The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid.
When the area of the walls is calculated along with the carpet area, it is known as built-up area or plinth area.
The built-up area along with the area under common spaces like lobby, lifts, stairs is called super built-up area
Well, we would not encourage you to do it, but in an unforeseen circumstances should you choose to cancel, some amount fixed by the developer will be retained by the company and the rest will be returned to you by way of cheque within 30 days
a. Developer can accept the delayed payment from the Purchaser/s paying an interest on the defaulted payments.
b. If Purchaser still fails to pay the installment, The Developer can terminate Agreement. The Developer shall return the balance money (after deduction of the Transfer fee, cost of modification as requested by the Purchaser/s and any other deductions, as may be applicable), if any, within 30 days from the date of resale & receipt of payment from the intended Purchaser.
Transfer are allowed .customers will have to pay transfer fee fixed by the developer on the Super Built-up Area and any other cost (modification charges if any ) borne by the Developer in this regard will be reimbursed in full by the Purchaser/s before such transfer.
Firstly, though the term co-applicant and co-owner are often used interchangeably, there is a thin line that distinguishes a co-applicant from a co-owner. All co-applicants of property need not necessarily be co-owners.
VAT and service tax are charged depending on the prevailing rates at the time of purchase/ payment.
There is a PLC (Premium Location Charge) based on the views and orientation. Please get in touch with our sales team to know more about the same.
Legally, the actual area owned by the individual is the basis for calculation of maintenance charge.
Subject to technical feasibility, without any alterations on the exteriors and the building structure
Payments are linked with the progress of the Project
Once the initial booking amount is paid, the price remains constant.
This can be done within 15days from the date of initial payment made.
Generally, a maximum of 80% of the total cost i.e. including car park, registration and other costs.
Yes, many MNC Banks, Public sector banks and housing finance institutions, approve of all our projects. You can choose the one that is best suited to you and we will help in the formalities.
Loan borrower enjoys tax benefits both on principle repaid and interest paid
Under section 24(d) of income tax the deduction of interest payable on home loan is up to a maximum of Rs 1,50,000
Under section80(c) of income tax the principle amount for the repayment of loan with other savings and investments is eligible for tax deduction up to a maximum of Rs 1,00,000
If you purchase a new flat within 2 years of the date of sale of the original flat and invest the entire amount of capital gained into the new flat, you will not have to pay any capital gains tax.
All the charges incurred for registering the property with the stamp duty have to be paid by the customer.
Registration will be done only on completion of the development and on payment of entire sale consideration including the additional amounts. Registration will be facilitated by us.
Standardized Agreement of Sale and Construction will be issued to the purchaser. This will be followed by the Sale Deed on completion of the project.
Non Resident Indian (NRI) is a citizen of India, who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Non-resident foreign citizens of Indian Origin are treated at par with Non Resident Indian (NRIs).
Person of Indian Origin (PIO) (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who
(a) At any time, held Indian passport, or
(b) Who or either of whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955)
Overseas citizen of India(OIC).
No permission is required if an NRI wants to acquire any immovable property in India, except if it is agricultural / plantation property or a farmhouse.
People of Indian origin residing outside India can acquire properties apart from agricultural land. However, the payment must be made out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchasers NRE / FCNR accounts maintained with a bank in India. A declaration also has to be submitted to the Central Office of the RBI (form IPI 7) within 90 days from the date of purchase or of final payment.
No permission is required to purchase residential property, unless it is agricultural / plantation land or a farmhouse. However, the payment must be made out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchasers non-resident accounts maintained with a bank in India.
This is allowed if the property has been purchased on or before 26th May, 1993. But the property must be sold at least three years after the date of the final purchase deed or the date of payment of the final payment installment, whichever is later. An application (form IPI8) also has to be made to the Central Office of Reserve Bank within 90 days of the sale of the property.
Payment can be made by NRI / PIO out of:
funds remitted to India through normal banking channels or
funds held in NRE / FCNR (B) / NRO account maintained in India
No payment can be made either by traveler's cheque or by foreign currency notes or by other mode except those specifically mentioned above.
Yes, NRI/PIO can rent out the property without the approval of the Reserve Bank. The rent received can be credited to NRO / NRE account or remitted abroad. Powers have been delegated to the Authorised Dealers to allow repatriation of current income like rent, dividend, pension, interest, etc. of NRIs/PIO who do not maintain an NRO account in India based on an appropriate certification by a Chartered Accountant, certifying that the amount proposed to be remitted is eligible for remittance and that applicable taxes have been paid/provided for.
India has DTAAs with several countries which give a favorable tax treatment in respect of
certain heads of income. However, in case of sale of immovable property, the DTAA with most
countries provide that the capital gains will be taxed in the country where the immovable
property is situated. Hence, the non-resident will be subject to tax in India on the capital gains
which arise on the sale of immovable property in India. Letting of immovable property in India
would be taxed in India under most tax treaties in view of the fact that the property is situated
NRI / PIO can mortgage a residential / commercial property to:
No. An NRI / PIO who has purchased residential / commercial property under general permission, is not required to file any documents/reports with the Reserve Bank