GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services. GST is a destination based tax which is levied only on value addition at each stage because credits of input taxes paid at procurement of inputs will be available. Thus, the final consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
What is HIRA?
The West Bengal government has taken an initiative for regulating the real estate industry. HIRA was brought into act by West Bengal Government in 2017. This act is known as WBHIRA or the West Bengal Housing Industry Regulatory Act (HIRA). The Act was enforced w.e.f. 1st June’18. As per section 20 of HIRA act, 2017 and it look after the real estate market all relevant activities in relation to buying and selling of real estate properties in the state of West Bengal. It brings transparency to sell, buy, etc. in the real estate sector and to protect buyer interest.
What is RERA?
Real Estate Regulatory and Development Act (RERA) has been implemented on 1st May’17 for regulating the real estate sector of India. RERA Act 2017 has not only empowered the buyers but also shaped the total regulation of the activities of the builders regarding the real estate property.
Why Sree Balaji ?
Sree Balaji Group is the chosen one because of its reliability, honesty,
uprightness and transparency. The Group’s holistic approach covers all
aspects of the projects from land acquisitions to constructions and after
sales. Excellence and trend-setting quality at an affordable price tag is a
signature in every Sree Balaji project. Sree Balaji is fast becoming a
preferred choice as a weekend second home, one can own at holiday
destinations like Dooars, Shantiniketan, Digha, Puri and Raichak.
Sree Balaji’s passionate to grow is reflected in its 11 projects developed in
just 11 years. 770 flats have already been handed over and 1400 flats are in
the pipeline for delivery. Nothing succeeds like success. The future looks
promising as in the next 5 to 7 years, 4000 to 6000 flats are projected for
delivery. Sree Balaji has taken every opportunity that came its way,
because behind every success there was consistency.
What are the legal checklists of a buyer before buying a property?
- Do a complete verification of title and ownership of the seller and ask for the below documents from the seller:
Title documents of the property – government order for grant, succession certificate, sale deed, gift deed, will, partition deed, etc., evidencing the transfer of title over the years, culminating in the vesting of property with the seller.
- Nature of title – leasehold, freehold, or development right.
- In case of the seller claiming development rights to the property, the development agreement and power of attorney, executed by the owners in favour of the seller.
- All title documents being duly stamped and registered at the office of the jurisdictional sub-registrar of assurances.
- Khata registered in the name of the seller.
- Information on pending or past litigation.
- Availability of original title documents with the seller.
- Verify the seller identity by asking Id proof and address proof.
- Check whether the seller obtained Loan for that property, accordingly a paragraph in sale deed to be added saying that the seller is responsible to clear all the dues
- Municipal tax dues/Water tax dues/Land Revenue dues & any other dues to be paid fully before the transaction
- Check that all the constructions approvals are there like buyer should examine the building plan / layout plan sanctioned by the local municipal authorities, along with approvals by government, statutory & regulatory authorities, for providing infrastructure facilities, water, sewage, electricity, environmental clearance, fire safety approval, etc.
- Check if the seller has the occupancy certificate from the competent authority.
- Check whether the property is in seller name or is it with Joint venture development
- Seller’s any of the blood relation should not claim in future & if any claim arises then it will be sole responsibility of the seller to get involved and clear all such disputes.
- Buyer must check that seller has paid all the taxes and there are no dues on property taxes.
- Obtain No Encumbrance certificate from concerned authorities.
Has the developer register the project as per RERA
What is Carpet Area?
As per 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’.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.