Project Specific FAQs
Q - What is the location of the project?
A - On Pune-Satara Road.
Q – Which banks are affiliated?
A - Affiliated banks are SBI, PNB and Vijaya Bank.
Q - When can the customer expect to move into his new home?
A - Customer can move in as soon as the Agreement to Sale has been made and the Villa has been constructed.
Q - Are there any hidden charges beyond the charges already explained?
A – There are no hidden charges and everything is mentioned clearly in the quote/price sheet.
Q - What is the percentage of own contribution for the customer if he has applied for a home loan?
A - 40% OCR for plots and 30% OCR for loan against construction.
Q - What type of agreements are to be signed at the time of purchase?
A - Agreement to Sale, like a sale deed is to be signed.
Q - Can I buy the property under a joint name between customer and company?
A - Yes property can be bought in a company name. Also, the number of applicants has no limit.
Q- Water supply will be natural or provided through tankers? Also, is the water supply for each individual development perennial?
A - Water supply is natural and perennial throughout the year.
Q - What are the provisions for electricity supply & what would the applicable charges per KW be?
A - Each unit will have individual MSEB meter and residents will be charged as per usage.
Q - Is there electricity provision for common areas, including roads and amenities?
A - Common areas have 24X7 power backup.
Q – What about provisions of security within the premises?
A – The project has 3-layer security with entrance gates and security checks.
Q - What are the provisions for Sewage Treatment Plants, Water Treatment Plants and Waste Treatment Plant on the site?
A – We have installed STP, WTP and waste management plants on site keeping in mind the density of the 160 acre development.
Q - Proximity to social infrastructure like schools, colleges, hospitals, retail, restaurants and banks?
A – Yes, the project has schools, colleges, hospitals & retail stores in its vicinity.
Q – After the down payment, when can the customers start construction?
A - Immediately after the agreement is executed.
Q - Can the customers have their own architect and contractor?
A - Customers do not have the freedom to choose their own architect as the overall elevation of the project has to look symmetrical. They are, however, free to employ contractors of their choice.
Q. Do customers have a provision for housekeeping staff or butlers?
A – A facility management vertical is to be formed which will assist and act as concierge-on-call for the residents. The project will also provide for driver rooms as part of the future proposed development.
Q - Can NRIs and Overseas Corporate Bodies (OCB) invest in India?
A - NRIs and OCBs can make investments in India in consonance with the Indian law, RBI rules and regulations as well as other regulations set forth by the Foreign Investment Promotion Board (FIPB). NRIs and OCBs can make up to 100% equity investment in the real estate sector and the nation’s civil aviation sector. Furthermore, all investments except the real estate investments, are fully repatriable. For real estate investments, the lock-in period on original investment is 3 years.
Q - Can NRIs obtain loans for buying a property for residential purpose from financial institutions providing housing finance?
A - Reserve Bank has granted general permission to certain financial institutions dealing in housing finance to grant housing loans to non-resident Indians for acquisition of property for self-occupation, subject to certain conditions.
Q - What are the formalities required to be completed by a foreign citizen of Indian origin for purchasing residential immovable property in India under general permission?
A - You are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration, along with a certified copy of the document evidencing the transactions and bank certificate regarding the consideration paid.
Q - Can such property be sold without the permission of Reserve Bank?
A - Yes, Reserve Bank has granted general permission for sale of such property. However if the property is purchased by another foreign citizen of Indian Origin, funds towards the purchase consideration should either be remitted to India or paid out of balance in NRE/FCNR accounts.
Q - Can a foreign citizen of Indian origin acquire or dispose of residential property by way of gift?
A - Yes. Reserve Bank has granted general permission to foreign citizens of Indian Origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian Citizen or a person of Indian origin whether residing in India or not, subject to compliance with applicable tax laws.
Q - While purchasing real estate most developers demand a power of attorney in their favour, is there a way to avoid it?
A - One can choose not to grant the Power of Attorney (POA) to the developers. However, this will mandate the mailing of all documents to your foreign residence and associated time delays.
Q - What is the criteria regarding availing home loans for NRIs in India?
A - According to Reserve Bank guidelines for NRIs, the loan amount shall not exceed 80% of the cost of the dwelling unit, also depending upon the bank norms. Own contribution, which is the cost of the dwelling unit financed less the loan amount, can be met from direct remittances from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non- Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India. Repayment of the loan, comprising the principal and interest including all the charges are to be remitted from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.
Q - How much loan can one get?
A - You can get a Home Loan of up to 80% of the Total Consideration Value or eligible income drawn, whichever is lower.
Q - Can an NRI give a power of attorney to a person in India for completion of loan formalities on their behalf?
A - Yes. We very well understand that as an NRI you have a different set of needs with respect to your real estate management and investment requirements and we also understand that it needs a special set of services to cater to your requirements. The good news from India is that the Government has allowed 100% repatriation for NRIs. The Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd. etc. to grant housing loans to non-resident Indian nationals for acquisition of houses/flats for self-occupation subject to certain conditions.
Q - What is adjudication?
A - In case you wish to ascertain the correct stamp duty payable on an instrument, an application can be made to the Collector of Stamps.