DEFINITIONS

  1. What is Carpet Area?
    • 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'.
  2. What is Super Built-up area?
    • Super Built-up Area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc.
  3. What is Built-up Area?
    • 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.
  4. What is Agreement for Sale?
    • 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 basis which a conveyance deed is drafted.
  5. What is Total Consideration?
    • 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.
  6. What is Facility Management Company?
    • 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.
  7. What is Earnest money?
    • A certain percentage of total Consideration amount as mentioned in the sale agreement shall be treated by the seller as Earnest Money, 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.
  8. What comes under common parts and portion?
    • 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.
  9. What is Force Majeure?
    • 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.

POSSESSION & REGISTRATION

  1. What is Completion date?
    • 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.
  2. What is Completion certificate?
    • 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.
  3. When will the maintenance charge start?
    • The maintenance period will start from the date the builder offers possession to the customer.
  4. What is Possession letter?
    • The possession letter is issued by the developer in favour of the buyer stating the date of possession of the property.
  5. What is holding charge?
    • 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.
  6. What is House Rules, Club Rules & Restrictions?
    • 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
  7. What are Fit-out rules and guidelines?
    • 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.
  8. What is Deed of conveyance?
    • 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.
  9. What is the process of registration and when does registration take place?
    • 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.
  10. What is meant by the market value of the property and is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement?
    • Market value means the fair price declared by government at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value whichever is higher.
  11. What will be the penalty if you do not deliver on time?
    • For any delays beyond the grace period notified for the project for completion, the rate of interest payable by us would be the same as the rate of interest charged to buyers towards delay penalties subjected to force majeure clause.

EXTRA CHARGES

  1. What are Transformer & Cabling charges?
    • Charges and expenses incurred towards procuring transformer, sub-station, electricity connection HT/LT and laying of cables for the building complex.
  2. What are Legal / Documentation and professional charge?
    • 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.
  3. What is Municipality Deposit?
    • This is a refundable deposit obtained from the buyers to ensure mutations of flats are caused by buyers. In the event the mutation is caused by the buyer, the entire deposit is refunded to the buyer. In the event the mutation is not done then municipal taxes accrued in respect of the flat is paid out of the deposit money.
  4. What is Sinking Fund?
    • Sinking Fund is a fund created for upgradation of services from time to time and in connection therewith various costs which are to be incurred including capital costs which may have to be incurred for the purpose of repairs and/or replacement of the various equipments and/or installations.
  5. What is Generator connection charge?
    • Generator connection charge is taken to provide power backup in the individual units.
  6. What is Maintenance charge?
    • Maintenance charge shall include the proportionate share of charges/expenses in maintaining all the facilities and amenities comprising the general common elements irrespective of use/availability.
  7. What is Club maintenance deposit?
    • Deposit provided by the buyers for maintenance and upkeep of the Club, if any in the Project.
  8. What is Association formation fee?
    • Costs and charges for formation of association.
  9. What is Nomination/Transfer charge?
    • Nomination / Transfer charge means the charge that is levied on any transfer /assignment /nomination by the Purchasers of the said unit before the Deed of Conveyance is executed by the Developer.

TAXATION

  1. What is GST and its impact on real estate?
    • 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.
  2. Is GST included in this price; am I eligible for input credit as per law?
    • 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.
  3. Most developers including some projects of PS have advertisements that they are passing on the GST benefit?
    • We don't offer discounts on our projects. All our pricing are GST adjusted & realistic based on our product offering. PS is a partner in many projects with various developers and investors. However, not every project is managed, developed and sold by us. We are passive partners in such projects. The decision of discounting or offering special schemes in those projects is the prerogative of the lead developer in such projects.
  4. What is TDS on property?
    • 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.
  5. I am a Buyer. Do I need to procure TAN to report the TDS on Property?
    • 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.
  6. Who is responsible to deduct the TDS on sale of Property?
    • 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.
  7. What is the due date of payment of TDS on sale of property?
    • 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.
  8. What if I don't have the PAN of the seller, is it Mandatory?
    • PAN of the seller is mandatory. The same may be acquired from the Seller before effecting the transaction.
  9. What is Form 26QB?
    • The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB
  10. What is Form 16B?
    • 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.
  11. What is Capital Gains on property purchase?
    • 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.
  12. I have filled Form 26QB and made the payment online, but I forgot to save the Acknowledgment Number generated at TIN website. From where can I get the Acknowledgment Number?
    • 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.
  13. What is the difference between long-term Capital Gains and short-term Capital Gains?
    • 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%.
  14. How can one qualify for exemptions on the Capital Gains Tax?
    • 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.

