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While this procedure varies from project to project, in most cases, you pay a booking amount of 5% to 10% of total unit cost along with your booking form to book your unit. This is all that you need to book a unit and once project is launched to public, the rest of the procedure such as execution of sale agreement and payment of balance amount is initiated.
We recommend that you stay invested in the project atleast until 80% of the work is completed as this is when you make most of the appreciation. However, there is no formal lock-in period in most cases, which means you can sell your unit to a third party and exit the project at any point of time before completion of project. However, you will be charged a penalty in the form of TRANSFER FEE which varies from builder to builder.
As mentioned in the previous question, you will be charged a penalty for exiting a project before it is completed and registered in your name. This penalty varies from builder to builder and you may check the booking form for more information.
You should keep in mind that apart from the basic rate that you pay per square feet, you will end up paying another 15% to 20% of basic price for all other charges such as club house, car parking, deposits, taxes, registration and stamp duty. Hence, the final cost of a project is generally between 115% to 120% of basic price per sft. That is, if the basic price is Rs.5000/sft, your final cost will be between Rs.5750 to Rs.6000/sft once you factor in all extra charges.
You should keep in mind that a delay of 3 to 6 months is taken for granted in today’s market and should not be a cause of concern as there are a number of factors beyond a builder’s control that can delay a project. However, each builder will specify a compensation clause in the agreement of construction that explains how you will be compensated for any abnormal delay in construction and handover.
At a pre-launch stage, most of the major approvals have already been received and only a few minor approvals are remaining in the pipeline. Builder’s open bookings under pre-launch only when there is complete certainty and clarity on project status and specifications and hence you need not worry about the approval status.
You will be refunded your booking amount LESS the cancellation charges which vary from project to project and the amount will be refunded to you within 15 to 30 working days from the date of cancellation.
Yes you can. However, you will be charged a penalty in the form of TRANSFER FEE which is payable whenever you sell your unit in a property which is still under construction. This penalty varies from builder to builder and you may check the booking form for more info on this.
Once booking amount is paid, your next payment is due only when builder launches the project to public / receives all approvals and is ready to begin construction. At this stage (i.e. public launch or execution of sale agreement), you are required to pay a total of 20% of unit cost MINUS the booking amount you have already paid. After this is paid, the balance 80% is payable in 14 to 18 installments over the construction period. You may refer to booking form for more info on each project.
Apart from basic price, the typical extras are as follows and when combined, they add upto 15% to 20% of the basic price per sft.
The general practise by today’s top builders is that for the first 2 to 3 years post completion of a new project, maintenance is taken care off by the builder directly. Once this term expires, the owners’ association can decide on whether to let builder continue maintaining their property or if they would like to bring in another third party to do the same. But in most cases, owners prefer to let the builder take care of maintenance.
The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid. When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.
