| Q1. What is the proposed development ? |
A. The details of proposed development of each project is given in the home page of every project. Other details like amenities, specifications, plans, pricing, surrounding development, location, etc., are also given. For further details please send your queries to info@modiproperties.com
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| Q2. What is the current status of work ? |
| A. Current status of work is given on the home page of every project. Photographs of each project are also available.
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| Q3. What is schedule of construction ?
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A. In most of our projects the time for completion of the entire project is about 3 years from the date of sanction. Bungalows/flats are handed over in phases with the first phase of bungalows/flats being handed over in about 18 months from the date of sanction. Thereafter other bungalows/flats are handed over in phases every 3 months.
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| Q4. What is the scheduled date of completion ? |
| A. The scheduled date of completion of each bungalow/flat is given in the ‘pricing' page of each project .
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| Q5. What about delay in construction and completion of bungalows/flats ? |
| A. Most of our projects are completed on time or before time. At best the delay would be one or two months. We guarantee that the bungalows/flats will be handed over with a maximum delay of not more than 6 months from the stated date of completion.
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| Q6. Can the design of the bungalows/flats be changed ? |
| A. No. Changes to structure, walls, elevation, external appearance, door frames, door positions, etc., shall not permitted. Only minor changes like internal colour, choice of flooring, tiles, C P and sanitaryware shall be permitted. Changes in external appearance are not permitted to give a uniform look and feel to the project. Internal changes like walls and door positions are not permitted in overall interest of all our purchasers, in order to complete the bungalows/flats in time.
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| Q7. Who will maintain the common amenities ?
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| A. A society/association will be formed to look after the maintenance and common amenities. Till such time a elected body of representatives takes over the maintenance, the builder shall be responsible for the overall maintenance.
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| Q8. Have the approvals / sanctions been obtained? |
| A.Necessary approvals from appropriate authorities like HMDA (erstwhile HUDA) and /or GHMC have been obtained for all the projects. We do not open bookings for any project before receipt of the necessary sanctions.
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| Q9. Have legal clearances been obtained ? |
A. The title of all our projects is clear and vetted by our lawyers and the sanctioning authorities. Most leading banks have also vetted and approved the title of our projects. After booking the bungalow/flat a set of title documents shall be provided to you upon request. For any further details you may write to our customer relations team at cr@modiproperties.com.
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| Q10. What is the proposed documentation ? |
| A. At the time of booking a booking form shall be issued to the purchaser clearly stating the price, payment terms and other terms and conditions. On payment of first installment an agreement of sale shall be executed. For purchasers availing a housing loan a sale deed and agreement of construction shall be registered to enable them to release the housing loan in our favour. For other purchasers sale deed/ agreement of construction shall be executed on payment of all dues. The draft formats of the booking form, agreement of sale, sale deed, agreement of construction, etc., are available on our website.
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| Q11. Is my booking transferable ? |
A. No, your booking cannot be transferred .
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| Q12. Can the Flats/ Bungalows be used for commercial activity ? |
| A. No. Bungalows/Flats cannot be used for any kind of office, shop, store or commercial activity.
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| Q13. How do I obtain a housing loan ? |
A. Purchasers if eligible can obtain loans upto 80% of total sale consideration including registration charges. Details of housing loans including application forms for resident and non-resident Indians are available on the websites of most housing finance companies. All our projects are approved by most leading housing finance companies. Websites of some leading companies are:
www.icicibank.com
www.axisbank.com
www.hdfcbank.com
www.idbi.com
www.bankofbaroda.com
www.ingvysyabank.com
www.kotak.com
www.sbi.co.in
www.lichousing.com
For any queries regarding housing finance, please write to our customer relations team at cr@modiproperties.com
NRI's in the gulf region can directly apply for housing finance at the local branch offices of Indian Banks (like ICICI). NRI's in other countries can download application forms from the websites of the housing finance companies, duly fill it up and send it along with the required documents to our head office for further processing.
