Business, Realty, Residential Real Estate

Sahana Realty has witnessed new achievements at every step of its success story since its inception. Endowed with a well-experienced team of project planners, architects and engineers, it looks forward to accomplishing several residential landmarks across the city. Its skilled workforce is efficiently handling multiple under construction projects in Mumbai, including the luxury identifiers Beaumonte in Sion and Swapna Saphalya in Worli.

All its ongoing projects in Mumbai are characterized by their cutting-edge standards, world-class amenities and prime locations. Sahana Realty employs stringent quality benchmarks, and adheres to all the necessary guidelines for executing its ongoing residential projects in Mumbai. Its innovative approach at par with the rapid infrastructure growth in the city has allowed Sahana Realty to establish adaptive set-ups for all its under construction residential projects in Mumbai.

Residential Projects

Three Sixty West

Prabhadevi, Mumbai

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Beaumonte

Sion Circle, Mumbai

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Lodha Divino

Matunga, Mumbai

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Swapna Saphalya

Prabhadevi, Mumbai

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Juhu Bunglow

Ocean View

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Three Sixty West

Prabhadevi, Mumbai

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Beaumonte

Sion Circle, Mumbai

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Lodha Divino

Matunga, Mumbai

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Swapna Saphalya

Prabhadevi, Mumbai

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Juhu Bunglow

Ocean View

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Sahana Group Partners

Sahana Group Partners

01 HOME LOAN

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.

02 COMMERCIAL LOAN

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.

03 LOAN AMOUNT

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 fiancÃ©e 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.

04 DISBURSEMENT

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.

05 DOCUMENTS NEEDED

Documents required for self-employed persons :

Updated pass book or Xerox copy of the applicant's statement of accounts for the past 6 months

A Xerox copy of the applicantâ€™s ration card

A profile of the applicant's business mentioning at least the nature of the business, client list, suppliers, employee strength, geographical spread, etc.

In the case of a business partnership a copy of the partnership deed, 3 years P & L a/c, B/S, computation of income certified by a CA and individual computation of income and tax returns for the last 3 years is required

In the case of a proprietor or professional, 3 years P & L a/c, B/S, computation of income certified by a CA and an income tax return file statement for the 3 years is required

If the company applying for a loan is a Pvt. Ltd. a remuneration certificate, the board resolution for fixing remuneration, the company's annual report and individual IT returns for the last 3 years is required.

Documents required for employed persons :

Latest salary certificate or the original slip

A Xerox copy of Form no.16 A (TDS Form) from the applicants Employer

The original certificate from the applicants employer for any other allowances that are not reflected in the applicants salary slip

A Xerox copy of the applicants updated bank pass book or a statement of the applicants accounts for last 6 months

A Xerox copy of the applicants voter I.D. card or the applicants Company's I.D. or the applicants passport/ ration card

A passport size photograph of the applicant & co-applicant.

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.

01 WHAT DEFINES AN NRI?

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".

There are different scenarios under which a person is considered as an NRI-

If the person is residing in India for 182 or lesser number of days in the foregoing financial year.

If the person has travelled outside the country to pursue his/her own business or take up an employment.

When the person traveling outside the country is uncertain about his stay in the foreign land.

02 WHAT ARE THE PROVISIONS MADE BY INDIAN GOVERNMENT FOR NRIS?

NRIs can hold bank accounts in Indian banks.

NRIs can invest in shares, deposits and securities with Indian companies.

NRIs can invest in intangible properties in the country.

03 WHO IS ALLOWED TO BUY IMMOVABLE ASSETS IN INDIA?

There are certain categories of people who are allowed to purchase immovable assets in India. They are-

PIO (Person of Indian Origin) - PIO is someone not holding citizenship of countries like China, Bhutan, Nepal, Iran, Afghanistan, Sri Lanka, Bangladesh or Pakistan and who
Has held an Indian passport in the past, or

Who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).The general permission, however, covers only purchase of residential and commercial property.

Non-Resident Indian (NRI) - An Indian citizen resident outside India.

04 ARE NRIS LIABLE TO PAY CAPITAL GAINS TAX?

Yes, NRIs are liable to pay short-term as well as long-term Capital Gains tax.

05 HOW IS CAPITAL GAINS TAX CALCULATED?

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 -

There are different scenarios under which a person is considered as an NRI-

Selling a residential property and investing the money in constructing or buying a new residential property in a specific period of time. This exemption is bound by the sum invested in buying a new property or the capital gains earned, whichever amount is lower.

Investing capital gains in Rural Electrification Corporation or bonds owned by National Highways Authority of India entitles one to claim complete exemption from the capital gains tax. The comparable gains are exempted in accordance with the 2007-08 Financial Budget. A limit of Rs. 50 lakhs is levied on investments that one makes in capital tax saving bonds.

Benefits to Buyer

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.

Responsibilitiesof Buyer

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.

Few Important Compliances by Builder:

Informing allottees about any minor addition or alteration.
Consent of 2/3rd allottees about any other addition or alteration.
No launch or advertisement before registration with RERA
Consent of 2/3rd allottees for transferring majority rights to 3rd party.
Sharing information project plan, layout, government approvals, land title status, sub-contractors.
Formation of RWA within specified time or 3 months after majority of units have been sold.

Which projects fall under RERA

Commercial and residential projects including plotted development.
Projects measuring more than 500 sq.mts. or 8 units.
Projects without Completion Certificate, before commencement of the Act.
If the project is only for the purpose of renovation / repair / re-development which does not involve re-allotment and marketing, advertising, selling or new allotment of any apartments, plot or building in the real estate project, will not come under RERA.
Each phase is to be treated as standalone real estate project requiring fresh registration.