NRI

  1. How do I repatriate profits or capital gains on sale of a property?
    • There is a restriction on the remittance of proceeds beyond the principal amount of investment. However, the profits and/or gains can be deposited in the NRO account of the remitter and, consequently, the same can be remitted outside India, provided it does not exceed the threshold of $1 million per financial year.
  2. Is rental income freely repatriable?
    • Rental income can be repatriated freely from India without taking any specific permission.
  3. Is there any limit on the number of properties that NRI or PIO can buy or sell?
    • There is no restriction on the number of properties that a person can buy or sell. However, there is a restriction on the number of residential properties whose sales proceeds can be freely repatriated. While the proceeds of two residential properties can be freely repatriated, the proceeds from third property and thereafter can be deposited in an NRO account out of which a total of $1 million per financial year can be freely remitted.
  4. Who bears the exchange rate gains or losses on transfer of funds?
    • Any gains or losses on transfer of funds would be borne by customers. We will only credit the value that is actually received. Any variation will be carried over onto the next installment due
  5. Can NRIs obtain loans for acquisition of a house/flat for residential purpose from authorized dealers/financial institutions providing housing finance?
    • Reserve Bank has granted general permission to certain financial institutions and authorized dealers approved by the National Housing Bank to grant housing loans to non-resident Indian nationals for acquisition of a house/flat for self-occupation subject to certain conditions. The purpose of the loan, margin money and the quantum of loan will be at par with those applicable to housing loans to residents. Repayment of loan should be made within a period not exceeding 15 years out of inward remittances or out of funds held in the investors' NRE/FCNR/NRO accounts.
  6. What mode of payment can an NRI/PIO make to purchase a residential property in India?
    • Under the general permission, an NRI/PIO may purchase a residential property in India by funds remitted to India through normal banking channel or funds held in his NRE/FCNR (B)NRO account. No consideration shall be paid outside India or from domestic resident accounts if held by such NRIs.
  7. What documents are required by an NRI/PIO to buy an immovable residential/commercial property in India?
    • PAN card OCI/PIO card (In case of OCI/PIO) Passport (In case of NRI) Passport size photographs Address proof
  8. Can a foreign national of Indian origin buy property in India? What is the rule regarding foreign nationals of foreign origin?
    • The general permission for NRI's holding foreign passport is that the RBI has allowed them to acquire, hold, transfer or dispose off by way of sale or inheritance, immovable properties situated in India. This has been granted, provided the property is for the purchaser's bonafide residential use. However, NRIs cannot purchase any agricultural land or plantation property. The purchase consideration is met either by remittance from funds abroad through normal banking channels or out of NRE / FCNR. Income accruing by way of rent from the properties purchased or acquired by inheritance will not be allowed to be repatriated abroad even if the purchase consideration was met out of NRE / FCNR account. It is however, necessary for foreign citizens of Indian origin to declare such property to RBI within a period of 90 days from the date of purchase in the prescribed IPI 7 to the Chief General Manager, Exchange Control Department, Foreign Investment Division, Central Office Department, Foreign Investment Division, Central Office, RBI Mumbai. A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India. However, he/she can acquire or transfer immovable property in India, on lease, not exceeding five years. In such cases, there is no requirement of taking any permission of/ or reporting to the Reserve Bank of India.
  9. Who is a person of Indian Origin (PIO)?
    • A Person of Indian Origin (PIO) is a person of Indian origin or ancestry who is not a citizen of India, but is a citizen of another country. A PIO might have been a citizen of India and subsequently taken the citizenship of another country, or have ancestors born in India or other states.
  10. Who is a non-resident Indian (NRI)?
    • A Non-Resident Indian (NRI) is a citizen of India who holds an Indian passport and has temporarily immigrated to another country for six months or more for employment, residence, education or any other purpose.

