FAQs
General
As per RERA, the definitions of Carpet Area, Built-up Area and Super Built-up Area are as follows:
- Carpet area, or the net usable area, is the space where one can spread a carpet (literally speaking).
- Built-up Area includes the carpet area plus the extra areas certified by the authorities, such as the area of the outer and inner walls, dry balcony area, etc.
- Super built-up area includes the Carpet Area + the Built-up Area, as well as a common share of the balance area, such as the stairs, lobbies, and galleries, which can be used by all the owners.
RERA (Real estate regulation act) was introduced in 2017 in India to develop and regulate the real estate sector by keeping the interests of homebuyers and builders in mind. The main aim was to keep all the real estate related things in a single epository, making it more transparent and accountable for homebuyers and builders :-
- Applicable to all residential and commercial projects
- The buyer pays only for the carpet area.
- Project completion date has to be mentioned in the agreement and has to be delivered on said time
- RERA website publishes all the details of the ongoing projects.
- In case of any delay, both buyers and sellers have to pay the same interest.
- Resolve disputes between buyer and seller within 120 days.
- “Agreement to Sale” has to be done before buyer pays more than 10% of the purchase price of the property.
- The builder cannot sell the property unless the project is registered under RERA.
Yes, all of our projects are RERA registered.
Prarthana Vihar : RERA Registration No. :-
PR/GJ/VADODARA/VADODARA/Others/MAA01396/230118
Infinity Park : RERA Registration No. :-
PR/GJ/VADODARA/VADODARA/Others/CAA08402/030521
Dhanani Towers : RERA Registration No. :-
PR/GJ/VADODARA/VADODARA/Others/RAA08893/130821
Want to know more about RERA in Gujarat? Find out more on the official
website: https://gujrera.gujarat.gov.in/
We can always run you by any doubts you might have on +91-9825069301.
A freehold property (plot or a property) is one where there is a whole and sole owner(s), ownership is full and unconditional (within the provisions of the laws of the land) and there is no lessor/lessee involved.
PIO & OCI can purchase land but not agricultural land.
FEMA prevents Foreign Nationals from purchasing Immovable Property in India. However, Foreigners fulfilling both of the following conditions may be permitted to buy property in India subject to approvals and fulfillment of the requirements, if any, prescribed by other authorities, such as the State Government concerned, etc.
The conditions are:
- He/she must be residing in India for more than 182 days during the preceding year
- His/her continued presence in India in the current financial year must be to take up employment, carrying on business or vacation in India or for any other purpose which would indicate an intention to stay in India for an uncertain period.
We believe in associating itself with only the most renowned for giving you the absolute best in design and quality.
All our projects are personally crafted by the likes of best-in-class architects.
Loan
The applicant and the co-applicant needs to provide the following documents :-
Documents required for Salaried Applicants :-
- Pan Card.
- Residence Address proof.
- Passport size Photos.
- Cheque for processing fees.
- Last 4 months salary slip.
- Last 6 months bank statement.
- Last 2 years form 16 & provident fund slip.
- Company I’d card.
- Another loan track record / NOC .
Documents required for self employed Applicant :-
- Pan Card.
- Residence Address proof.
- Passport size Photos.
- Cheque for processing fees.
- Last 3 years ITRs with computation of income, P&L A/C, balance sheet with CA certificate with membership no.
- Last 1 year bank statement. [Current&savings account].
- Company letter head.
- Office registration certificate.
- Telephone bill / mobile bill.
- Another loan track record / NOC.
The interest subsidy will be credited upfront to the loan account of beneficiaries through the lender bank resulting in reduced effective housing loan and Equated Monthly Installment (EMI).
Loan eligibility is dependent on primarily the following factors:
- Cumulative net monthly salary of the applicant and co-applicant.
- Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current home loan that your are trying to apply for) exceeds 50-60% of your total net take home salary.
- Loan to asset Value (LTV) ratio of 75% which means that the customer has to fund the remaining 25% through his savings or any other source.
Your age and your income are the primary criteria for the bank to decide your credit eligibility. For instance, a bank would be more willing to a younger person, earning a stable monthly salary. Such profiles have lower risk exposure.
