Imagine you are eagerly waiting to move into your new home. You have already decided on your favourite corner, imagined cooking your soul meal in that kitchen, and created a list of guests for your housewarming ceremony. However, your phone pings with another message from the builder regarding the possession delay.
For a homebuyer, a delay in possession often means heartbreak. It can affect multiple dates in your calendar. Hence, while considering flats in Kochi or comparing flats in Kochi, the ability of the builder to deliver on time should be examined.
Why Does Possession Timing Matter?
Imagine paying an EMI for a home while simultaneously paying rent for two homes- just because the possession of the first was delayed. This could easily happen if the handover of the keys to your new home is delayed by even a few months.
Added to this, a change in personal circumstances like admission to a new school, relocation, sale of existing home to buy the new one, or vice versa can be impacted by a change in possession date.
This shows why, while comparing builders in Kochi or looking to buy a flat in Trivandrum, an assessment of the builder’s ability to deliver on time could be important.
Look Beyond the Brochure
While a date of possession mentioned in a brochure is fine, it might not be the complete truth. Before finalising the booking, head over to the Kerala Real Estate Regulatory Authority (K-RERA) website to check if the builder has registered the project and to understand the project under the RERA regulations.
By law, the promoter must give the buyer a copy of the project’s agreement for sale, which will mention the date of possession.
By looking at the progression of the project, one could get an idea of whether and when the possession could possibly be handed over. While comparing flats in Kochi, it might be useful to go through this process for multiple projects to shortlist one over the other.
What Happens If Possession Is Delayed?
When a promoter does not hand over possession of the property as agreed upon, RERA has come up with specific provisions to protect the buyer.
Under the Kerala RERA Regulations, a buyer who has decided to exit the project can get a refund with the applicable interest and compensation. On the other hand, a buyer who decides to stay in the project can claim compensation for the period of the delay till the date possession is handed over.
While the possession delay is a situation that can be dealt with, as a buyer, it is best to avoid this scenario by ensuring that the promoter has the ability to deliver on time. This can be done by asking some pertinent questions.
How Should You Assess a Builder?
While talking to a builder, try asking these questions apart from the ones that are typically asked during a sales presentation:
Look at the projects the developer has delivered on time and those that got delayed.
Check the promoter’s K-RERA details for the current project. The promoter must have an agreement for sale, which must indicate the date of possession.
Make sure that the project has received the Occupancy Certificate from the concerned authorities. The occupancy certificate is required to hand over the keys to the buyers. RERA says that the promoters must get the certificate, and the buyers are entitled to take possession of the unit within two months of the certificate being issued.
For buying a flat in Kochi, comparing flats in Kochi, or for those looking to compare apartments in Kochi, it is important to understand that a well-planned dream home can be impacted by the possession date and the ability of the developer to deliver on the promised date.