What are the other amenities/facilities in the project?
Horizon Promoters India Limited provides state-of-the-art amenities in their projects like
- Landscaped Gardens
- Clubhouse with Indoor Games
- Gymnasium and
- Health Club Swimming Pool
- Good quality fittings and many more.
(It is to be noted that all amenities mentioned above may be or may not be a part of all projects. Kindly check with our sales Executive on-site for more details)
Are the lands free hold, are the titles clear?
Yes, the lands are free hold with marketable titles.
Are the projects approved by major financial institutions like HDFC, ICICI, LIC, SBI, Home Finance etc?
Yes, all the projects are approved by financial institutions like ICICI, HDFC, LIC, SBI, ABN Amro Bank, HSBC, IDBI, Citibank and many others.
What is the payment schedule of each project?
1,00,000/- (Rupees One Lacs Only) at the time of booking and balance payment as per the schedule of the work.
What are the other charges applicable and when are these to be paid?
Charges for Stamp duty and Registration is to be paid by the purchaser at the time of Agreement and also the charges towards Maintenance and Society Membership is to be paid by the purchaser at the time of taking possession of their flats.
(It is to be noted that different projects have different payment schedule. Kindly check with sales office for the same.)
What is the payment schedule of each project?
The payment schedules are as per the work completed on-site. Kindly contact with our Sales/Site Office for more details.
What is the mode of payment for NRI's?
Payments are through NRE account.
What is the area of the flat i.e., for 1/1.5/2/2.5/3/3.5 BHK?
Area of these flats varies from project to project but the range of area is between 600sqft. – 1615 sqft.
What are the monthly outgoings like – Municipal Taxes + others – per sqft?
The monthly outgoings depend upon the facilities provided in the particular project.
What documents are required while buying commercial or residential property?
When buying commercial or residential property you would need to check for the following documents:
- Market Trends about prevalent rates of property in the vicinity and last known transactions.
- Distinguish between terms and conditions of the contract which are negotiable and those which are fixed e.g. price, payment schedule, time of completion etc.
- In case you require a loan for making payment of the consideration amount, ask for a pre-approved letter from the lending institution.
- Permanent Account Number of Vendor and Purchaser under Income Tax laws to be provided. Payment of stamp duty to be made on the formal agreement or document for transfer of the property, signed by both the Vendor and Purchaser at the time of registration
- After payment of the entire sale price, take over legal possession of the property along with documents of title in original from the Vendor of the property
- Change name of the holder of the property to the purchaser in the records of the society, electricity company, municipal corporation, Index II etc.
What is Stamp Duty and who is liable to pay the Stamp Duty - the buyer or the seller?
Stamp Duty is a tax, similar to sales tax and income tax collected by the government, and must be paid in full and on time. A stamp duty paid instrument/document is considered a proper and legal instrument/document.
The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary.
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 price 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.
Are there any formalities to be completed or forms to be filled on execution of the Sales Deed or document of transfer?
Yes. The formalities and forms may vary from State to State depending on where the property is situated.
- Every State has its set forms under the Registration Rules that are required to be filled and filed along with and at the time of Registration of Sale Deed/Transfer Deed.
- Under the provisions of the Income Tax Act and Rules for a transaction of sale, it is now compulsory for the Purchaser and Seller to give their Permanent Account Number and in the event of either the Seller and/ or the Purchaser would be required to fill Form 60 of the Income-Tax Rules.
- In case of either the Purchaser or the Seller being a Non-Resident Indian, not assessed to tax in India, such a Party would be required to file Form 60 of the Income-Tax Rules.
What are the permission and papers that one should check with the builder when buying a flat in a building which is under construction?
When you are buying a flat from a builder in a building under construction, you have to check the following things:
- Approved plan of the building along with the number of floors.
- Whether the floor that you are buying is approved.
- Whether the land on which the builder is building is his or he has undertaken an agreement with a landlord? If so, check the title of the land ownership with the help of an advocate.
- The building byelaws as applicable in that area and ensure that the builder is building without any violation of front setback, side setbacks, height, etc.
- Check if the specifications given in the agreement to sell of the sale brochure match on the ground or not?
- Whether urban land ceiling NOC (if applicable) has been obtained or not.
- NOC from water, electricity and lift authorities has been obtained.
Who is the appropriate authority for knowing the market value of the property?
The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property.
Within what time period should an agreement / deed have to be registered?
The property agreement should be registered with the Sub-registrar of assurances under the provisions of the Indian Registration Act within four months of the date of its execution..
What constitutes completion of the sale?
The transfer of a flat is concluded when you have a sale deed/ agreement for sale coupled with actual possession. Generally, in all cases the entire amount is paid simultaneously with the handing over of physical possession and signing of the transfer documents. .
What is meant by leasehold and freehold properties?
Leasehold properties (plot/built-up) are those in which perpetual leasehold has been granted by the title paramount in favor of the lessee. In such properties, the title paramount, i.e. President of India acts through DDA, L & DO, and Leasehold properties are not freely transferable. Depending upon the covenants of the lease deed, prior permission of the lessor (DDA/ L & DO) is required to transfer the property..
Freehold properties are those where title paramount has conveyed the property in favor of the purchaser by conveyance / sale deed with no restriction on the right of the holder of the property to further transfer the property. Record of ownership of the freehold property can be ascertained from the office of the sub-registrar. It can be transferred by registration of sale deed..
What formalities need to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission?
They are required to file a declaration in for IPI and with the central office of Reserve Bank at Mumbai within 90 days from the date of purchase of immovable property or final payment of purchase consideration, along with a certified copy of the document evidencing the transaction and the bank certificate regarding the consideration paid.
Horizon Promoters India Limited cannot be held responsible for the advise, views and suggestions provided by in this website. The information contained herein should be used for reference only and Horizon Promoters India Limited will not be responsible for any claims arising out of the use of any information displayed herein.
Can I trust the redevelopment and timely completion of redevelopment?
In respect to today’s changing trends, the planning is much better as per the current style and yes you can get timely possession.
How troublesome are redevelopment projects?
Every area/location has municipal corporation procedures to adhere. It is a smooth methodology to understand.
For redevelopment will there be a cost added to the additional area?
You will get extra area free of cost.
Can there be a possibility of any extra room?
Yes you will get an extra room; size depends on the area available (in terms of FSI).
What will be the advantage of the new look building?
The prime advantage will be that the building will have better elevation and amenities as per today’s trend.
What kind of amenities/ facilities is included in the project?
- Lifts in the building
- More car parking through stilt car park
- Landscaped gardens
- Club house with Indoor games
- Gymnasium, Swimming pool, Health Club
- Good Quality internal fittings
*(All amenities may not be part of all the projects.)
Will there be any alterations in the surrounding environment?
Yes, a better compound with plantation area for plants and trees and better surrounding environment within the compound.
If Redevelopment happens, what will be the appreciation of the property rate?
Once redevelopment takes place, the appreciation of the property in terms of value may increase to around 2.5 times.
How secured will be the new structure?
The new structure will adhere to fire norms and will be extremely safe and earthquake resistant.
Where do we go when the redevelopment is on?
You will have to move to a rented place for approx 2 years.
Is there any cost to redevelopment?
No cost to be paid by the members. The only incremental cost goes towards maintenance charges for the amenities used by the member in the building after the possession.