For overseas Indian investors

General Queries

  • Can the design/ lay out of the apartments/ offices/ showrooms be changed?
    • No, all apartments/offices/showrooms shall be as per design and elevation given by us to ensure that all apartments in the scheme have a similar look and elevation. However, minor internal changes can be made upon request.

  • Who will maintain the common facilities?
    • The Developer will maintain the common facilities for the first 2 years at an extra cost. An Association of the owners of the apartment/offices/showrooms will be formed to look after the common facilities. The association shall be run by duly elected members. However, the builder shall help the association maintain the common facilities for the first couple of years. The builder shall also help the association appoint agencies for housekeeping, security and other services.

  • Have the approvals and legal clearance been obtained?
    • All necessary approvals from the Ahmedabad Urban Development Authority (AUDA)/AMC/Dist. Panchayat and other concerned competent authorities have been obtained.

  • Will any commercial activity be permitted in the apartment?
    • No. Strictly no commercial activity will be allowed within the layout.

  • Can I pre-close my loan?
    • Yes. Loans can be pre-closed for a nominal charge before the termination. The immovable property was acquired by the seller in accordance with the provisions of the Exchange Control Rules/Regulations/Law in force at the time of acquisition, or the provisions of the Regulations framed under the Foreign Exchange Management Act, 1999. The amount to be repatriated does not exceed (a) the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in foreign currency non-resident account or (b) the foreign currency equivalent, as on the date of payment, of the amount paid where such payment was made from the funds held in non-resident external account for acquisition of the property; and in case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.

  • If I am not eligible for loans, can I take a joint loan with any of my relative?
    • If you are an individual – your spouse, your parents, or even your children can be your co-applicants and their incomes can be clubbed with your income to enhance the amount of loan you are eligible for. It makes sense therefore, that the co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property. If you are a partnership or private limited company, any one of the directors or partners can be your co-applicant.

  • What about VAT and Service Tax?
    • Our business falls into the Value Added Tax (VAT) regime and the gambit of the VAT is applicable to us and as and when it is applicable, it will be charged extra on actual basis. Service Tax is 12.24% on the value of the consideration contract and is applicable.

  • How is water supplied to the apartments/ offices/ showrooms?
    • Water for each apartment/offices/showrooms is supplied through bore wells with sufficient capacity. A minimum of 135 liters is required per person according to the WHO standards and the apartments are equipped to cater to this limit.

  • How is electricity supplied to the apartments/ offices/ showrooms?
    • A Torrent Power AEC Connection is taken for the apartment complex on common distribution basis. Each apartment will have its own individual meters.

  • Are there any hidden costs?
    • No. There are no hidden costs. All costs applicable are clearly included in the total amount payable and precisely indicated in the price list.

  • What are the guidelines for acquisition of agricultural land/ plantation property/ farmhouse by NRI and foreign citizens of Indian origin?
    • All requests for acquisition of agricultural land / plantation property / farm house by any person resident outside India may be made to The Chief General Manager, Reserve Bank of India, Central Office, Exchange Control Department, Foreign Investment Division (III), Mumbai 400 001.

Other Queries

  • How is a lease agreement created?
    • A lease agreement can be created: In cases where the lease contract is from year-to-year / exceeding one year’s rent / reserving yearly rent, then a registered instrument can be created, which both the leaser and the lessee must execute.

  • What are the charges to be paid while gifting property?
    • When a gift of property is made, a gift deed needs to be made by a lawyer. Stamp duty on the market value of the property also needs to be paid, as well as the necessary registration charges.