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Things to Know while buying an apartment in Kerala
When you are buying a flat from a builder in a building under construction, you have to check the following:
  • Approved plan of the building along with the number of floors.
  • Make sure that the floor of the flat/apartment that you plan to buy is been approved.
  • Check whether the builder is the owner of the land or if he has made an agreement with the land owner for the same.
  • Verify the construction work has begun on schedule and the progress is satisfactory. In addition, check the status of other projects from the same builder.
  • Check with the specifications given in the brochure to the agreement for sale.
  • Check the applicable building byelaws in that area and make sure the builder is not violating those laws. Eg. Height, front setback, side setback etc.
  • Though not a legal matter check the credibility of the builder, whether the builder has any record of violating the applicable rules, not adhering to the specifications or issues with project delivery.
  • Ensure the urban land ceiling NOC if applicable has been obtained or not.
  • NOC from water and electricity authorities also have to be obtained. Availability of adequate resources for water to be verified.
  • NOC from lift authorities.
Agreement to Sell, Exchange of property, Conveyance Deed, Power of Attorney, Gift Deed, Partition Deed, settlement and Deed and Transfer of lease attract Stamp Duty on market value of the property. Registration of a property in the corporation area will attract a stamp duty of 11%. In a municipality the stamp duty for registration is 10% and for panchayat area, it is 9%. of the value of the property. Registration fee is 2% of the property value in all the areas. Agreements to be on a stamp paper of value Rs.90. These are as per the revisions in March 2010
Well informed Home Buying Decisions Take the guess work out of your home buying/ property investment decisions