Your Ultimate Guide To Buying An Under-Construction Property in Kochi
25 January 2024
In Kochi, where the real estate market is flourishing, opting for an under-construction project comes with numerous advantages for potential buyers. Developers in this city employ various strategies, such as enticing brochures, attractive offers, flexible payment options, and competitive prices, to attract a wide range of buyers. Despite the alluring offers, home buyers need to exercise caution and conduct thorough due diligence before finalizing any deal.
Below, we explore crucial steps to ensure a seamless process when purchasing an under-construction property in Kochi.
1. Extensive Research
In the many projects in Kochi, developers offer diverse properties at varying price points. Extensive research of under-construction projects in Kerala forms the foundation for shortlisting potential properties that align with your expectations. Consider factors like location, price, configuration, and provided facilities when narrowing down your choices.
2. Legal Due Diligence
After shortlisting suitable projects, the next step involves ensuring clear titles and proper paperwork related to land and government approvals. The selected property should be free from legal disputes or ambiguity. The builder must possess all necessary permissions and certificates from authorities allowing the construction work to proceed.
3. Approvals and Permissions
Confirm that the builder has obtained project plan approval, outlining essential details such as project layout, the number of units, and building floors. Ensure the builder adheres to the approved plan of the flats in Ernakulam without engaging in any unauthorized construction that may compromise the project's designated open spaces.
4. Developer’s Track Record
Assessing the reputation of the builder becomes paramount when considering an under-construction property. Since judging builders solely on future promises is challenging, examining their track records and reviewing feedback from previously constructed flats in Ernakulam is a good strategy for gauging their credibility.
5. RERA Compliance
According to the RERA Act, the selected projects in Kochi should be registered under RERA. Cross-check the developer's claims and promises on the RERA website using the provided RERA number. RERA ensures adherence to strict timelines and provides a redressal procedure for buyers in case of grievances or disputes.
6. Property Pricing
Homebuyers should be informed about property prices in different locations in Kochi. Evaluate the project's property prices based on its locality, considering the potential savings associated with booking under-construction projects in Kerala. This stage also allows for negotiations, providing additional benefits to buyers.
7. Payment Schedules
Developers typically offer flexible payment options for under-construction properties. Understanding the payment schedule, which often involves a 10% (may vary) initial deposit and subsequent payments spread over several years, is crucial to managing the financial burden effectively. Studying the payment schedule in detail helps avoid surprises later.
Approaching the purchase of an under-construction property in Kochi with diligence and care can lead to a rewarding investment. By conducting thorough research, ensuring the credibility of the developer and project, and being well-informed, homebuyers can confidently invest in a property that aligns with their aspirations.