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.
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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 ₹ 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.
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