General Information
Loan Facilities
Financing agencies like UCO Bank, ICICI, CanFin, HDFC, SBI and all other major banks have approved the projects that we undertake. It is easier for the clients to avail loans up to 85% of the total cost depending on the repayment capacity of the clients. We will assist you in availing the loans by providing all the necessary documents.UCO Bank
Terms & Conditions
1) On registration and booking, Sales and Purchase Agreement shall be executed between the promoter and the owner (Applicant).2) The concept of the transaction shall be sale of land/land share on the condition that promoter shall only be undertaking the construction utilizing the funds to be made available by the owner, through advances.
3) On completion of the construction, promoter shall arrange legal transfer of the property of the land share in favor of the owner at the cost of the latter, which shall be subject to the owner paying all the outstanding dues to the promoter.
4) The measurements/specifications given in the brochure shall be subject to variations of minor nature, if such changes are warranted due to statutory or commercial requirements that shall not be objected to by the owner.
5) Residential/Commercial Apartment buildings are constructed by the promoters and handed over to the owners on fulfilling the agreemental obligations by the parties concerned. The maintenance responsibility of the Building is with the Society / Associations of the owners, which shall be formed in conformity with the Gujarat Apartment Ownership Act 1983.
6) Besides the payment of the construction cost in the manner incorporated in relevant schedule in the agreement, owner has to bear the following expenditure.
(a) Electrical/Water connection deposits/Charges, Expenses towards electrical transformer/Generator, Power cabling, GEB deposit against energy meter installations and any other statutory fees.
(b) 2% of the value towards the Works Contact Tax related to the construction.
(c) 1% of the value towards the contribution to the Gujarat State Construction Workers Welfare Fund.
(d) Building tax, Corporation Tax, any other tax/levies likely to remain payable and promoters service charges in respect of a,b,c and d above.
7) Once booked and confirmed, the owner is not normally expected to cancel. In the event of cancellation the amounts advanced by him shall be refunded without any interest, only if the Promoter finds an alternative buyer.
MAINTENANCE
The initial six months period after the completion of the project will be treated as the defect liability period. During this period Durga Heights will take charge of maintaining the Project, in its pristine form at the cost of the owners.
NRI Tips
The NRI investor has the option to raise their investments from financial institutions. The Housing Development and Finance Corporation (HDFC) is the leading institutions in India in the field. They have office network all over the country and respond speedily and efficiently. Durga Heights projects are normally eligible for finance, and loan applicants can receive assistance and advice from our offices.Purchase/Sale of Immovable Property by NRIs
The provisions relating to purchase/sale of immovable property in India by Non-Resident Indians (NRIs) are provided in the Foreign Exchange Regulation Act, 1973 and the Income-Tax Act, 1961. As a consequence on the liberalization in Exchange Control policy and procedures, the government has brought about major legislative and policy changes to encourage NRI investments in real estate. The salient features of liberalized policy and updated position are discussed in detail below.
Acquisition of immovable property by NRIs holding Indian passport
Non-Resident Indians holding Indian passport do not require prior permission of Reserve Bank of India to buy a residential or commercial immovable property in India.
The purchase consideration may be paid either by remittance of funds from abroad through normal banking channels or out of NRE/NRO/FCNR account.
Non-Residents of Indian nationality do not require any permission for acquisition, transfer or disposal by way of gift of immovable property which is not a farmhouse or agricultural land or plantations property. Declaration of form IPI-7 for acquisition of commercial property for carrying on any industrial, commercial or trading activity by their proprietary partnership firm in India is required to be filed with RBI within 90 days from the date of purchase.
Acquisition of immovable property by foreign citizens of Indian origin
Under the general permission to Non-Resident Indians holding foreign passport, the Reserve Bank of India has allowed them to acquire, hold, transfer or dispose of by way of sale or inheritance, immovable properties situated in India. The general permission is granted, provided
1) The property is for the purchaser's bonafide residential use
2) The purchase consideration is met either from funds abroad through normal banking channels or out of NRE/FCNR account or out of FCNR Special Deposit account
3) Income accruing by way of rent from the properties purchased or acquired by inheritance will not be allowed to be repatriated abroad even if the purchase consideration was met out of NRE/FCNR account
Sale of Immovable Property - RBI permission
The Reserve Bank of India has granted general permission to non-residents holding Indian passports and foreign citizens of Indian origin, whether resident in India or not, to dispose of by sale or inheritance immovable properties situated in India subject to certain conditions. However, such property can be sold to another foreign national of Indian origin provided funds towards purchase consideration are either remitted to India or paid out of balances in NRE/FCNR accounts.
It is however, necessary for such persons purchasing the property to submit to the chief General Manager, Exchange Control Department, Foreign Investment Division, Central Office, Reserve Bank of India, Bombay, a declaration in the prescribed form IPI-7 within a period of 90 days from the date of purchase.
Contact Us
Durga heights
Nr. Durga Residency,
Opp. Suncity Paradise,
B/h Vishwamitri Township,
Nr. Vishwamitri Overbridge,
Mujmahuda, Vadodara - 390011
Downloads
Payment Conditions
- 20% - At the Time of Booking
- 10% - At Every Alternate Slab Casting
- 10% - At Completion of Masonary
- 15% - At Outside Plaster
- 05% - 15 Days before Possession.