Banks generally offer only 90 per cent of the total worth of the property as loan. Further, the amount you could borrow from the bank is decided only after banks carry out a technical valuation of the property. If you are asking for a loan of Rs 30 lakh while it is worth only Rs 25 lakh according to the bank’s estimates, it would offer you only Rs 22.5 lakh as loan.
Typically, your home-loan repayment tenure may last between five and 30 years. In most cases, loans are provided to borrowers for a 20-year tenure. Depending on your age and income, you can tweak the repayment tenure. Another way to cut the tenure short is pre-paying the loan.
In broad terms, the best bank to borrow a home loan is the one that offers you the cheapest interest rate. However, it is after doing rounds of calculations that you would be able to find out which bank is best-suited for your individual requirements. Some banks charge a substantial amount as processing fee and other such charges. Now, even if they offer you slightly cheaper loans, other factors may jack up the loan cost for you.
The current rate of interest is varying between 8.35% to 9.70% depending on bank to bank. The processing fee is around 5,000 rs which needs to be paid to the bank upfront at the time of submitting the application.
However, the interest rates will change at quarterly interval on 1st day of calendar quarter subsequent to the change in RBI’s Repo Rate.
In the fixed interest rate scenario, the interest remains constant throughout the loan period irrespective of the changes in market conditions while in the floating interest rate scenario, the interest can decrease or increase depending on market fluctuations.
We have a dedicated team working on supporting clients for their home loan requirements. We have tie-ups with major banks in India and have a APF code. The APF code is provided by banks or housing finance companies (HFCs). It denotes that the project has received all necessary approvals, and that homebuyers can invest in the project without any fear about the credibility of the developer.
The APF number makes it convenient for home loan buyers to get home loans and saves them from the horror of collecting legal documents of the project from the developer.
Some of the bank or Housing finance companies with which we have tie-ups are:-
- HDFC Bank.
- ICICI Bank.
- SBI Bank.
- Axis Bank.
- Bank of Baroda.
- Kotak Mahindra Bank.
- Yes Bank.
- Punjab National Bank.
- IIFL.
- Indiabulls.
We work with the banks to try and get you the loan within 7 to 15 working days of submitting completed Documents.
- The Applicant’s Family must not own a house in any part of the country.
- In the case of a Married couple, either a Single or a Joint ownership deal is allowed, and both options will receive just one subsidy.
- The Applicant’s family must not have availed the benefit of any housing related schemes set up by the Government of India.
- Property should be co-owned by a female member of the family.
Booking
The initial down payment to purchase a property in our projects is 10%. Though we are quite flexible & it varies since every client has different needs. Banks would only sanction loan once the margin money is paid by the client which is 10% of the “Sale Deed” Price.
Documents required to book a property are as follows:-
- Aadhar Card.
- PAN Card.
- 4 Passport size photos.
- Cancelled Cheque.
We do not clear the cheque paid by the client as booking amount unless all documents are submitted & verified by our team. We also strongly encourage our customers to go through loan consultation process & figure out the financial feasibility to avoid the cancellation of the property.
Following charges are levied in the event of cancellation :-
- We charge a flat fee of 5000 rs as cancellation charges.
- If unit is cancelled by either of the party after executing “Agreement to sale”, then client is liable to pay 1% of the “Sale Deed” price to the sub-registrar's office as cancellation charges.
Base Price :- This is the amount paid directly to the builder as the cost of the property. This comprises about 70-80 percent of the total amount. This amount is paid to the builder directly in installments at different stages as per the agreement. The builder generally charges a fixed amount or a percentage of the total cost as booking amount and the remaining amount to be paid depends on the construction stage of the project.
Maintenance deposit :- Once the building is ready for possession and handed over to the buyer, the Corpus Fund collected by each unit in the project is handed over to the new association formed. Thereafter, the association fixes a maintenance charge for the project which has to be paid by the house owner.
Infrastructure Development Charge :- This is also known as internal development charge and it is usually charged at per sq. ft. rate. This cost is levied by the government on the builder and is passed on to the buyer by the builder. It includes charges to be paid to different utility organizations like the electricity board, the water board, etc. This varies based on projects.
