RMZ Corp has entered the Residential vertical in the current financial year. The developments are focused on the upper mid-end to high-end luxury segment. The cities targeted are Bangalore, Chennai, Hyderabad and Colombo. The total development planned is about 10 million sq ft by 2016-17, targeting a cumulative EBITDA of INR 4,000 crores for the same period.
Our key differentiators are in our Service Offerings of Customer Relationship Management, Property Management, and Home Improvement. ’The Verve’ will be a trademark feature in all our residential projects. We will also be providing leasing facilities from March 2014 onwards on select condominiums/villas.
Foreign currency payment is possible only through wire transfer. Payment in Indian rupees can be made in any of the following forms
After becoming a reputed name in the commercial and retail space, RMZ Corp forayed in to the residential segment. We intend to create abodes for higher living carrying forward our legacy of transparency and reliability.
We will help our customers by getting the necessary approvals for the project from the HFIs & we will coordinate with them (as developers) by submitting the necessary documents from our end.
Bank will process only 80% loan of the total cost. The customer has to pay the remaining 20% for which we raise the demand initially. However, the initial payment has to be made to enter into the agreement to sell.
The standard payment plan consists of the following:
30% of total flat cost (excluding outgoings, statutory payments, utility deposits etc.,) to be paid before signing the Agreement to Sell. Out of this, a specified initial amount is to be paid as a “blocking amount” at the time of booking and the balance needed to make up 30% is to be paid within 30 days of blocking, post which an Agreement to Sell will be signed.
70% of total flat cost (excluding outgoings, statutory payments, utility deposits etc.,) in quarterly installments, staggered over a period starting from signing of the Agreement to Sell and ending on completion of the Project. The last two installments will be 3% and 2% respectively.
Over and above the total flat cost, the following amounts are also payable upon completion of the Project and before delivery of possession:
Note: Items (a) and (b) are payable by Demand Draft/Pay Order favouring the respective Government authority empowered to collect these payments.
Capital gain will accrue from the date of Sale Deed or possession whichever is earlier and if the property is sold within 3 years of the above date, the same will be treated as Short Term Capital Gain and if it is more than 3 years from the above dates, the same will be treated as Long Term Capital Gain.
It is the sum total of Built-up Area (Carpet Area+Wall Area) and Common Area.
UDI or “Undivided Interest” is a fraction of the total extent of the land on which the Project is constructed, which is proportionate to the Saleable Built - up Area of the respective Apartment as against the total Saleable Built - up Area of all the Apartments in the Project. This is in effect a proportionate share of the land, which an Apartment Owner will own, in proportion to and together with his or her Apartment. The Undivided Interest will be conveyed to Customers along with the Apartment, by way of a duly stamped and registered sale deed, after the completion of the project and once all amounts have been paid in full.
Units are named on the basis of Blocks, Floors and Units. For example, A 0603 is located in ‘A’ Block, ‘6th’ Floor and Unit No. ‘03’.
It is approximately 70-75 % of the Super Built-up Area (SBA).
General power of attorney (GPA) is an authorization given by the customer to a person if he is, owing to his professional commitments, unable to personally attend to the purchase, negotiations, registration & complete other formalities pertaining to the apartment he has bought. He will appoint and constitute one person known to him as his agent and attorney in his name and on his behalf to do any of the following acts deeds and things; This is given in general to do all the activities on his behalf. Power of attorney given to a person only for a specific purpose, like for possession or registration purposes is called specific Power of attorney (POA).
Agreement is a legal document which is executed between the builder and the customer, after the customer has paid 30% (Assumed Values) of the booking amount of the apartment. This document will have the terms and conditions of the seller and the buyer after the purchase of the property. This is a basic document on which the bank or any financial institution will lend money to the customer. But this is not considered as a final document when it comes to the title of the property. Sale deed is the final and very important document which authenticates that the title of the property is conveyed to the buyer. The document can be procured from the Sub-Registrar’s office by paying necessary stamp duty and registration charges. Presently, the stamp duty is 6.72% and registration charges are 1% of the total amount. These charges are subject to change as per government norms.
This is a certificate given by the Sub-Registrar’s office which mentions the name of the property owner as per their current records. This can be obtained by paying some nominal fees in the Sub-Registrar’s office. This helps the customer to ascertain that the property he is buying is in the name of the builder.
Any legal document which is not executed on a stamp paper has to be registered with the Government by paying necessary judicial charges. This is called e-stamping/franking. Some documents, though they are printed on the stamp paper, needs to be authenticated by Legal person or an advocate who is called notary and the process is called notarizing. Documents like Power of attorney, affidavit, etc need to be notarized.
Document with the following details need to be furnished:
NRI details need to be produced because this is a Government of India directive to all the builders. This is a mandatory requirement. Please note that failure to furnish the details called for is an offence punishable under the Foreign Exchange Management Act, 2000.