Q. Normally, what is the title to the plot on which the project is built ?
A. The title to the property of all our projects are absolutely clear and marketable. The title is good for any financial institution to fund the mortgage of the units.
Q.What is the legal title or ownership of the individual units ?
A.As provided under the law, an apartment condominium or cooperative society is formed. In case of apartment condominium, sale deed is executed in favor of each individual purchaser. In case of cooperative society, the entire land along with building is conveyed to the society of which the individual purchaser is a member.
Q.Other than the cost of the unit, are there any other financial obligation on the buyer ?
A.Yes. Applicable stamp duty, registration charges, VAT and Service Tax with GST electrical connection charges, layout charges (if any) and deposit for society payments along with initial maintenance charges. Except electrical connection and layout charges, none of the above is payable to the developer.
Q.Are there any transfer fees to be paid on booking, possession or after the possession ?
A.No transfer fees are payable upon booking or upon possession. However, a 2% transfer fee plus applicable taxes shall be payable in case of resale by the purchaser to a third party.
Q.Are there any restriction on sale or transfer of property ?
A.Normally, resale shall not be permitted until completion of the project and handover the unit. However, in exceptional circumstances the developer may transfer the unit to a third party acceptable to the developer. A transfer fee of 2% plus taxes shall be levied in such cases.
Q.What is this 5- years exclusive warranty that you advertise ?
A.We are perhaps amongst the two developers in the country who offer 5 years warranty on constructed property. The warranty covers preventative maintenance and complaint calls. A comprehensive Warranty Agreement is executed along the Sale Agreement. The warranty agreement clearly details what is covered under warranty, what is not and also details the procedure and terms and conditions.
Q.How can I keep track of the work progress of my unit ?
A.The current photographs of all the projects are uploaded on our website regularly. So wherever you are, you can always keep track of the work progress.
Q.Could you give me reasons why I should buy from you rather than another developer ?
A.All our projects carry clear title and are excuted as per certified RCC design (earthquake resistance). We offer quality construction in the best locations at reasonable price. The fact that we have built continuously in Nashik for 40 years and that 70% of our sales are through our previous customers speaks of our goodwill and reputation. See 'About us' for more details.
Q.Is any financing facility available from any financial institution ?
A.All our projects are approved by most leading financial institutions. You may choose any lending institution and we shall get the master file approved. For details on lending procedures, please contact the institution of your choice directly. A link to most institutions is available on our website. We shall be glad to help you in every possible way to avail of maximum loan.
Q.What are the penalties for any delay in payment of installments? Are there any penalties or compensation by the developer for delay in handing over the possession ?
A.Interest on delayed installments and penalty for delayed possession (if at all) shall be governed by the provision of laws in force and shall be stated explicitly in the agreement.
Q.What are the possibilities of finding suitable tenants and what rental can be expected ?
A.Finding suitable tenants for premium houses is not difficult. Rental returns on residential property in Nashik currently is about 5-6% p.a. with six months security deposit.
Q.Are there any special consideration/issues for sale of property to NRIs/PIOs ?
A.There are no restrictions on NRIs purchasing constructed property in India. Please visit the RBI website for details. A link is provided under NRI/PIO on our website.
Q.In case I decide to buy, can you arrange for a site visit ?
A.Yes, of course. Just get in touch with us and we shall finalize your institution with visit as per your convenience.
