What is Carpet Area?

According to the Real Estate (Regulation and Development) Act, 2016 (RERA), carpet area is defined as ‘the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment’.

Force Majeure means any event or combination of events or circumstances beyond the control of the Developer which cannot (a) by the exercise of reasonable diligence, or (b) despite the adoption of reasonable precaution and/or alternative measures, be prevented or cause to be prevented and which adversely affects the Developer’s ability to perform obligations.

What is Super Built-up area?

Super Built-up Area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc.

What is Built-up Area?

Built up Area is the actual used area of an apartment, it comprises of carpet area plus the thickness of outer walls and the balcony.

What is Agreement for Sale?

Agreement for sale contains the terms and conditions of sale of a property agreed upon by the parties, and bind them. An agreement to sell is the document basis which a conveyance deed is drafted.

What is Total Consideration?

Total Consideration means the amount amongst others payable for the said unit and the properties appurtenant thereto but does not include other amounts, charges, security deposits, stamp duty, registration fees, municipality tax and any other charges/tax/cess/levies etc levied by any authority that may be payable by purchasers.

What is Facility Management Company?

Facility Management Company means the person(s)/agency/body/appointed by the Developer or the Association as the case may be, who shall carry out the maintenance and upkeep of the said Building and who shall be responsible for providing the maintenance services within the said building or buildings forming part of the project.

What is Earnest money?

A certain percentage of total Consideration amount as mentioned in the sale agreement shall be treated by the seller as Earnest Money, which shall be liable to be forfeited by the seller in the event of breach of any of the terms and conditions herein contained by the Purchasers.

What comes under common parts and portion?

Common parts and portion shall mean such area, parts and portions and facilities of the building available for use and enjoyment of all the Flat Owners and/or occupiers.

What is Force Majeure?

Force Majeure means any event or combination of events or circumstances beyond the control of the Developer which cannot (a) by the exercise of reasonable diligence, or (b) despite the adoption of reasonable precaution and/or alternative measures, be prevented or cause to be prevented and which adversely affects the Developer’s ability to perform obligations.

What is Completion date?

It is clarified that the Completion Date as specified in this Agreement is the maximum time which may be taken, subject to prevention on account of Force Majeure Events, for the completion of construction and the issuance of Offer of Possession Letter to the Purchasers.

What is Completion certificate?

A completion certification (CC) is document that a builder obtains from the municipal authorities after the completion of a building. The CC attests to the fact that the new building is constructed and completed in accordance with all the safety norms and regulations.

When will the maintenance charge start?

The maintenance period will start from the date the builder offers possession to the customer.

What is Possession letter?

The possession letter is issued by the developer in favour of the buyer stating the date of possession of the property.

What is holding charge?

In the event that the Purchasers fails to take over possession of the Unit by making requi1payments as stipulated in the Offer of Possession Letter within a period, the Developer shall be entitled to levy upon the Purchasers, holding charges as defined in the sale agreement.

What is House Rules, Club Rules & Restrictions?

The norms, rules and regulations which has to be adhered by the all the buyers for maintenance of the Common areas including the club, if any in the Project

What are Fit-out rules and guidelines?

The Rules and regulations which shall state the manner in which the interior work or the fit-out work in various units is to be conducted.

What is Deed of conveyance?

Deed of conveyance is a document that a seller issues to the buyer, thereby transferring the ownership of the property. The execution of the document takes places after construction is complete, completion certificate is received and all the different terms and conditions present in the sale agreements are fulfilled.

What is the process of registration and when does registration take place?

Registration will be done only on completion of each phase and on payment of the entire sale consideration including the deposits. Registration will be facilitated by us through a legal consultant appointed by the developer.

What is meant by the market value of the property and is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement?

Market value means the fair price declared by government at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value whichever is higher.

What will be the penalty if you do not deliver on time?

For any delays beyond the grace period notified for the project for completion, the rate of interest payable by us would be the same as the rate of interest charged to buyers towards delay penalties subjected to force majeure clause.

What are Transformer & Cabling charges?

Charges and expenses incurred towards procuring transformer, sub-station, electricity connection HT/LT and laying of cables for the building complex.

Nomination/Transfer charge means the charge that is levied on any transfer/assignment/nomination by the Purchasers of the said unit before the Deed of Conveyance is executed by the Developer.

What are Legal/Documentation and professional charge?

Legal/Documentation and professional charge incurred for preparation of Agreement for sale and the Deed of conveyance and/or transfer deed in respect of the said Flat/Unit including all other deeds, documents and instruments as may be necessary and/or required.

What is Municipality Deposit?

This is a refundable deposit obtained from the buyers to ensure mutations of flats are caused by buyers. In the event the mutation is caused by the buyer, the entire deposit is refunded to the buyer. In the event the mutation is not done then municipal taxes accrued in respect of the flat is paid out of the deposit money.