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| Q14. What are the formalities for releasing the housing loan ? |
| A. After making an application for housing loan along with all required documents and processing fee, the housing finance company (HFC) will issue a sanction letter. The HFC may request for further documents which will have to be provided. Thereafter documentation like loan agreements, etc., need to be executed. HFC may also request for pre-EMI and EMI cheques as per their policy. On completing these formalities the HFC sends a copy of the cheque for the first trench of the housing loan to the builder. On receiving a copy of the cheque the builder executes a sale deed and agreement of construction in favour of the purchaser. The originals are deposited with the HFC.
The purchaser is required to pay the margin money, stamp duty, registration charges, VAT, etc., to the builder before the registration of the sale deed. The purchaser is also required to give to the builder security cheques for the amounts being released through the HFC and PDCs for the balance payments. Our customer relations team will help you to complete these formalities. Incidental expenses payable to the document writer for registration, etc., also need to be paid to the builder.
On a later date the purchaser has to send request letters to the HFC for release of balance loan depending on stage of construction. HFC on such request inspects the flat / bungalow and then releases the amounts.
Please note that the liability to ensure the regular payment from the HFC to the builder is that of the purchaser. Our customer relations team shall help you in completing the entire process. However, the purchaser is required to give their full cooperation without any delay to our customer relations team.
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| Q15. What about VAT and service tax ? |
A. There is a great deal of ambiguity regarding payment of VAT and service tax. As per our legal advice we are liable to pay both VAT & service tax. VAT @ 1% of the total sale consideration has to be paid to the builder, who in turn has to remit it to the government. In case of flats, VAT is paid at the time of execution of sale deed. In case of villas VAT is being paid on completion of construction.
Similarly, service tax has to be paid to the builder, who in turn has to remit it to the government. However, in the case of service tax applicability the law is complex, ambiguous and under dispute. As per our legal advice service tax is payable as follows:
Flats / Bungalows where construction is completed and occupancy certificate (OC) is obtained, there is no liability of service tax.
For bookings made before completion of construction service tax is payable @ 2.575% on the total sale consideration.
For bookings made prior to 1.7.10 the incidence of service tax may vary from case to case.
Under the circumstances payments towards contingent liability of service tax is being collected from customers as security deposit. Out of the said amount service tax is being remit it to the government as per our interpretation of rules from time to time.
The total sale consideration has been carefully split between sale deed, agreement of construction and in some cases agreement for development charges, in such a way as to ensure that the total cost of VAT + service tax + stamp duty and registration charges is minimized. In most cases it is likely to be less than the cost if paid on the sale deed for the entire sale consideration, instead of splitting it into sale deed, agreement of construction, etc.
These charges are subject to change from time to time.
The Central Government is committed to merge VAT & service tax into General Sales Tax (GST) from 1.04.2012 / 13. GST will almost certainly become applicable for sale of flats/bungalows.
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| Q16. Is any child labour used for the construction activity ? |
| A. No. We take great pains to ensure that no children under 14 years are employed in our construction activity. Further, we try to ensure children above 5 years are sent to school and an on site crèche is provided for children below 5 years age. Labour quarters, water and sanitation facilities are also been provided on site for the welfare of the labourers.
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| Q17. What are the benefits of buying a bungalow /flat from Modi Properties ? |
A. The prospective purchasers are assured of the following when buying a flat/bungalow from Modi Properties
- Clear title.
- Approvals from statutory authorities.
- No deviation from approved plans.
- On time completion.
- No hidden costs.
- Transparent policies regarding pricing, payments, etc. Draft agreements available on website. Rights and obligations of builder and purchaser clearly specified in agreements.
- No escalation clause for payments.
- Ease of dealing with professional, reputed builders with 35 years track record.
- Easy access to customers relations team to address queries and grievances.
- Assured delivery of promised amenities.
- Quality construction with inbuilt features for fire safety and structural stability.
