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    Frequently Asked Questions

    FAQ's

    The minds behind the company

    What is Carpet Area?

    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’.

    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 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.

    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.

    A lot of queries and doubts may crop up regarding the legalities of a property purchase, the terminology and the registration process. We are here to make it simpler. Let us chip in to create your happy home.

    Which documents are to be verified before purchase of a Flat?

    Besides technical details pertaining to area and the amenities, one should verify the building plan approved by Municipal Corporation or such other competent authority, commencement certificate, ownership documents (title documents), RERA Registration No. etc. If it is a resale flat then verification of further documents such as Share certificate, rent receipts, Maintenance receipts etc. becomes necessary. Verification of Occupancy certificate is also imperative wherever applicable. However, this is a professional job and services of a competent advocate shall be used for the same.

    What is Encumbrance Certificate?

    All transactions that are in the nature of conveyance or transfer of immovable property of the value of Rs. 100/- or more have to be effected by a duly stamped and registered document. The entries relating to these transactions are recorded with the Registrar of Assurances concerned. The Encumbrance Certificate is an extract of this book for the period requested.

    Who is liable to pay Stamp Duty-the buyer or the seller?

    Unless the parties have agreed to the contrary, the liability of paying stamp duty is that of the buyer.

    In whose name are the stamps required to be purchased?

    The stamps are required to be purchased in the name of any one of the executors to the Instrument.

    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 price 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 do we mean by a Free Hold Property?

    A freehold property (plot or a flat) is one when there is an absolute ownership of the property. Ownership is full and unconditional (within the provisions of the laws of the land) and there is no lessor/lessee involved.

    What are the legal formalities in Gifting a Flat?

    Gift of an immovable property is considered as a ‘transfer’ under the provisions of the Transfer of Property Act and the transaction has to be registered through a Gift Deed and the stamp duty should be paid as per provisions of the applicable stamp act.

    What are the duties of the seller in a sale of immovable property?

    The seller should disclose all material facts including defects, if any, in the property which is the subject of sale, to the buyer. He also must produce the title deeds of the property. Upon completion of Sale, he has to give the possession of the property and also deliver the title deeds on receipt of the price.

    What is the purpose of Registration? What are the effects of non-registration?

    By Registration of transaction of immovable property will become permanent public record.. Those getting transfer of property should verify whether such property has been previously encumbered. According to Transfer of Property Act right, title or interest can be acquired only if the deed is registered. If a deed of transfer, which is compulsorily registrable, is not registered, it will not be admissible in evidence.

    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 required payments 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 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.

    I have filled Form 26QB and made the payment online, but I forgot to save the Acknowledgment Number generated at TIN website. From where can I get the Acknowledgment Number?

    a) Acknowledgment number for the Form 26QB furnished is available in the Form 26AS (Annual Tax Statement) of the Deductor (i.e. Purchaser/Buyer of property). The same can be viewed from the TRACES website (www.tdscpc.gov.in) or b) Taxpayer can also click the option ‘View Acknowledgment’ hosted on the TIN website. Taxpayer needs to enter PAN of the Buyer and Seller, Total Payment and Assessment Year (as mentioned at the time of filing the Form 26QB) to retrieve the Acknowledgment Number.

    What is the difference between long-term Capital Gains and short-term Capital Gains?

    If the house is held for less than three years prior to its sale, it is termed as a short-term capital asset and any gain arising from the sale is treated as a short-term Capital Gain. There are no tax exemptions for short-term Capital Gains and one needs to pay it according to the applicable tax slab. However, if the property is sold after holding it for more than three years, it is treated as a long-term capital asset and the gain arising from it is called the long-term Capital Gain. Such gains attract a flat exemption rate of 20%.

    How can one qualify for exemptions on the Capital Gains Tax?

    There are a few exemptions available for long term Capital Gains, if you: Buy or construct a new house: If you build a new house or buy one from the money you receive from selling a property, you are exempted from paying the tax on Capital Gains. However, the new purchase should be done either one year before or within two years of sale and the construction should be completed within three years from the date of transfer. The new property bought or constructed should not be sold within three years from the date of its purchase or date of completion of construction. Capital Gain Account Scheme: Through the Capital Gain Account Scheme (CGAS), you can save the received money in designated banks. CGAS helps you in buying time to look for suitable investments as it serves to inform the Income Tax department that you plan to invest the money received, but at a later date.

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