LEGAL & ARCHITECTURE

  1. Are modifications permitted in the apartment? Can 2 flats be combined into 1 flat? Can internal changes or modification be incorporated during the course of construction?
    • In a volume project, customization leads to delays and can significantly compromise on the overall project execution and delivery schedule. Therefore no customization is permitted in this project.
  2. Are you not charging on carpet area?
    • 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, we would mention the total consideration along with the carpet area and the super built up area based on the choice of your flat.
  3. What is the process of transfer of the apartment & what are the charges?
    • 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 as notified in the application.
  4. Can I upgrade to the higher floors later? Can I upgrade to bigger apartment if I book in a smaller apartment initially?
    • 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.
  5. What happens if I intend to sell my apartment to somebody before registration?
    • 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.
  6. What happens if I cancel my application?
    • If at any point of time you decide to cancel your application after agreement, then the seller shall be entitled to forfeit the Earnest Money Deposit 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.
  7. Can I authorize someone else to register my property by granting him Power of Attorney?
    • Yes, you can execute Special Power Of Attorney to get your property registered by someone else.
  8. What kind of agreements do I need to enter into while buying the apartment?
    • 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.
  9. Can I buy property under joint names? Can I also combine my personal name with the company name?
    • 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.
  10. How do I book my apartment?
    • Customers are encouraged to book their selected units in the project with us directly or via our empanelled channel partners. To proceed with your application, please share the following documents:- Duly filled & signed Application form by the applicant(s). Application money as a Cheque (payable at Kolkata), favoring ”The company name" Payment Schedule duly signed by the applicant(s). For NRI's the cheque should be from NRE/NRO a/c or should be a direct money transfer from his/her overseas a/c into our account in Kolkata. (Please share transaction/payment details over email to verify and confirm such applications which can take up to 72 working hours). Color Passport size photograph of each applicant. Self attested copy of the PAN card /Form 60 of each applicant (for Resident Indian). Self attested copy of Passport (for NRI's). For NRI's, the PIO/OCI card copy is also needed. Self attested copy of MOA/AOA & duly attested copy of the board resolution (in case of companies). Self attested copy of any address proof namely Voter's ID / Aadhaar card / Driving License / Passport. All payments for purchase value exceeding INR 50 Lakh should be made post deduction of 1% towards TDS and details (challan) be shared with us along with such payments for verification
  11. What are the documents that one needs to check for, while buying commercial or residential property?
    • 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.

MISCELLANEOUS

  1. Isn't the project overpriced?
    • 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.
  2. Whether the price will appreciate or not?
    • 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 and investors continue to invest with us.
  3. Is there any scope of negotiation/discount?
    • 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.
  4. Will you assure me that your company will not drop/reduce prices?
    • 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.
  5. I am getting a better deal on a re-sale apartment in the same project. Why is your price higher then?
    • 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.
  6. I have been offered a lesser price by an agent?
    • 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.
  7. I am aware of discounts being offered of some other project of PS?
    • PS is a partner in many projects with various developers and investors. However, not every project is managed, developed and sold by PS. The decisions of discounts or offering special schemes in such projects are the prerogative of the lead developer.
  8. Will PS help in doing resale? Will PS buyback my apartment?
    • We do not have resale services at the moment, however if we commence such functions, then we would assist our clients with their resale requirements. We do not buy back apartments as it is not a standard practice.
  9. Can we bring family to the site or not? Is there any pick or drop assistance from PS?
    • 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.

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