What is Sinking Fund?

Sinking Fund is a fund created for upgradation of services from time to time and in connection therewith various costs which are to be incurred including capital costs which may have to be incurred for the purpose of repairs and/or replacement of the various equipments and/or installations.

What is Generator connection charge?

Generator connection charge is taken to provide power backup in the individual units.

What is Maintenance charge?

Maintenance charge shall include the proportionate share of charges/expenses in maintaining all the facilities and amenities comprising the general common elements irrespective of use/availability.

What is Club maintenance deposit?

Deposit provided by the buyers for maintenance and upkeep of the Club, if any in the Project.

What is Association formation fee?

Costs and charges for formation of association.

What is Nomination/Transfer charge?

Nomination/Transfer charge means the charge that is levied on any transfer/assignment/nomination by the Purchasers of the said unit before the Deed of Conveyance is executed by the Developer.

What is GST and its impact on real estate?

Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and is applicable throughout India which replaced multiple cascading taxes levied by the central and state governments earlier. Under GST, goods and services are taxed at the following rates, 0%, 5%, 12%, 18% and 28%. The effective GST rate on under- construction real estate projects will be 12% after one third abatement for land cost on 18%. However, GST would not be applicable on the units sold after availing completion certificate.

Is GST included in this price; am I eligible for input credit as per law?

GST would be payable additionally at the applicable rate on the total unit consideration as notified from time to time by the government. Input credit has already been applied for all buyers in the base price. The variable charges would attract GST at the notified rates which is 18% at present and is subject to change as per government directives.

What is TDS on property?

The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth ₹ 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor.

I am a Buyer. Do I need to procure TAN to report the TDS on Property?

Buyer or Purchaser of the property is not required to procure Tax Deduction Account Number (TAN). The Buyer is required to quote his or her PAN and sellers PAN.

Who is responsible to deduct the TDS on sale of Property?

According to rules in respect of tax deducted at source, buyer of the property would have to deduct the TDS and deposit the same in Government treasury.

What is the due date of payment of TDS on sale of property?

As per the CBDT notification no. 30/2016 dated April 29, 2016, the due date of payment of TDS on transfer of immovable property has been extended to thirty days (from existing seven days) from the end of the month in which the deduction is made.

What if I don’t have the PAN of the seller, is it Mandatory?

PAN of the seller is mandatory. The same may be acquired from the Seller before effecting the transaction.

What is Form 26QB?

The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB

What is Form 16B?

Form 16B is the TDS certificate to be issued by the deductor (Buyer of property) to the deductee (Seller of property) in respect of the taxes deducted and deposited into the Government Account.

What is Capital Gains on property purchase?

Property is considered a capital asset and Capital Gains Tax is levied on the gains arising from the sale of property. Such gains are calculated after adjusting the inflation rate, transfer and renovation charges.

Isn’t the project overpriced?

Pricing is a function of location, product, amenities, brand and the commitment it is known to have delivered. We would request you to kindly allow us to fix your appointment with one of our sales associates, who would give you an in-depth knowledge about the product and its pricing and how it is the best value for your money.

Yes absolutely, you can bring your family members, friends and associates to the project site whenever you wish throughout the lifecycle of the project and our team at site would be delighted to host them. We understand that buying a home is a collective decision and every member plays an important role in this process.

Whether the price will appreciate or not?

As a company policy, we do not speculate on future pricing. It is governed by market factors. However, our projects have in the past performed well even against market adversities and investors continue to invest with us.

Is there any scope of negotiation/discount?

Pricing is an integral part of this business model and is arrived at after due calibration and market studies. As a company policy we therefore do not offer any discounts.

Will you assure me that your company will not drop/reduce prices?

Price is a market phenomenon and cannot be generally guaranteed however we strive to add value to your investment and historically have been instrumental in helping our investors grow their asset value with higher appreciation than the market trends.

I am getting a better deal on a re-sale apartment in the same project. Why is your price higher then?

This project has a lock-in period post signing of Agreement for Sale. There is a possibility that there may be sellers who are keen to trade-off their units however the availability of the unit that you intend to purchase is of the essence. Availability of inventory which as a developer we offer has far more variety as against retail investors attempting to sell their individual units. Individual sellers may keep a variable pricing to make their proposition appear lucrative.

I have been offered a lesser price by an agent?

Our pricing is uniform whether the application is done directly or via channel partners. Passing of any discounts is a practice which we neither promote nor endorse.

Can we bring family to the site or not?

Yes absolutely, you can bring your family members, friends and associates to the project site whenever you wish throughout the lifecycle of the project and our team at site would be delighted to host them. We understand that buying a home is a collective decision and every member plays an important role in this process.