- No commercial activity in the project.
- Easily recognizable branded materials used for construction.
- Can complete the entire transaction of booking, payments and sale deed from anywhere in the world.
- Assured water supply.
- Proper maintenance of completed projects
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| Q18. What are the formalities for taking possession of my flat/bungalows ? |
| A. The purchaser needs to clear his/her dues including VAT, service tax, registration charges and charges for additions and alterations. The purchaser must enroll as member of the association, sign the electricity transfer form, pay maintenance charges / corpus fund, etc. Upon completing these formalities a ‘No Due Certificate' along with a post dated (about 15 days) letter of possession shall be handed over to the purchaser. The purchaser shall handover a written list of complaints to our engineers at site to enable our engineers to attend to the complaints and handover the flat/bungalow complete in all respects. The last coat of paint, floor polishing, etc., is held up till such time the purchaser comes forward to take possession of their flat/bungalow.
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| Q19. What is the expected increase in price in the coming years ? |
| A. While we do not guarantee or speculate on prices. Our company policy is to regularly increase the price of each flat/bungalow from the start of the project upto the completion of the project. In that way purchasers who have booked flats/bungalows at an early stage are likely to be substantially benefited. It has been our observation that there is a jump in prices as soon as we complete selling the entire project. It has been our endeavor to sell the flats/bungalows at reasonable prices to ensure that our purchasers enjoy a reasonable return on investment.
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| Q20. Why are the payment terms for installment scheme and housing loan schedule different ? |
A. Incase of purchasers availing housing loans the bungalows/flat is registered in favour of the purchaser to enable the housing finance company create a charge on the property. As the builder is parting with their title of the bungalow/flat a substantial payment has to be made upfront. In case of purchasers availing installments scheme from their own resources a more convenient payment scheme is being offered.
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| Q21. Is there any membership fees for the clubhouse ? |
| A. Unlike in many other projects the clubhouse in our projects are not private clubs. The clubs are exclusively for the use of the residents of the project. All purchasers are entitled to use the clubhouse when they become members of the association. No separate membership charges for the clubhouse needs to be paid.
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| Q22. How is quality ensured? |
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A. Achieving quality is ensured by:
- Using quality material. Most materials are purchased from the top 3 brands available in India and that to wherever possible directly from the manufacturers.
- Quality of personal. Each site has several qualified engineers along with a team of supervisors and admin staff to ensure that construction is taken up exactly as per design and procedures laid out.
- Quality check. At each stage of construction like RCC work, civil work and finishing, works inspection is carried out by an in-house quality control team. Project managers at site can proceed to the next stage of construction only on clearance from the QC team. Reports with hundreds of check points are made at each stage of construction and are directly monitored by the top management.
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| Q23. How is Modi Properties is different from most other builders? |
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A. Modi Properties is different from other Builders is primarily on four counts:
- Design: All our Projects are designed by reputed architects. The emphasis in the design is to enhance the quality of life of the occupants rather than maximize the area constructed. Accordingly, all units have proper ventilation, good vastu, access through wide corridors/passages and are designed to maximize usable space. Typically the constructed area is restricted to about 70% of the maximum permissible construction to ensure large open spaces.
- Amenities: Affordable housing is synonymous with poor quality. However, Modi Properties is providing affordable housing of great quality with modern amenities like club house, swimming pool, sports facilities, landscape areas, generator backup, security etc., Customer not only enjoy a quality product at affordable prices, the amenities also improve their quality of life.
- Transparent dealings: Customers can be assured about title, approvals and costs as these are clearly stated in our brochures, agreements and website. Clear and transparent dealings leave no scope of misunderstandings and customers can be certain about the terms of their purchase.
- Timely completion. Date of completion is stated up front at the time of booking and Modi Properties has a near 100% track record of on time completion. Modi Properties understands that customers financing their purchase through housing loans can face severe hardship in case of delays, as payment EMIs can be a burden.
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