India. This shows the state has the favourable market conditions for NRIs to invest in Kerala.

While making an investment in real estate, what are the important aspects the NRI buyers should check.  Listed below are the checklists for NRI buyers.

Type of property

The NRI buyers can own any immovable property in India. The immovable property includes both residential (apartment/villas/land) and commercial properties. They cannot buy agricultural lands/ farmlands/ plantation property, but they can inherit such properties.

Power of Attorney (POA)

The physical presence of an NRI is not necessary while doing the property related transactions. He can execute official procedures like property registration, home loan procedure, property buying etc through the power of Attorney. The person who holds the power of attorney can be his close friend or relative residing in India.

Home Loan

For buying residential property in India, an NRI can avail home loan from any financial institutions registered with the National Housing Bank (NBC). He should hold a bank account in any authorised Indian Bank and make all transactions in Indian currency only. The repayment of loan can be done with NRO/NRE account or FCNR (Foreign Currency Non-Resident) deposits.

Tax benefits

Like every citizen, an NRI is qualified for tax benefits. The NRIs can claim tax benefit according to section 80 C of Income Tax Act, 1961. The charges for the processing fee, stamp duty, registration and municipal tax are applicable for the tax deduction.

Sell/rent –an NRI property

There is no restriction on NRIs to sell any of his property. An NRI can sell his inherited farmland/ agricultural land only to Indian resident or he can gift it to anyone. Similarly, he can rent his commercial/residential property without any constraint. The rental income is eligible for repartition.

Yell For Yellow, ISL Is Back In Kochi.

Kerala Blasters Kochi

Jawaharlal Nehru International Stadium at Kochi is all set to kick off the inaugural match of the fourth edition of Indian Super League (ISL), 2017. All roads that lead to the Kochi International Stadium will be flooded with the excited fans cheering for Kerala Blasters. The ordinary tickets have been sold out for the opening match between Kerala Blasters and ATK. This shows the huge fan followers of ISL in Kerala.

Packed with an average of 45000 frantic supporters at Kochi International Stadium, the past three ISL seasons were a big success. The constant and committed support from a highly enthusiastic crowd add colour to the football match in India. This year there will be 10 teams from various states to compete for the elusive title.

Kochi hosted the FIFA U-17 world cup matches in October this year. With these two mega Sporting events back to back, Kochi is turning out to be one of the important sporting destinations in India. Its central location and easy accessibility from the northern and southern parts makes Kochi a natural choice for sports. The city possesses a well developed social and transport infrastructure that will cater the large influx of crowd who are coming to watch the ISL.

By hosting national and international sporting events, Kochi has got worldwide recognition. Its cosmopolitan culture and love for sports proved that this city is capable of hosting events that are more international. Kochi is joining the league of big metros and ranked 5th in real terms per capita disposable income in Indian cities with ISL team.

Kochi ISL

Kochi with its well-equipped social infrastructure, cosmopolitan culture, the multitude of eateries, entertainment and technology makes Kochi more vibrant. It is the first tier II city in India with a metro rail for intra-city connectivity. Moreover, this city is included in the top 20 Smart City mission. The IT boom aswell ultimately attract more investment to Kochi. All these factors make Kochi one of the most preferred real estate spot not only in Kerala but also in India.

 

Want your child to be safe and happy? 10 points checklist for the flat/villa dwellers

Children safety in Apartment/Villa

  1. Security: Check whether the apartment/villa are manned with security guards, and have controlled entry and exit. Also opt for an apartment /villa with good surveillance camera system.
  2. Design Safety: The design and structural security of your apartment is a mandatory thing to check. Horizontal railing in the balcony is a big No –No. Vertical rails avoid the chance of your child climbing on it and any subsequent danger. One main aspect is to check the gap between the two adjacent rails. It should be less than 10 cm.  All the lifts should be censor controlled and the calling button should have sufficient height from the floor.
  3. Proximity: Always make sure that there are renowned schools, daycares, crushes etc near your apartment. Living closer to your children’s school can give you a greater peace of mind and comfort.
  4. Children’s play area: A well-equipped children’s play area will encourage your child to play with other children. This will help your child to develop physical, cognitive, emotional and social well being.
  5.   Large open space: A large apartment/villa with ample open space is an opportunity for your children to move freely.  Large open spaces provide abundant fresh air and keep your child away from the noise of traffic.
  6.   Indoor games room: Indoor games room with equipments like Foose table, Table Tennis, Table Ice Hockey, caroms, chess, Air Hockey is something any child enjoys.
  7. Swimming pool with kid’s pool: Swimming is proved to be a good exercise, routine exercise is vital for children. A swimming pool with kid’s pool inside apartment/villa facilitates learning swimming at your child’s convenience.
  8. Access to other amenities: The infrastructure like multi- purpose recreation hall, party area will provide much required space to celebrate your kid’s birthday and other important days with all its grandeur.
  9. Well-ventilated rooms: A congested home is a real trap for your child.  Well-ventilated rooms with maximum cross ventilation provide natural light and air. The floor-ceiling height should be adequate.
  10. Power back-up: It is terrible to have power failure in the midst of the study hours of your child. Always opt for a villa/apartment with 24*7 power backup. This will help you children in study and do their homework without any interruption.

