The floor plan gives a detailed view of the apartment’s interior layout. It showcases the arrangement of rooms, walls, doors, windows, and other features. The floor plan helps understand the spatial organization, flow, functionality, and design so that potential home buyers can understand what their property will look like. The plans are an important part of the property buying process for buyers to check if the plan meets their requirements.

Let us consult our home buying guide to provide useful tips on selecting an apartment with the ideal floor plan in Kochi.

Analysing The Requirements

Before starting the apartment search, you must analyse your requirements. Following are some requirements to be considered.

1. Family size and composition – The number of family members, their age and their priorities will help you know the number of rooms, their size and the layout.
2. Lifestyle and habits – Do you need to check 2 BHK flats in Kochi or 3 BHK flats in Kochi will depend on the lifestyle and habits of the residents
3. Work from home requirements – In this case, you might have to choose specific designs that will allow you to set up a work station or a home-office
4. Entertainment and Leisure – The home design should allow you to incorporate special needs like a creche for toddlers, music rooms for musicians, book library etc.
5. Storage and Organization – You better make sure this is taken care of, else your home is going to be cramped

Key Elements To Look For

1. Natural light and ventilation – Try to choose a home that facilitates cross ventilation for a healthy lifestyle. Ample sunlight is a necessity for a positive mindset.
2. Space efficiency – A well-designed floor plan optimizes space and minimizes wastage
3. Flow and circulation – A floor plan ensuring smooth flow and movement between rooms is ideal for the comfort and convenience of the residents
4. Storing space – The plan should include ample storage to organize the essential items in closets, cabinets, and shelves to keep the home clutter-free and neat

Vastu Compliance

Most Indians consult the principles of Vastu design while selecting homes. Vastu principles are designed to create harmonious living spaces to enhance health, wealth, and prosperity. By following these principles, homeowners invite positive energy and balance into the lives of their family members. The direction of the main entrance, the placement of the living room, the kitchen, the bathroom and toilets and the bedrooms should comply with Vastu principles to ensure positive energy flow within the home. It is very easy for the homebuyer to check these aspects when they have the floor plan handy.

The floor plan is a vital tool to get a bird’s eye view for the homebuyer to make decisions and plan their future home. It helps the homebuyer to check if the plan meets their needs, make plans and changes if any before they move in.

Property Insurance is a financial protection for valuable assets like home, commercial property, and personal belongings from unknown risks. It protects the owners from adverse situations like fire, theft, natural disasters, and vandalism, allowing them to recover from the loss. Property insurance provides financial reimbursements to the owners and renters of the assets in case they are damaged in unforeseen circumstances. The disbursal of compensation is subject to the policies of the insurance that provide the coverage. Property insurance operates like any other insurance. The owners and renters can rest assured that they are protected from loss if any.

Types of Property Insurance

Property Insurance covers a wide range of assets, from homes, commercial property to personal belongings. The policies will vary depending on the asset that is being insured. Understanding different property insurances is vital to make the most of them.

Homeowners Insurance

This is an investment worth making for homeowners. It protects the home and its contents from serious damages and helps you repair and recover from vandalism, damage, and disaster. Investing in the right policy will help protect the most valuable asset of your life, Apart from the physical structure of your home, home insurance also protects :

1. Personal items like furniture, electronics, and clothing
2. Liability damage to others or their property
3. Living expenses if you must relocate temporarily during recovery

Renter’s Insurance

Property renters can insure their valuables and belongings using a rental insurance, which will cover them in case of any loss or damage.

The coverage offered by rental insurance covers the following:

1. Personal property like belongings are protected from theft, fire or damage
2. Liability protection compensation for legal or medical expenses arising due to injury in the property premises
3. Expenses of the temporary accommodation when the rented space cannot be lived in due to the damages

Advantages

The financial protection can be an important support as one recovers from an unpredictable event like natural disaster, theft, fire or vandalism.

The advantages include:

1. The coverage for assets and belongings can reduce the financial blow
2. Liability coverage protects you from medical and legal expenses in case of an injury
3. The stress of rebuilding is reduced as the insurance can provide financial assistance

Coverage Options

Property insurances offer different coverage options and choosing the right option can make all the difference. Each option offers different benefits designed to meet the different needs.

The three common optios are discussed below:

1. Replacement Cost – This is the most advantageous option as it covers the full costs of repairing or replacing the damaged property without considering the asset’s depreciation. One must be prepared to pay a high premium too.
2. Actual Cash Value – This option is same as the Replacement Cost option, the only difference being that the depreciation is factored in before the reimbursements of the damages.
3. Extended replacement cost – In this option the insured party receives coverage beyond the estimated cost of rebuilding or replacing the property. This option covers for appreciation of assets by allowing up to 20% or more of the actual amount.

The above information can be used in getting your assets and valuables insured against unpredictable events, By choosing the right insurance and coverage you can reduce the blow of unforeseen events.

A property is not just about the building and the premises. The neighborhood is a significant part of it, especially for those living in it. What is the use of a residential project that does not have any social infrastructure around it? Or one that is secluded and unsafe? Will families choose to live there? Of course not! The neighborhood can increase or decrease the property value depending on its conditions.

In this blog, we will discuss neighborhood features that enhance the value of a property.

1. Safety and Security

A safe neighborhood is the most basic requirement for any residential complex where families reside. The surroundings should not have any dangerous or anti-social elements. A residential complex is usually gated, and strict vigilance may be maintained. However, the residents need to feel safe when they move about in and out of the locality. Builders in Ernakulam should choose only safe neighborhoods for their upcoming projects.

2. Residential Neighborhood

The residents of the neighborhood feel safer if it has many residential complexes. If the project is located in an industrial area or in the marketplace then the residents might not feel comfortable and at home. The noise and pollution in the vicinity may make the stay unpleasant. Resale of such properties may be difficult as most home buyers would prefer a residential neighborhood.

3. Connectivity

A locality that is easily accessible from different parts of the town is always convenient. Any property that is in a deserted location will not be favored by home buyers. The neighborhood should have a good frequency of public transport like buses, suburban railways, or metro networks. The residence should be accessible by road so that it is accessible to vehicles. Apartments in Ernakulam are always constructed at easily accessible locations.

4. Infrastructure

Social infrastructure like schools, hospitals, and shopping centers should be easily accessible and reachable. Children cannot be expected to travel long distances to reach their school. Hospitals and doctors should be available quickly in case of emergencies. If work locations are closeby, then the daily commute becomes manageable. Neighborhoods located centrally will have the advantage of being accessible from all the corners. All these factors improve the value of the property as it improves convenience.

5. Convenience

Grocery stores, pharmacy and retail stores should be within walking distance from the property premises. If not so, then it should be reachable within 5 to 10 mins on a two-wheeler. Fetching one or two things should not have one to travel long distances from the apartments in Ernakulam. These are small factors but make a noteworthy difference for residents.

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.