Owning a home is a dream come true moment in anybody’s life. It’s most valued possession and also a lifetime investment. But, you need to ensure that the decision to buy your home is well planned, analyzed and executed.
There are many aspects that need to be considered before buying a property from a real estate builder. Let’s look at what are the crucial aspects.
Choose a builder with expertise and track record
It is very important for a homebuyer to choose a builder with good experience and a valid track record. The buyer should do a detailed examination of the builder like its financial stability, quality of construction, expertise in this field, on-time delivery and feedback of their completed projects.
With a proven track record of 28 years, Skyline Builders maintains to keep promises to its customers. Skyline is the only builder in Kerala that handed over 125 projects on-time. For its high credit standing, track record, high net worth and project execution, as per specified quality level within the stipulated time schedule, CRISIL, the international rating agency conferred DA2+ rating which is highest in Kerala.
Quality of construction
Another important aspect a buyer should check is the construction expertise of the builder. A buyer can arrange a site visit of the builder’s completed and ongoing projects. This helps the buyer to get an idea about the builder. Experienced builders usually have clear-cut procedures to check the structural and overall fitness of their project.
Skyline Builders always maintains strict quality control norms, laid out by international standard organizations. All the procedures are documented and audited periodically. Skyline follows tested and proven construction practices, suitable for the customers, weather and local conditions to ensure hassle-free living conditions. With over 1.44 crore sq.ft built-up area, the builder believes in providing zero-defect homes to its customers. Skyline is one of the first builders in India with ISO 9001:2015 certification.
The Real Estate (Regulation and Development) Act (RERA) is aimed at bringing more transparency and accountability in terms of procedures to both developers and buyers. The regulation mandates that all the on-going and upcoming projects should come under the purview of RERA.
Without much ado, anybody can say that Skyline is RERA ready since 1989. Its transparency, quality of construction, the post-sales department helps over 6850 customers to choose their home address.
Post Sales Services
An important factor a homebuyer should check before investing his hard-earned money is the post sales services of the builder. Ideally, a buyer can avail the service of post-sales the moment he books an apartment with the builder. The post-sales services include the overall maintenance of the project
With After Sales, Interiors, Home Care and Skylineage the Skyline Builders post-sales services Skycare takes care of the homes of its customers.
Property appreciation of a project depends upon its location, quality of construction and maintenance of the project. While zeroing in on a property, buyers should keep in mind factors such as proximity to various good schools, supermarkets, shopping centres, entertainment, hospitals, connectivity, and work.
The 142 projects of Skyline Builders are situated at prime locations giving its customers a desirable value appreciation. Skyline has created over 1200 crorepatis due to property appreciation.
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.
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.
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.
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.
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.
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.
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.
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.
A 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 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.
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 authorized Indian Bank and make all transactions in Indian currency only. The repayment of loans can be done with NRO/NRE account or FCNR (Foreign Currency Non-Resident) deposits.
Like every citizen, an NRI is qualified for tax benefits. The NRIs can claim tax benefits 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.