Investing in real estate is a major life decision, and if you’re considering buying a flat in Kerala, especially in urban hubs like Kochi, it’s essential to ensure that all legal and financial aspects are covered. With increasing demand for flats in Kochi and across Kerala, buyers must stay informed and cautious before committing. This blog offers a comprehensive checklist to guide you through the process smoothly.
1. Verify the Builder’s Credentials
Start by researching the builders in Kochi or other parts of Kerala where you intend to buy. Check their:
- Track record and completed projects
- Customer reviews and testimonials
- RERA registration (Real Estate Regulatory Authority)
RERA ensures that the builder adheres to deadlines, transparency norms, and construction standards. Always choose reputed builders with a proven history of timely delivery and quality work.
2. Check Legal Ownership of Land
Before booking your flat, ask for:
- Title deed: Confirms ownership of the land.
- Encumbrance certificate: Ensures the property is free of legal dues or disputes.
- Land use certificate: Confirms that the land is approved for residential use.
If buying a flat in Kerala that’s part of a larger township or gated community, ensure that the entire project land is free from encumbrances.
3. RERA Registration
Ensure the flat is part of a RERA-registered project. RERA (www.rera.kerala.gov.in) protects buyers against fraud and delays by mandating that developers disclose project details like:
- Possession date
- Construction updates
- Legal approvals
You can search for the project by name or developer to verify its status online.
4. Building Approvals and Permits
Request to see copies of:
- Building plan approval by the local municipal authority
- Commencement certificate
- Environmental clearance, especially for large or waterfront projects
- Occupancy certificate (OC) before possession
These documents validate that the project complies with local laws and zoning norms.
5. Home Loan Pre-Approval and Builder Tie-ups
Most builders in Kochi have tie-ups with leading banks. Choose a flat that’s pre-approved for home loans, as this indicates the bank has already vetted the builder and project. Also:
- Check interest rates and loan tenure
- Understand EMI commitment before signing
- Ask about processing fees and other hidden charges
6. Agreement to Sell and Sale Deed
The Agreement to Sell should include:
- Total cost (including GST, parking, amenities)
- Payment schedule
- Construction timeline
- Possession date
- Penalty clauses for delay
Once the flat is ready, sign the Sale Deed in the presence of a sub-registrar and get it duly registered.
7. Maintenance and Other Charges
Clarify monthly maintenance costs, corpus fund, and charges for amenities like clubhouse, gym, or security. Ask if the builder will hand it over to a resident welfare association (RWA).
Buying flats in Kerala, particularly in fast-developing urban locations like Kochi, is a promising investment. But to avoid future hassles, always conduct thorough due diligence on legal and financial fronts. Whether you’re an NRI, a first-time buyer, or looking to upgrade your lifestyle, following this checklist will help you make a safe and informed decision.
Let your dream home in flats in Kochi or elsewhere in Kerala be a source of joy, not stress.