GST :- For residential properties within affordable housing segment, GST is levied at effective rate of 1% while it is levied at effective rate of 5% for residential properties outside affordable housing segment. For purely commercial projects, GST is levied at 12%.
Stamp duty :- Stamp Duty is a tax that is imposed on documents that is charged by state government. It acts as legal evidence of a residential property deal. The residence will not be registered under the homeowner’s name until the Stamp Duty has been paid completely. The current stamp duty in the state of Gujarat is 4.9% of the property purchase price.
Registration charges :- The documents need to be registered under the Registration Act, 1908 within four months from the date of execution after the stamp duty is paid. Unless the registration is completed, an entitlement of the said property is invalid. Registration will be done by the Sub Registrar of Assurances of the Jurisdiction where the property is purchased, If there is any delay in payment of the stamp duty it attracts a heavy penalty as it is a legal instrument and can be introduced as evidence in courts. The current registration charges in the state of Gujarat is 1% of the property purchase price. Registration charge in the state of Gujarat is exemted if the property is purchased by a female member of the family.
Legal fees :- This cost is charged by the lawyers on the builder & is passed on to the buyer by the builder for drafting & registering legal documents like “Agreement to sale” & “Sale deed”.
You will receive a payment receipt once the cheque is cleared in our bank account. In case of RTGS or NEFT payment, receipts can be made available once the transaction is reflected in our bank statement.
Every individual’s needs are different. We offer a wide variety of flexible payment plans that tend to the different needs of homebuyers. We have tie-ups with banks and can always personalize something for you. Kindly get in touch with us at info@dhanani.co.in or +91-9825069301 to find out more.
We pride ourselves in timeless design aesthetics; however, each one’s wants can always be discussed and worked together on. We already have a wide variety of Interior Design Packages and other Project Specific Packages.
Dhanani Realty has a driven architectural & design focused team who will be glad to help you out! Please get in touch with us at info@dhanani.co.in or +91-9825069301 for further assistance.
Legal
If you want to purchase a property, you must see the following documents :-
- Land Sale Deed.
- Title Deed.
- Approved building plan.
- Commencement certificate.
- NA certificate.
- Encumbrance certificate.
You can verify all documents on the RERA website https://gujrera.gujarat.gov.in/ by inputting builder’s name or the project name as well as you can search by the RERA number of the particular project.
An agreement to sale, is an agreement to sell a property in future. This agreement specifies the terms and conditions, under which the property in question will be transferred.
Sale agreement gives a right for the purchaser to purchase the property in question on the satisfaction of certain conditions. “Agreement to Sale” precedes Sale deed, signed and executed by the seller and buyer on a non-judicial stamp paper.
“Agreement to Sale” is executed once the buyer submits all KYC documents to the seller as well as the initial booking amount. According to the RERA rules and regulations, “Agreement to sale” needs to be compulsorily executed before buyer makes a payment of more than 10% of the agreed purchase price.
The stamps are required to be purchased in the name of any one of the executors to the Instrument.
A Power of Attorney allows a person to grant another person the right to make decisions regarding the person’s assets, finances and real estate properties.
There are two types of Power of Attorney. First, the ‘General Power of Attorney’ where a property owner confers ‘general’ rights. The rights include but are not limited to sell, lease, sub-lease etc. The second one is the ‘Special Power of Attorney’ wherein only a specific right is given by the owner to the chosen person.
Yes, you can execute a Special Power Of Attorney to get your property registered by someone else.
A sale deed is a contractual document to be registered at the sub-registrar’s office of the concerned jurisdictional area. A sale deed is complete legally when it is signed by the Seller and Buyer. This document completes the Real Estate transaction. A sale deed confirms the legal owner of the property. So, practically it transfers the ownership of the property from the Buyer to the Seller and provides legal protections to the Buyer of the property.Nowadays, property registration process has been completely computerized in most states.
Sale deed is executed after entire amount is paid by the buyer to the seller. One should enter into “Agreement to Sale” with terms & conditions mentioned on it before completing the sale and full amount settlement.