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FAQ

What is carpet area?

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’.

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 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 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.

When will the maintenance charges starts?

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

What is maintenance charges?

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 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.

What is green building concept?

Green building is the practice of creating structures and using processes that are environmentally responsible and resource-efficient throughout a building’s life-cycle from siting to design, construction, operation, maintenance, renovation and deconstruction.

What happens if customer cancel his application?

If at any point of time you decide to cancel your application after agreement, then the seller shall be entitled to forfeit the Earnest Money Deposit and refund the balance amount as per the timeline mentioned in the sale agreement. If any interest towards payment delay has accrued then the same would be deducted while arriving at the refund amount.

Definitions

What is carpet area?

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’.

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 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 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.

When will the maintenance charges starts?

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

What is maintenance charges?

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 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.

What is green building concept?

Green building is the practice of creating structures and using processes that are environmentally responsible and resource-efficient throughout a building’s life-cycle from siting to design, construction, operation, maintenance, renovation and deconstruction.

What happens if customer cancel his application?

If at any point of time you decide to cancel your application after agreement, then the seller shall be entitled to forfeit the Earnest Money Deposit and refund the balance amount as per the timeline mentioned in the sale agreement. If any interest towards payment delay has accrued then the same would be deducted while arriving at the refund amount.

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