Frequently Asked Questions
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We understand that buying a flat in Guwahati, or any other city in India is a cumbersome process. It is essential that you, as a buyer know about the legal, administrative and functional aspects of a flat on sale, before deciding to buy the same. We, at Protech Group, Guwahati wants you to make an informed home buying decision.
We bring #ProtechGuru to you. He answers the Frequently Asked Questions (FAQs). If you have any question that is not covered below, you can ask him and he will respond every Thursday of every week.
HOW TO PUT QUESTIONS TO PROTECH GURU
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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'.
Super Built-up Area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc.
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.
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 on the basis which a conveyance deed is drafted.
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.
The maintenance of the project begins from the deemed date of handover and shall continue as per the agreed terms and for agreed period.o 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.
A certain percentage of total Consideration amount as mentioned in the sale agreement shall be treated by the seller as Booking Amount, 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.
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.
Freehold property means the property which is free from the hold of any entity, besides the owner. You can enjoy complete ownership and sell, renovate or transfer it as per your convenience.
In case of leasehold property, it is owned for a certain period of time as agreed in a lease. Generally, the lease period varies from 30 to 99 years. The lease can be extended by giving some amount of money.
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.
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.
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.
On obtaining completion, builder will declare a particular date, from when the handing over of possession begins. This date shall be the deemed date of handing over of possession of the entire project/apartment owners. The maintenance charge begins from the deemed date of handover of project.
The possession letter is issued by the developer in favour of the buyer stating the date of possession of the property, which shall be the deemed date of hand over of possession stated in sl. no 3
In the event that the Purchasers fails to take over possession of the Unit by making requi1payments 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.
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
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.
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.
o 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.
For any delays beyond the grace period notified for the project for completion, the compensation to be paid will be as per the terms stipulated in the AFS subject to force majeure clause.
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.
In any multi-unit residential project, there will be services like common area lighting, water supply,
fire protection and safety, generator set, swimming pool, park etc. that will need maintenance
every month. So it becomes necessary to form a society of all the owners of the flats in the project.
The society will have office bearers who will carry out the maintenance work of the project.
This society collects a nominal amount from all the owners under the head - Maintenance Charge.
Some project calculates the amount on the basis of per sq. ft. of built-up / super built-up, and
others may charge a fixed amount, which is subject to increase in every consequent year.
Generator connection charge is taken to provide power backup in the common areas.
Yes, we can convert the rate to carpet area as well. Most of our buyers find it convenient to understand the rate in SBU area to draw comparison with other projects. For the purpose of documentation cost sheet is been attached.
The Applicant / Intending Allottee cannot transfer the registration, application or allotment in favour of a third party during the lock-in period as notified for the project in the application form. Thereafter if the buyer wishes to transfer the apartment before taking the possession, he/she may do so unless approved by the Company, who may at its sole discretion permit the same on payment of transfer/nomination charges if applicable.
Yes, this request can be accommodated subject to availability and it is completely at the discretion of the developer. Such changes are subject to prevalent rates and any differential in pricing being payable as the case may be. Customers availing home finance need to consult such arrangements with their banker post approval from the developer.
You can Transfer your apartment to any intending purchaser by entering into a nomination agreement before registration by giving a request letter and paying the nomination charges. However the presence of all previous buyers for the said unit would be mandatory during registration and incorporation of conveyance deed.
If at any point of time you decide to cancel your application after agreement, then the seller shall be entitled to forfeit the booking amount 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.
Yes, you can execute Special Power Of Attorney to get your property registered by someone else.
You will have to enter into an Agreement for sale and upon the completion of project construction & offer of possession and subsequent clearance of dues we will do the registration and enter into deed of conveyance.
Property can be bought and owned jointly by more than one person. There are some legal and financial implications in such a case that needs to be taken care of so as to avoid disputes. One of the most common reasons for owning property jointly is finance. People pool in funds to buy a property. A common example of this is purchase of property by husband and wife. By clubbing their incomes, they are also eligible for a higher loan amount. Couple having separate sources of income may pool in their resources to buy a home. Personal name can be combined with company name as well for purchase of property.
Customers are encouraged to book their selected units in the project with us directly. To proceed with your application, please share the following documents: -
- Duly filled and signed application form by the applicant.
- Pan card.
- Voter id/Aadhar Card/ Passport.
- 10 copies of passport photographs.
Yes, it is possible. But, the home loan has to be closed before selling the property. Process:
- Obtain NOC (No Objection Certificate) from the bank for loan foreclosure.
- Pay the foreclosure amount to the bank and obtain the documents.
- After the registration, handover the documents to the buyer.
While buying a property you always need to check on the approved layout plan, ownership related documents, approved building plan etc. You may also like to do a title and document search through the professional services of a competent advocate.
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.
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.
The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth â‚¹ 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor.
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.
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.
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.
PAN of the seller is mandatory. The same may be acquired from the Seller before effecting the transaction.
The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB
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.
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.
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.
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%.
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.
Pricing is a function of location, product, amenities, brand and the commitment it is known to have delivered. We would request you to kindly allow us to fix your appointment with one of our sales associates, who would give you an in-depth knowledge about the product and its pricing and how it is the best value for your money.
As a company policy, we do not speculate on future pricing. It is governed by market factors. However, our projects have in the past performed well even against market adversities.
Pricing is an integral part of this business model and is arrived at after due calibration and market studies. As a company policy we therefore do not offer any discounts.
Price is a market phenomenon and cannot be generally guaranteed however we strive to add value to your investment and historically have been instrumental in helping our investors grow their asset value with higher appreciation than the market trends.
This project has a lock-in period post signing of Agreement for Sale. There is a possibility that there may be sellers who are keen to trade-off their units however the availability of the unit that you intend to purchase is of the essence. Availability of inventory which as a developer we offer has far more variety as against retail investors attempting to sell their individual units. Individual sellers may keep a variable pricing to make their proposition appear lucrative or the seller is selling in distress.
Our pricing is uniform whether the application is done directly or via channel partners. Passing of any discounts is a practice which we neither promote nor endorse.
We do not buy back apartment. However we assist in resale which will be on chargeable basis.
Yes absolutely, you can bring your family members, friends and associates to the project site whenever you wish throughout the lifecycle of the project and our team at site would be delighted to host them. We understand that buying a home is a collective decision and every member plays an important role in this process. There is a pickup as well as drop arrangement on prior appointment basis for visiting our experience center at project site.
Normally a homebuyer invests his lifetime saving in purchasing a home for his family. Hence, it is important on the part of the buyer to ensure prior to entering into purchase of immovable property that it is free from any encumbrances. Title Investigation report from the competent authority must be verified and checked. In conclusion, Non Encumbrance Certificate issued by the Land Record Section of the District office/authority can be relied upon.
There are a few distinct advantage of buying an under construction property. An under construction property is likely to cost less than a ready-to-move-in property, and you would find a lot more options in the market. It is a better investment because the price of the property rises with each floor of completed construction.
There is payment flexibility and you are not required to pay the entire amount at one time. Thanks to RERA that risks of buying under construction property has considerably reduced. If the builder fails to deliver the completed property within stipulated time, it will have to return the entire money to the buyer.
Currently Protech Group has all its projects in and around the city of Guwahati. However, we have plans to take brand Protech across the state of Assam and North-east. Jorhat is one of the most developed strategic location for Protech, and we do have plans of coming up with new projects in Jorhat in the immediate future.