FAQs

Frequntly Asked Questions

Carpet area refers to the net usable floor area of an apartment, excluding external walls, service shafts, exclusive balcony or terrace areas, but including internal partition walls.

Super built-up area includes the built-up area plus a proportionate share of common areas such as lobbies, lift shafts, and staircases.

Built-up area comprises the carpet area along with the thickness of outer walls and any balconies.

Force Majeure denotes unforeseen events beyond the developer’s control that prevent them from fulfilling obligations.

An agreement for sale outlines the terms and conditions of a property’s sale, binding both parties and serving as the basis for drafting a conveyance deed.

Common parts and portions refer to areas and facilities of the building available for use and enjoyment by all flat owners and occupants.

Total consideration refers to the total payment for the property, excluding charges such as security deposits, stamp duty, registration fees, and any other levies imposed by authorities.

A facility management company is responsible for maintaining and managing the building, ensuring upkeep and maintenance services.

Earnest money is a percentage of the total consideration treated as a deposit by the seller, forfeitable in case of breach of agreement by the purchaser.

Possession And Registration

The completion date is the maximum time allowed for construction completion and issuance of the offer of possession letter, subject to force majeure events.
A completion certificate is issued by municipal authorities to confirm that the building meets safety and regulatory standards upon completion.
Maintenance charges commence from the date the builder offers possession to the customer.
A possession letter is issued by the developer to the buyer, indicating the date of property possession.
If a purchaser fails to take possession within the stipulated period, the developer may levy holding charges as defined in the sale agreement.
These are norms and regulations that buyers must adhere to for maintaining common areas, including any clubs in the project.
Fit-out rules detail how interior work or renovations should be conducted in the units.
A deed of conveyance is the legal document that transfers ownership of the property from the seller to the buyer.
Registration occurs after completing each phase and upon full payment of the sale consideration, facilitated by a legal consultant appointed by the developer.
Market value is the fair price determined by the government for the property, with Stamp Duty paid on the higher of the market value or agreement value.
For delays beyond the grace period, interest payable will align with the interest charged to buyers as delay penalties, subject to force majeure clauses.

Extra Charges

These are charges related to procuring transformers, substations, and electricity connections for the building.

These charges cover the preparation of the sale agreement, deed of conveyance, and any necessary legal documents.

This refundable deposit ensures proper mutation of flats by buyers; if not completed, accrued municipal taxes are deducted from it.

A sinking fund is established for upgrading services and covering costs related to repairs or replacements of equipment.

This charge is incurred to provide power backup to individual units.

Maintenance charges cover the proportionate share of expenses for maintaining common facilities and amenities.

A deposit for maintaining and servicing the Club within the project, if applicable.

Costs associated with forming the residents’ association.

This charge is levied on any transfer or assignment of the unit by the purchaser before the deed of conveyance is executed.

Taxation

GST is an indirect tax applicable throughout India, replacing multiple taxes. For under-construction projects, the effective GST rate is 12%, while completed units are exempt.
GST is payable additionally. Input credit applies to base prices, while variable charges attract GST at current rates, subject to change.
TDS is a withholding tax of 1% for buyers purchasing property worth ₹50 lakh or more, applicable to immovable property.
Buyers do not need a Tax Deduction Account Number (TAN) but must quote their and the seller’s PAN.
The buyer is responsible for deducting TDS and depositing it with the government.
The TDS payment due date is 30 days from the end of the month in which the deduction occurs.
Yes, the seller’s PAN is mandatory for the transaction.
Form 26QB is an online form for reporting TDS on property sales, available on the TIN website.
Form 16B is the TDS certificate issued by the buyer to the seller, confirming taxes deducted and deposited.
Capital Gains Tax applies to gains from property sales, calculated after considering inflation, transfer, and renovation costs.
You can retrieve the acknowledgment number from Form 26AS or the TIN website using PAN details.
Short-term capital gains apply to properties held for less than three years, taxed per applicable slabs, while long-term gains arise from properties held for over three years, taxed at a flat rate of 20%.
Exemptions are available if you buy or construct a new house within specified timelines after selling a property, or through the Capital Gain Account Scheme.

NRI

Profits can be deposited in an NRO account and remitted outside India, limited to $1 million per financial year.
Yes, rental income can be repatriated without specific permission.
No limits exist for buying/selling properties, but proceeds from two residential properties can be freely repatriated; any additional proceeds must go to an NRO account.
Customers bear any gains or losses; only the actual received amount will be credited.
Yes, NRIs can secure housing loans from authorized dealers, subject to certain conditions, with repayment terms not exceeding 15 years.
NRIs can pay through funds remitted to India or from NRE/FCNR accounts, but not from domestic resident accounts.
Necessary documents include a PAN card, OCI/PIO card (if applicable), passport, photographs, and address proof.
Yes, foreign nationals of Indian origin can buy property for residential use, but agricultural land purchases are prohibited. Purchase consideration must be from external funds or NRE/FCNR accounts.

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