The real estate market in Kerala is booming evident from the registration data with the Kerala Real Estate Regulatory Authority. As per the RERA, there is a remarkable year-on-year increase in the number of property registrations in Kerala. This can be attributed to the demand for residential properties in urban areas like Kochi and Trivandrum, investments by NRIs, and plot registrations as large land parcels are divided into smaller plots. Under these circumstances understanding stamp duty and registration fees in Kerala becomes necessary for home buyers and investors.

Stamp Duty

When you buy property in Kerala, it is mandatory by law to register the property in the owner’s name and record it with the government. Without this, the transaction will not be considered and recognized as a legal transaction. Home buyers in Kerala must pay a percentage of the property value as stamp duty during this process. Stamp duty is the state-imposed tax levied on the purchase or transfer of immovable property. For example- for flats in Kochi, like in other parts of Kerala, the rate of stamp duty as determined by the government is 8%. This charge is payable on the sale deed or transfer document for all the flats for sale in Kochi.

Registration Charges

Registration charges are the fees paid to the government to officially record the property transaction. They are separate from the stamp duty charges and cover the administration costs associated with the process of registration. While most states in India charge 1% of the deal value as a registration charge, Kerala charges 2% on the transactions for apartments in Kochi.

Exemptions and Concessions

Certain categories of property transactions are eligible for exemptions and concessions on stamp duty and registration charges. First-time homebuyers, women, and economically weaker sections may be exempt from taxes. This initiative is to encourage home ownership and make it accessible to certain sections of the society.

Property Registration Process

The property registration process can be completed offline by visiting the Sub-Registrar’s office. The required forms need to be filled and the stamp duty and registration charges can be paid. For online registration and payment, the Kerala government has permitted the usage of e-stamps where the stamp duty charges exceed Rs 1 Lakh. These e-stamps can be purchased from the official portal of the State’s Registration department. All the details for the process can be found on the link – http://www.keralaregistration.gov.in

Important documents required during the registration process are listed below :

1. Original Title Deeds
2. Encumbrance Certificate
3. Identity Proofs – Aadhar Card or PAN card of the buyer and seller
4. Property Tax receipts
5. ROR
6. Location Sketch
7. NOCs – No Objection Certificates from relevant authorities

Kerala has a burgeoning real estate market. The infrastructure growth, rapid urbanization, and growing urban economic centers have given a fillip to the development of the real estate sector in the state. The number of transactions is increasing every year. With property values soaring and home buyers and investors investing in real estate like never before, the legalities involved in the transactions become crucial. The involved parties, the buyer and seller need to be aware of all the legal aspects involved in the property buying process. In this blog, we will understand the legal aspects involved in buying property in Kerala.

1. Title Verification

The first step is to check if the property is in the seller’s name. Two documents that ensure that the title of the property is clear and that there is no ambiguity are:

A. Title Deed (Sale deed/Settlement Deed/ Gift Deed/ Will): The seller should have a clear and marketable title deed as this establishes the ownership of the property in their name.

B. Possession Certificate

Confirms legal ownership of a property.

C.Property Tax Receipt/ Land Tax Receipt

These receipts  should be in the name of the property owner which ensures the mutation  and the  property ownership.

D. Encumbrance Certificate: The encumbrance certificate proves there are no pending legal or financial liabilities with the said property. The encumbrance certificate for the last 15 to 30 years should be clear of any liabilities.

2. Property Documents

Important documents that the builder must possess are:

A. Prior documents

The sales deed is the primary legal document that confirms that the said property was transferred from the earliest seller to the current seller. The document’s authenticity should be validated.

3. Approvals

A. Plan Approvals

The local municipality or Panchayat should have approved the structure plans of the property or the project.

B. Zone Clearance

Builders in Kerala should have zoning clearance from all regulations, like agricultural, forest, residential, commercial, and coastal regulation authorities for their projects for sale.

C. Environment Clearance

Large-scale developments and residential projects should have mandatory environmental clearance.

D. Occupancy Certificate (OC)

Occupancy certificate is issued when a property is ready to be occupied. This is a very important document, and the prospective buyers of an upcoming apartment should necessarily ask for this. OC certifies that the construction of the property is done according to the approved plan and in adherence with existing building norms and regulations.

4. Registration process

A. Stamp Duty and Registration Charges

In Kerala, the stamp duty is 8% of the property value and the registration charges are 2%. These charges need to be paid during the property registration process when the transfer of the title goes from the seller to the buyer. The property registration takes place at the local sub-registrar office, where the legal procedure of the ownership transfer takes place.

A home buyer should consult a legal expert who specializes in real estate especially when they are buying property for the first time. The legal expert can verify the authenticity of all the documents, cross-check if the fine print in the agreements meets the rules and regulations, and guide the home buyer in the complete buying process. This way the home buyer can complete the process without any doubts and ambiguities.

