Kenilworth Mall is centred at the heart of Bandra West, a bustling suburb, which is home to several celebrities and high-net individuals. The mall features a ground + 3 floor layout, along with a double basement dedicated to car parking and servicing. One of its key amenities is the car elevator. Furthermore, one can find an array of restaurants occupied by numerous footfalls in this busy mall.
The buyer is entitled to receive information about the sanctioned plan, layout plan as approved by the competent authority, stage wise time schedule of the project completion and the services promised by the real estate developer like drinking water facility, electricity, sanitation etc. After receiving the physical possession of the unit, the buyer has a right to obtain the necessary documents and plans including that of the common areas.
The buyers can claim possession of the unit and the association of buyers can collectively claim possession of the common areas as declared by the builder. This has to be as per the Apartment Ownership act of the State.
If the real estate developer fails to meet the timeline or does not deliver what was promised, the buyer has a right to claim refund of amount paid along with prescribed interest and compensation for the same
Also buyers will have to be updated about project progress, sales and construction status by the builder. Also buyers will have to be updated about project progress, sales and construction status by the builder.
It is mandatory for a buyer to make timely payments to the real estate developer as per the agreement for sale. He will also have to pay his share of registration charges, municipal taxes, maintenance charges, ground rent, electricity charges, water supply charges and any other services.
Once the occupancy certificate is issued by the real estate developer, the buyer is required to take possession within two months’ time.
If the buyer is not able to make timely payments for his purchase, he is required to pay interest at a prescribed rate. It is compulsory for a buyer to exhibit active participation in the formation of an association, a cooperative society or any federation of buyers. A buyer shall participate towards registration of the conveyance deed of the unit.
To be eligible for a home loan, the applicant must be at least 21 years of age with a regular source of income from employment or self-employment. The loan must terminate before or when the applicant turns 65 years of age.
To be eligible for a commercial loan, the applicant must be at least 21 years of age with a regular source of income from employment or self-employment. The loan must terminate before or when the applicant turns 65 years of age. The loan can be for the purchase/construction/extension of a non-residential property. A loan for renovation will only be given at the time when the property has been acquired. Professionally qualified and self-employed individuals can apply for a loan but a minimum of 3 years of work experience is a necessary.
The loan amount depends on a number of factors such as age, income, number of dependents, qualifications, assets and liabilities, income stability, business profits, etc. However, there are several ways in which one can increase loan eligibility and amount. If a spouse or fiancée is earning, applying together as co-applicants can increase chances of a larger loan amount. In such cases, proof of marriage must be submitted. On the contrary, if there are any co-owners they must necessarily be co-applicants. Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility. However, the most important factor in sanctioning loans is repayment ability. The total cost includes registration charges, transfer charges and stamp duties.
The loan will be sanctioned after the selection of property and submission of the required legal documents. The process might take some time as each document needs to be verified for the safety of the applicant. The 230 A Clearance of the seller and / or 37I clearance from the appropriate income tax authorities (if applicable) is also needed. Once the above has been submitted and verified, the registration of the conveyance deed and investment of the applicant's own contribution and the loan amount will be disbursed by the bank. The disbursement will be in favour of the builder.
Mumbai has always attracted Non-Resident Indians ever since the country's financial capital started registering phenomenal infrastructure growth. NRIs based in different parts of the world prefer to park their earnings in Mumbai properties as compared to other cities of India. Various investment reports and trends clearly show that majority of NRIs are always on the lookout for prime residential properties in the city and the economic slump did not have any effect on their buying decisions. Also, with the Indian government coming up with new reforms and rule relaxations, it has become easier for NRIs to invest in Mumbai properties without much red-tape and delays. The government also relaxed FDI rules and cleared several key bills including the Real Estate Regulatory bill and Land Acquisition Act. These measures have further encouraged NRIs to invest in Mumbai and gain attractive returns in a short period of time.
As an informed investor, it is your duty and responsibility to research the property market well before you decide to go ahead with any property agreement. Some key questions have to be answered pertaining to the developer's market reputation, the projects, facilities, location advantage and payment options, to name a few. Sahana Realty promises valuable investment avenues in different key locations across Mumbai.
We are one of the leading real estate organizations in Mumbai and all our projects are accomplished by experienced architects, reliable contractors and intelligent planners to deliver exceptional results. We have a full-fledged team of real estate experts who are well-informed of the various market developments and accordingly, customize our offerings to cater to a diverse clientele. Signed by premium luxury and known for unmatched exclusivity, our residential landmarks set a benchmark of their own.
A Non-Resident Indian is a person living outside the country and who holds an Indian citizenship. Section 2(w) of the Foreign Exchange Management, 1999 defines an NRI as a "person resident outside India".
Yes, NRIs are liable to pay short-term as well as long-term Capital Gains tax.
Capital Gains tax is calculated on Land & Building, house, development rights & jewellery.Percentage of TDS is 20.6% for long-term gains and 30.9% for short-term gains. For long-term capital gains, one can claim exemptions if -
Signing a title report (received from the solicitor of the property) with any fine print and specific government reservations is unadvisable. Accept clearance reports that are lucid and specific. For instance, if you are interested in buying property that has been built over reclaimed land, make sure that building has been given clearance by the government. Precautionary measures will prevent you from getting embroiled in any future disputes. They will also help ensure that your home loans aren't scrutinized.
When buying property from a developer, you are entitled to question the company for their permissions and approvals for the property in question. A builder must have a ULC Order (though not always), IOD and CC for the project and the MCGM approved plans in order to begin construction.
When buying a property with loans from specific financial institutions, tax authorities provide certain benefits and exemptions from tax payments.
Section 24 of the Income Tax Act states that an investor is allowed to deduct an amount equivalent to the total interest payable on the housing loan from his/her taxable income within the same financial year. If an investor were to take a loan, he/she would receive a deduction of up to 1.5 lakhs on the interest rate paid. The only concern is that the property would have to be bought or constructed within 3 years from the end of the financial year in which the loan was taken and would have to be self-occupied.
According to Section 80c of the Income Tax Act: A deduction u/s 80C (2) (xviii) is available on repayment of the principal during a financial year of up to Rs. 1,00,000/-, this aforesaid limit is within the overall limit of Rs. 1 lakh, specified in section 80C of the Income Tax Act. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assesse is also considered under this amount.