Skyline Builders launched its 140th project at Kannur.

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Skyline Builders launched its 140th luxury residential apartment project in   Kannur. Aptly named as “Skyline Upper Crest”, this project is located on the Kannur-Mattannur Airport Road at Mele Chovva, the most coveted residential locality in Kannur.  With a direct access from the fast developing highway, Upper Crest is surrounded by sprawling green fields on three sides that radiates fresh air.

The opening up of the Kannur International Airport (KIAL) is expected to give way to massive developmental activities in the region. International airports, due to the very nature of being gateways to the world have remained one of the prime yardsticks to measure the economic conditions of a region. This is the second green field airport in the state with a land bank of 2,000 acres that allows its operators to benefit from airport-based industrial potentials including airline maintenance, repair and overhaul . KIAL bringing business opportunities from cargo originated from industries based in and around Mangalore, which is located just 140 km away. Coorg, in Karnataka located at a distance of 70 km from the new airport, is a hub for coffee and tea plantations, produces of which are primarily exported. All these add value to the rising of Upper Crest which is Skyline’s project near Kannur Airport.

In addition to the expansion of transport infrastructure, this location envisions potentials for various business developments including tourism, industrial developments and housing in north Kerala.

This state-of-the-art high-rise apartment tower comprises of 67 luxury apartments with 2 and 3 BHK configurations. The apartments are available in five different sizes ranging from 1047 sq.ft to 2205 sq.ft.

Upper Crest offers all modern amenities such as swimming pool, kids Pool, pool deck party area, air conditioned multi-purpose recreation hall, fitness centre, games room, intercom facility, drivers room,  round-the-clock security with surveillance cameras in key areas to name a few.

For more details call, 9847324060, 9747044499.

Schedule a personal visit to the show apartment of Skyline Spectra

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It’s time to schedule a personal visit to the show apartment of Skyline Spectra, the 136th luxury apartment project of Skyline Builders. It is located on Seaport- Airport Road, Mavelipuram Kakkanad. Tucked away from the hustles and bustles of town, Mavelipuram has proximity to hospitals, educational institutions, a children’s park, The Collectorate, smartcity and Infopark and is easily connected to the other hotspots in the city

This project has 87 apartments with a choice of 2 and 3 BHK. Conceptualised as an L-shaped structure, the tower reduces building footprint to provide vast open spaces. It is in a well- planned beautiful and secure environment offering utmost tranquility, amenities and best views over the surroundings.

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The 3 BHK show apartment at Skyline Spectra is 1886 sq.ft. The show apartment will help you understand the sense of space and dimension of your dream home once it is completed.

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Skyline Spectra is also an ideal investment option, which has close proximity to SmartCity, Infopark, proposed Metro station Infopark Phase II and Cochin Special Economic Zone. Moreover, multi-national companies like TCS, Brigade Group, Cognizant, Wipro and Leela Group have already occupied their space in the outskirts of Kakkanad.  Skyline handpicked this prime location, which is the best in terms for living and investment.

Important documents a homebuyer should check before buying a property

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I Land Related Documents

1. Sale deed/Title deed – Title document is the document in the name of the landowner/Builder.  It reflects the extent of property and from whom the property has been purchased.

2. Prior Deeds – In order to verify the clear and marketable title of the landowner/Builder, the parent/prior deeds for the last 15 years (last 30 years in some cases) will have to be verified.

3. Encumbrance Certificate – Encumbrance Certificate is the certificate that shows if there is any charge on the property, which is in the possession of the landowner/Builder.  It is issued by the concerned Sub Registrar’s Office.

4. Possession Certificate – Possession Certificate reflects the ownership and possession of the property and it shows the extent of property and survey/re-survey number.  This certificate is issued by the concerned Village Office.

5. Location Sketch – Location Sketch is also issued by the concerned Village Office and it deals with the location of the property in question.

6.  Land Tax Receipt – Land Tax Receipt reflects the extent of the property, its survey/re-survey number and in whose name the land tax is being paid.  Land tax is usually paid every year.

II Building Related Documents

1.Building Permit – Building Permit is necessary for construction of a high rise building and it is issued by the Panchayat/Municipality/Corporation.  It reflects the number of floors and the area in each floor

2. Approved Floor Plan – This is also issued by the Panchayat/Municipality/ Corporation.  It reflects the plan for each floor.

3. Other Statutory Approach

a)     Clearance from MOEF (Ministry of Environment and Forest) – In case the total area exceeds 20,000 square metres, then clearance from State Environmental Impact Assessment Authority (SEIAA) is required.

b)    Aviation Clearance- For carrying out the construction activities clearance from Aviation Department is required.

c)     CRZ clearance (Coastal Regulatory Zone) – If the concerned property is lying in the Zone marked as Coastal Regulatory Zone (CRZ), then clearance is required for starting the construction activities.

d)    Fire NOC (from the Fire Department) – No Objection Certificate (NOC) from Fire and Rescue Department is also required for initiating the construction activities.