The ‘Queen of Arabian Sea – Kochi is a major city in God’s own country, Kerala.  These acronyms say a lot about the state and the city and rightly so. The unique experiences in store are a magnet for tourists from all over the world. Living in Kochi can be a rich experience for people moving in apartments in Kochi. With the growth in the economy, infrastructure, and housing options moving to the city can be one of the best decisions ever made.

This blog delves deep into the many aspects of living in Kochi:

1. Climate

Kochi has sultry tropical weather with temperatures ranging from 20°C to 35°C throughout the year. The weather hot and humid during the summer from March to May. The monsoon is pleasant while the weather is cooler during winter ( December to February).

2. Cultural diversity

The port of Kochi was known for the major trade carried out with traders from France, Britain, and Portugal. One can witness the influences of these cultures even today. The ancient buildings in Fort Kochi depict European architecture and their influence on the culture in these regions. Today, the city is cosmopolitan with people from across the country living in the flats for sale in Kochi. The influences can be seen in the food, music, arts, and culture.

3. Food

Kochi has a strong food culture with a wide variety of regional and exotic dishes to savour. Being a coastal city, Kochi is known for its seafood delicacies made from fresh catches from the Arabian Sea. Popular local dishes include puttu and kadala curry which is a breakfast dish made from rice flour and chickpeas, thoran a vegetable dish, and spicy beef chilly fry which the city is very famous for.

4. Language

Malayalam is the official language in Kochi widely spoken by the locals in usual conversation. Tamil, English and Hindi are also known by many people living here due to the cosmopolitan population. Language is not a barrier as people are acquainted with English and Hindi.

5. Lifestyle and Leisure

The picturesque beaches, captivating backwaters, and dense natural beauty are exclusive to Kochi. There is no dearth of cultural attractions in the city with musical festivals like Cochin Carnival and Kochi-Muziris Biennale, which celebrates contemporary art, music, and dance. The Kerala Folklore Theater and Museum is a must-visit for those interested in traditional performing arts to immerse in the region’s rich cultural heritage. The many multiplexes and theatres showcase the latest Bollywood and Hollywood films for those interested.

Living in Kochi is an ideal option to settle down as it has the perfect combination of cultural heritage and modern lifestyle. It also boasts of the best educational institutions, healthcare facilities, and essential services giving the residents of 3 BHK flats in Kochi a well-rounded and convenient lifestyle.

Abad Builders is a leading developer in Kochi who constantly innovates to meet the needs of the discerning home buyer. With a focus on convenience, stability, and modernity, Abad builders has delivered innovative residential projects in Kochi that have made a mark in the real estate landscape of Kerala. They are known for their modern design concepts and contemporary architecture visible in their ready to occupy flats in Kochi.

This blog discusses their current flats for sale in Kochi and how they have carved a niche in the home buyer’s minds.

1. ABAD Inspirations

ABAD Builders’ high-rise air-conditioned luxury apartments overlook the lush surroundings of Kochi. This spectacular edifice provides you with a lifestyle like no other. The stunning development is 12 floors high at the premium location of Kaloor. A world-class rooftop swimming pool with a spectacularly landscaped garden makes it the next level of luxurious living. The two units of spacious 4-room apartments on a floor, well-equipped with all the amenities and features provide you with a new and more comfortable lifestyle.

2. ABAD Reflections

An exclusive apartment project from ABAD Builders offering 20 swanky and spacious apartments in Kadavanthra with 2 units on each floor caters to a privileged and enviable few that desire the best quality, ambiance, and luxury.

These super luxury apartments in Kochi are located at the cusp of Kadavanthra & Thevara. The limited edition extra large 3, 4, and 5-bedroom flats in Kadavanthra offer scenic backwater views.

3. ABAD Oasis

Nestled in one of Kochi’s fastest developing regions, Edappally, ABAD Oasis promises to provide residents with a tranquil and peaceful haven from the hustle and bustle of the city. ABAD Oasis flats in Edappally is Set on 81.61 cents of land & offers 95 units of 2,3 and 4 BHK ready to occupy flats in Kochi spread over G+18 floors, that beautifully blend style, luxury, and substance. Inspired by the principles of fine living and planned by Kerala’s first CRISIL-rated builders – ABAD, the best builders in Kochi this apartment complex elevates urban living to a new level. Each apartment unit has been carefully planned so that only one wall is shared between apartment units. Such ingenuity in our designs enhances the natural ventilation and light in each unit.

4. ABAD Golden Oak

Golden Oak, a Premium Lifestyle Apartment strategically located in Maradu, presents an ideal home for those seeking to move to Kochi’s fastest urbanizing residential areas. This Luxury Lifestyle apartment in Kochi, offers 14 floors of premium 2 BHK, 3 BHK, and 4 BHK ready to occupy flats in Kochi, each with sophisticated living space and lavish modern lifestyle facilities. Indeed, one of the highlights of Golden Oak can be found in its exclusive Club House located in a separate stand-alone house outside the apartment complex.

