FAQ

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’.

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

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.

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.

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.

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.

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.

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.

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.

It is clarified that the Completion Date as specified in the 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.

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.

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

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

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.

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.

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.

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.

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.

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.

'Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India or is a person of Indian origin" [as per FEMA regulations]

Persons of Indian Origin Card (PIO Card) was a form of identification issued to a Person of Indian Origin who held a passport in a country other than Afghanistan, Bangladesh, Bhutan, China, Nepal, Pakistan and Sri Lanka.

No. NRIs and PIOs can acquire immovable residential or commercial property in India without any permission.

NRIs and PIOs should either acquire immovable property through inward remittances in foreign exchange or through the NRE/FCNR bank accounts maintained with banks in India.

Yes. NRIs and PIOs are allowed to rent out the acquired immovable property without any restrictions. The rent amount can also be remitted outside India without any permission.

There aren’t any tax implications for NRIs and PIOs on the purchase of immovable properties in India but any income earned from renting or selling the property is taxable.

Yes. The proceeds of the sale are remitted out of India to the home country of the NRI and PIO up to the amount originally remitted from abroad to purchase the property. The property can be sold only after three years of acquisition.

The loan amount shall not exceed 85% of the cost of the acquired immovable property. Rest of the loan amount can be financed by the NRI and PIO through NRE/FCNR bank accounts in India. Repayment of the loan amount must also be done through the same.

Under the general permission available, the following categories can freely purchase immovable property in India: i) Non-Resident Indian (NRI) – that is a citizen of India resident outside India ii) Person of Indian Origin (PIO) – that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who – At any time, held Indian passport, or Who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955). The general permission, however, covers only purchase of residential and commercial property.

Yes.

Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.

The Reserve Bank has granted some general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc, and authorized dealers to grant housing loans to NRI nationals for acquisition of a NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.

The documentation required to be submitted by the NRIs are different from the Resident Indians as they are required to submit additional documents, like copy of the passport and a copy of the works contract, etc. and of course NRIs have to follow certain eligibility criteria in order to get Home Loans in India. Another vital document required while processing an NRI home loan is the power of attorney (POA). The POA is important because, since the borrower is not based in India; the Home Finance Company would need a ‘representative’ ‘in lieu of’ the NRI to deal with and if needed. Although not obligatory, the POA is usually drawn on the NRI’s parents/wife/children/ close relatives or friends. The documents needed for obtaining NRI home loans are Bank specific. General list of documents are as mentioned below: Passport and Visa.A copy of the appointment letter and contract from the company employing the applicant·The labour card/identity card (translated in English and countersigned by the consulate) if the person is employed in the Middle East Salary certificate (in English) specifying name, date of joining, designation and salary details.Bank Statements for the last six months List of Classified documents for Salaried and Self Employed NRI Applicants. Banks may have specific requirements apart from the below listed documents. Salaried NRI Applicants: Copy of valid passport showing VISA stamps Copy of valid visa / work permit / equivalent document supporting the NRI status of the proposed account holder · Overseas Bank A/C for the last 3 months showing salary credits · Latest contract copy evidencing Salary / Salary Certificate / Wage Slips Self-Employed NRI Applicants: · Passport copy with valid visa stamp · Brief profile of the applicant and business/ Trade license or equivalent document · 6 months overseas bank account statement and NRE/ NRO account · Computation of income, P&L account and B/Sheet for last 3 years certified by the C.A. / CPA or any other relevant authority as the case may be (or equivalent company accounts)

Yes. Reserve Bank has granted general permission for sale of such property. However, where another foreign citizen of Indian origin purchases the property, funds towards the purchase consideration should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India.

NRIs and Persons of Indian Origin (POI) can acquire immovable property in India other than agricultural property, plantation or a farmhouse. The Reserve Bank of India (RBI) states NRIs and PIO purchasing immovable property in India, can pay for the acquisition by funds received in India through normal banking channels by way of inward remittance from outside the country.

The home loan amount should not exceed 85% of the cost of the dwelling unit, as the remaining amount that is 15% needs to be provided as an own contribution towards the cost of unit financed.The cost of the dwelling unit which is own contribution, less the loan amount, can be met from direct remittances from abroad through normal banking channels, the Non-Resident (External) [NR(E)] Account and /or Non-Resident (Ordinary) [NR (O)] account in India. However, repayment of the loan, comprising of the principal and interest including all the charges are to be remitted to the HFC from abroad through normal banking channels, the Non-Resident (External) [NR(E)] Account and /or Non-Resident (Ordinary) [NR (O)] account in India. The repayment option for NRIs is they can pay through the funds held in any non-resident account maintained in accordance with the provisions of the Foreign Exchange Management Act, 1999, and the regulations made by the RBI from time to time.

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

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.

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.

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.

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

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

Costs and charges for formation of association.

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.