Buyers Guide

General FAQ's

1What is MOFA Area and RERA Area?
MOFA is Maharashtra ownership flat act, introduced in 1983. It governs sale agreement and ownership of flats in Maharashtra. RERA on the other hand checks structural defects quality, defects, provision of services, etc. In MOFA, the area including the entire floor area of the property with the area covered by balcony is known as MOFA carpet area. The net usable area excluding walls, terrace, balcony or any other space which lies outside the walls is known as RERA carpet area.
2What is stamp duty, and who is responsible for paying it—the buyer or the developer?
A stamp duty document is a legal instrument with evidential value (it can be used as evidence in a court of law). Stamp duty must be paid before to the execution (signing of a document by an individual's party), the next day, or on the day of document execution. In most circumstances, the buyer is responsible for paying stamp duty.

Loan FAQ's

1How does home repayment happens?
Home loans are repaid in Equated Monthly Installments (EMIs), which are a combination of interest and principal. In the case of resale home loans, the EMI begins the month after the month in which the loan is disbursed.
2How is the rate of interest, processing fee, pre closure fee determined on my home loan?
Upon finalizing the loan and your preferred property, a bank agent can further guide you about the formalities pertaining to processing fees, etc.

NRI FAQ's

1Who Is A Non-resident Indian (NRI)?
A non-resident Indian (NRI) is an Indian citizen or a person of Indian origin who stays abroad for employment, business, or vocation outside India or stays abroad with circumstances indicating an uncertain duration.
2 What Are The Documents Required For The Purchase Of Property Across India (For An NRI)
Valid passport or PIO card (Person of Indian Origin card), Address proof, Permanent Account Number (PAN card), Latest photograph.
3What Is Power Of Attorney?
Power of Attorney (POA) is the person selected by the NRI, who is investing in a property in India to complete the transaction on their behalf. It could be anyone from a trusted relative, friend, or even colleague. To attain a POA, you must approach The Indian Embassy of the country where you reside and sign the document in front of the consulate officer.
4What Are The Documents Required For An Nri To Sell The Property?
The following are the documents required for the NRI sale of property: a. Address proof, b. Sale deed, c. Tax returns, d. Allotment letter, e. Encumbrance certificate, f. Approved Building Plan & OC.
5How Is The NRI Property Ownership In India?
An NRI can buy the property of their choice in their name or jointly with any other NRI. The property cannot be in joint ownership with a resident Indian or with those who are otherwise not allowed to buy property in India.