Finally, the real estate watchdog RERA has come to God’s own country Kerala. Homeowners can now heave a sigh of relief as purchasing property within the state will continue to become safer and more transparent.
Any developer with a project to build more than eight residential dwellings with over 500 sq. ft. or more will need to register with RERA Kerala. What’s more, real estate agents can also enlist with this regulatory body.
If you’re planning to purchase an apartment in Kerala, buy only a RERA approved property. That’s because the rules are chalked out to keep homebuyers’ money and purchases safe.
Norms under Kerala Real Estate Regulatory Authority (RERA) – An overview
- It is now your right to seek complete copies of property layouts and plans.
- You can demand a written document from the developer on the construction progress.
- If the developer violates the norms mentioned in the sales deed, you have a legal right to demand compensation.
Since RERA aims to protect the rights of potential home buyers, you must ensure that before selecting a property and taking a home loan for it, it’s RERA approved.
Additional Read: Top 5 Benefits of New RERA Act for Property Buyers
Adherences for developers and promoters under RERA in Kerala
- As a RERA-unregistered developer, you cannot sell or advertise your residential project.
- RERA authorities won’t take longer than 30 days to accept your registration application.
- RERA mandates that you deposit 70% of any advance payments received by customers into a special bank account.
- You must submit all project updates and new booking details on the portal every three months.
- You need to insure the property you’re constructing until you hand it over to its owner.
- You must compensate for any construction defects up until the first five years.
- Owners must receive a complete set of ownership documents along with the occupancy certificate.
- As a promoter, you cannot charge any more than 10% of the total property amount until the potential buyer signs a sale deed with you.
- You cannot alter the apartment’s plan once the buyer signs the sales deed without their consent.
- The 70% advance money deposited in a special account can only be withdrawn once you’ve received the certificate of completion on construction.
Additional Read: Check out What RERA Act is in Real Estate and How Beneficial it is
As a developer, violating RERA rules will result in a hefty monetary penalty, with certain punishments leading up to a jail term. If you’re a home buyer, you now know why to look for a RERA approved house in Kerala.
Have you found a desirable property but are looking for the right financing? Turn to Tata Capital! We offer finance at attractive home loan interest rates with flexible repayment tenures.
You can also apply for your housing loan online through our website or via WhatsApp. We ask for minimal documentation and award you an e-sanction letter instantly.
Before starting a new application, you can evaluate your monthly EMIs with us by using our home loan EMI calculator. So, why wait? Find the right RERA approved property for yourself in Kerala and partner with us to finance it right away!