All these are ready-to-occupy apartments with some of the best 3 BHK flats in Kochi.

Kochi or Ernakulam is one of the fastest-growing cities in India. It is ranked 5th among 20 chosen smart cities that will receive funding for infrastructure development. The fast-paced economic development is attracting many professionals from all over the country to make the most of the opportunities Ernakulam presents. Hence, the demand for residential real estate is increasing year on year. Builders in Ernakulam are coming up with many new projects in Kochi to meet this demand. Buyers are seeking apartments, flats, villas, and independent houses for residential and investment purposes. The most important aspect while choosing a new apartment is the location. The location determines many factors that ultimately lead to buying a home of one’s choice.

Let us look at these one by one:

1. Locality

The locality is the most important factor that influences the decision to buy a home. Within a location, different localities, suburbs, and districts can be classified as premium, mid-segment, and budget. The apartments in these locations are priced accordingly. For instance, premium localities like Marine Drive and M.G. Road charge a premium for the backwater views and well-developed infrastructure. Kakkanad and Vytilla are localities where builders of Kochi offer budget apartments and villas.

2. Connectivity

Every neighborhood, locality, or suburb in a city may be well-connected or poorly connected to the important hubs. Depending on the ease of connectivity and development of infrastructure in the vicinity, a project can command a premium. Well-connected projects are also preferred by homebuyers and investors for the ease and comfort of living. If located in the city’s center with good connectivity, the value will be higher than that of a property located in the outskirts. Most luxury flats in Kochi are often located close to major hubs easily accessible by public transport.

3. Schools and Colleges

Several options for schools and colleges to choose from give parents one less thing to worry about for their ward’s future. The proximity of the educational institute, especially for children, is always a major factor for homebuyers when choosing new homes. Ernakulam is known to be an education hub with a wide variety of good educational institutes offering professional courses.

4. Healthcare

Hospitals, healthcare professionals, and dispensaries are as essential as any other amenity for a healthy and fulfilling life. One would not want to travel long distances during sickness or waste valuable time during medical emergencies. The closer the healthcare facilities, the better the project value. Be it uptown localities like Thevara and Ravipuram or budget localities like Kakkanad and Edapally, Kochi offers good healthcare options. All these locations offer apartments in Kochi that are preferred by new home buyers.

5. Recreation

A good social life is what everyone looks forward to during weekends. There should be no dearth of shopping malls, cafes, parks, museums, and places to visit within the suburb one is living in. Socializing with friends and relatives should not become a major task because you live in a remote location in the city. Choosing a location with ample avenues for recreation is essential.

The budget is an important factor when choosing a home that is in a locality with the best conveniences and infrastructure. Localities with all the conveniences usually charge a premium while those with limited options are cheaper.

A city known for its immense natural beauty, rich cultural heritage, and ideal tourist location, Kochi is emerging as the economic capital of the state of Kerala. Some serious developments in commerce, infrastructure, and industry have boosted the real estate landscape of the city.

Let us look at the factors that are responsible for Kochi’s emergence as an ideal location for real estate investment:

One of the top 20 smart cities in India

Kochi has been identified as one of the 20 smart cities by the Ministry of Urban Development, Government of India through a competitive selection process. This means that the city will get a special focus on the development of planned and improved infrastructure. The focus will be on E-Governance, water management, power supply, sanitation, solid waste management, efficient urban transportation, and IT Connectivity. The special focus on Kochi is bound to improve investments in the city that will boost real estate development at a fast pace.

Economic drivers

The Kakkanad technological cluster and Cochin Special Economic Zones are initiatives taken up by the government to develop Kochi as an industrial hub to boost IT and other industries. The Cochin International Airport’s new international terminal with operational metro and upgradation of the seaport is poised to attract global companies and cargo-based businesses to set shop in and around it. The metro rail will improve connectivity and travel time from Aluva to the key micro markets within the city ensuring real estate development in surrounding areas. These initiatives will drive the demand for residential properties, savvy office spaces, and retail properties.

Growing real estate market

Kochi’s real estate market has seen one of the highest growth amongst Tier 2 cities in India. The boost in infrastructure development, expanding economy, and growing population of skilled workers are reasons for the growth of the real estate industry in the city. There is potential for high returns on investment in real estate with a good scope for rentals. Builders and developers in Kerala consider Kochi an important market. The flats in Kochi are being developed with a vision to match international standards.

Tourism destination

Kochi sees an annual tourism influx equalling 4 times its population. It sees Indian as well as foreign tourists, of which foreign tourists account for 14% making tourism a major industry in the city’s economy. The city’s effort in transforming into a tourism hub will lay the groundwork for the development of hospitality and allied industries.

Infrastructure development backed by economic development has traditionally boosted the real estate industry. Kochi is on the path to becoming a major economic hub in South India and investing in the city’s property market is definitely a smart choice.