III Possession Related Documents

1.Completion/Occupancy Certificate – Once completion drawing is submitted, inspection by municipal authorities will be carried out and once they are satisfied, Completion/Occupancy Certificate will be issued.

2.Possession Certificate –Once the sale deed is registered, the apartment owner can apply for possession certificate with regard to his/her undivided share of land.

3. Building Tax (latest property tax paid receipt) – After change of registry, the apartment owner can pay building tax with regard to his/her apartment in his/her name.

Home loan tax benefits you need to know

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The central budget of 2017 gives an encouraging note to the home loan borrowers of the country. The government has introduced new tax benefits to the home loan borrowers. The reinstatement of section 80 EE and the lowering of holding period fetched delight for taxpayers.

Eligible for tax deduction on repayment

Both the principal amount and the interest amount of Equated Monthly Instalment (EMI) are qualified for tax deduction under two separate sections of IT Act of 1961.

Even if you failed to pay few EMIs during a financial year, you are eligible to claim the tax deduction for the interest of EMI. Section 24 of IT Act clearly states that payment of interest is qualified for tax reduction.

Section 80 C mentions that the principal repayment can be claimed under deduction.

Tax benefit for joint home loan

Home loan borrowers can claim individual tax benefit, provided they are the co-owners of the property.  Even if you are paying the EMI of the property owned by your parents/ spouse, you are not eligible for the tax deduction.

Claim tax benefit on interest paid during pre-construction period

You are eligible for tax benefit on the interest repayment of home loans once the property has acquired the completion certificate. Any interest paid during the construction period can be claimed in 5 equal installments starting from the financial year in which the construction is completed.

Processing fee and other statuary charges are tax deductible

The processing fees and other statuary charges are considered as the interest and as a result, these charges are applicable for tax deduction. According to section 80 C(2) (xviii)(d), any payment of stamp duty and registration fees are tax deductible.

Reinstatement of  Section 80EE

Section 80 EE is reintroduced with effect from April 1, 2017. The first time homebuyers will get the tax benefit for home loan up to Rs 50,000 per financial year. The value of the property should not exceed Rs 50 lakh and the amount taken for the loan should be less than Rs 35 lakh. The home loan has been sanctioned between April 2016 to March 2017.

Tax deduction for loan amount taken from Friends /relatives/employer

Loan taken from an employer, friends, relatives or private lender to buy a house is eligible to claim tax deduction for the interest under section 24. The borrower needs to obtain a certificate from the lender (relative/friend/employer) which shows the detail about the amount of loan taken and payable interest etc.

Welcome Kochi Metro!!

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Kochi Metro, the much-awaited urban transport service has come into existence on 17th June 2017.  It is a cherishing moment for all Malayalies.  Kochi, the commercial capital of Kerala has an improving urban mobility quotient. This Metro service is inevitable for its development.

Kochi is the eighth city in India with inter-city metro rail service, which spans 25 km across 23 stations. The 13 km long, first Phase of the metro project is completed with 11 stations from Palarivattom to Aluva.

How unique is Kochi Metro from others?

The first phase of Kochi Metro, which is about 13 km, is commissioned in a very short span of 45 months comparing the other metro services across the country.  It is considered as the longest first phase of all the metro rail services of our country.

There will be a vertical garden in every 6th pillar of the 4000 metro pillars which shows the eco-friendliness. Moreover, Kochi Metro becomes the first metro service in India to utilize solar power to meet 1/4th of its electricity needs. Every metro station is having solar panels, which can generate 2.3 MW. Kochi Metro is using Communication Based Train Control technology for a flawless service, which is considered as the first of its kind.

Every station of Kochi Metro is a theme based which depicts the maritime history of Kerala; local history of the city and it offers free Wi-Fi. All the coaches of the Kochi Metro are disabled friendly and reserve seats for women, children and disabled persons.  80% of the total employees are women and it offers employment to the transgenders.

Let’s stand together for Mother Nature

Environment fb-02Since 1972, Wold Environment Day is observed on June 5 every year all over the planet. The day is the biggest annual event for positive environmental action. It is also about raising consciousness about the Mother Nature and its significance of protecting it. Theme for this year’s World environmental Day is ‘Connecting people to nature’, which implores people to get outdoors and into nature, to appreciate its beauty and its importance and to take forward the call to protect the Earth that we share.

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Skyline Builders Real Estate group offers you Luxury Apartments, Villas, Homes and Flats all across God's own country – Kerala, India. Skyline Builders™ is the #1 Builders in Kerala. Skyline invites you to join our ever-growing community of satisfied customers... into a world where dreams do come true... where unmatched quality goes hand-in-hand with affordable rates... where aesthetic beauty in a clean green environment is coupled with all the essentials for practical living... an investment that is a celebration of your success. The Skyline Group has been in existence since 1980 and Skyline Builders™ is the flagship unit of the group. We provide luxury villas and apartments across Kerala esp. in Kochi (Ernakulam/ Cochin), Thrissur(Thrichur), Trivandrum(Thiruvananthapuram), Kottayam, Kozhikode (Calicut) and Kannur. With the IT boom in full swing, Skyline Builders is providing housing facilities near Infopark-Kakkanad and Technopark- Kazhakkottam.

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