FAQ
What is market value?
MARKET value in relation to any property which is the subject matter of an instrument means the price which such property would have fetched if solid in the open MARKET on the date of execution of such instrument or the consideration mentioned in the instrument, whichever is higher. The price which such property would have fetched if sold in the open market is determined on the basis of the Ready Reckoned issued each year.

Who is required to pay stamp duty and registration fee on purchase or lease of a flat or office?
A purchaser (whether on first sale from a developer or on the resale of a flat) or a lessee of a flat or office is required to pay stamp duty and registration fee.

How is stamp duty paid in Maharashtra?
Stamp duty is payable by a pay order/ demand draft. The original instrument can be franked with the value of the stamp duty.

What is the procedure for registration of an instrument?
Once adequate stamp duty is affixed on an instrument and it is dated, signed by the parties and attested (where required) by witnesses, it can be lodged for registration after payment of the registration fee. All parties signing the instrument are required to attend the office of the concerned Sub-Registrar of Assurances either by themselves or through their constituted attorney under a power of attorney to admit execution of the instrument.
A passport size photograph, original power of attorney, personal identification such as passport or income tax PAN Card, adequate Xerox Copies of the original instrument are some of the essentials required for registration. After lodging an instrument, it is registered and seal of the Sub-Registrar is affixed on the instrument, thereafter the original instrument is returned back to the parties.

Can a person grant a power of attorney for signing and registering instrument?
Yes. Persons residing abroad or those who travel frequently are advised to grant the power of attorneys to facilitate better management of their flats. The system promotes transparency in transactions, clearly sets out mutual obligations of parties and increases clarity in response action, when required.

Which documents should a flat purchaser ask for at the time of booking a flat?
A flat purchaser can ask for the certificate of title issued by an advocate, which gives the history of the ownership of the land under construction. Other documents such as applicable municipal approvals and sanctioned plans can also be inspected.

How will a flat purchaser know that his next installment is due?
The sales team communicates with flat purchasers through call letters, telephone calls and e-mail informing them about outstanding payments towards the cost of the flat, society deposits and other charges. Receipts are issued from time to time for payments made by flat purchasers.

How will a flat purchaser know if a building, which is under construction, in which he has booked a flat, is completed?
After completion of construction of the building, the municipal corporation issues the occupation certificate. the sales team sends out call letters informing flat purchasers about the same.

Can a flat purchaser carry out interior decoration works in his flat?
Yes, if such work is permissible as per applicable rules and only after he has complied with requisite formalities and paid an interest-free refundable security deposit as well as all other requisite payments. However, changes in outside elevation, color schemes, grills, RCC framework; plumbing and electrical lines etc. are not permissible.

Does a flat purchaser require a No Objection Certificate from the Developer for availing of a home finance loan?
Yes. FINANCIAL institution requires a No Objection Certificate (NOC) from the Developer before considering an application for loans.

What formalities does a flat purchaser require to complete before taking possession of his flat?
Possession of a flat is handed over after receipt of all outstanding dues from a flat purchaser and completion of documentation. Time is required to clean the flat and inspect all amenities and fittings jointly with the flat purchaser and complete other requisite formalities.



Financial Guide
a) Tax Benefits
When buying a property with loans from specific FINANCIAL institutions, tax authorities provide certain benefits and exemptions from tax payments. Section 24 of the Income Tax Act states that an investor is allowed to deduct an amount equivalent to the total interest payable on the housing loan from his/her taxable income within the same FINANCIAL year. If an investor were to take a loan, he/she would receive a deduction of up to 1.5 lakhs on the interest rate paid. The only concern is that the property would have to be bought or constructed within 3 years from the end of the financial year in which the loan was taken and would have to be self-occupied. According to Section 80c of the Income Tax Act: A deduction u/s 80C (2) (xviii) is available on repayment of the principal during a financial year of up to Rs. 1,00,000/-, this aforesaid limit is within the overall limit of Rs 1 lakhs, specified in section 80C of the Income Tax Act. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount. This deduction is taken from the Gross Total Income

B) Home Loans
Home Loan
To be eligible for a home loan, the applicant must be at least 21 years of age with a regular source of income from employment or self-employment. The loan must terminate before or when the applicant turns 65 years of age.

Commercial Loan
To be eligible for a commercial loan, the applicant must be at least 21 years of age with a regular source of income from employment or self-employment. The loan must terminate before or when the applicant turns 65 years of age. The loan can be for the purchase/construction/extension of a non-residential property. A loan for renovation will only be given at the time when the property has been acquired. Professionally qualified and self-employed individuals can apply, but a minimum of 3 year's work experience is a necessary.

Loan Amount
The loan amount depends on a number of factors such as age, income, number of dependents, qualifications, assets and liabilities, income stability, business profits, etc. However, there are ways in which to increase loan eligibility and amount. If a spouse or fiancée is earning, applying together as co-applicants can increase chances of a larger loan amount. In such cases, proof of marriage must be submitted. On the contrary, if there are any co-owners they must necessarily be co-applicants. Providing additional security like bonds, fixed deposits, and LIC policies may also help to enhance eligibility. However, the most important factor in sanctioning loans is repayment ability. The total cost includes registration charges, transfer charges, and stamp duties.

C) Documentation Requirements
Documents required for self-employed persons:
  • Updated passbook or Xerox copy of the applicant's statement of accounts for the past 6 months
  • A Xerox copy of the applicants ration card
  • A profile of the applicant's business mentioning at least the nature of the business, client list, suppliers, employee strength, geographical spread, etc.
  • In the case of a business partnership a copy of the partnership deed, 3 years P & L a/c, B/S, computation of income certified by a CA and individual computation of income and tax returns for last 3 years is required
  • In the case of a proprietor or professional 3 years P & L a/c, B/S, computation of income certified by a CA and an income tax return file statement for 3 years is required
  • If the company applying for a loan is a Pvt. Ltd. a remuneration certificate, the board resolution for fixing remuneration, the company's annual report and individual IT returns for last 3 years is required

Documents required for employed persons:
  • Latest salary certificate or the original slip
  • A Xerox copy of Form no.16 A (TDS Form) from the applicants Employer
  • The original certificate from the applicant's employer for any other allowances that are not reflected in the applicant's salary slip
  • A Xerox copy of the applicants updated bank passbook or a statement of the applicant's accounts for last 6 months
  • A Xerox copy of the applicant's voter I.D. card or the applicants Company's I.D. or the applicant's passport/ ration card
  • A passport size photograph of the applicant & co-applicant


Disbursement
The loan will be sanctioned after the selection of property and submission of the required legal documents. The process might take some time as each document needs to be verified for the safety of the applicant. The 230 A Clearance of the seller and / or 37I clearance from the appropriate income tax authorities (if applicable) is also needed. Once the above has been submitted and verified, the registration of the conveyance deed and investment of the applicant's own contribution and the loan amount will be disbursed by the bank. The disbursement will be in favor of the builder.

Documents required for disbursement:
  • Loan agreements
  • Disbursement requests
  • Post-dated cheques
  • Personal guarantor’s documents





Rent and Resale
For Enquiries pertaining to Chembur and Navi Mumbai Projects,
you could Reach, on +91 80 80888212/ 022 41228906 / 022 41228907 or alternatively write in to us at .




Property management
PURPOSE
Metro Group focusses on property management to ensure that buildings, structures, MEP systems, energy planning, environmental compatibility, safety and security are optimal at all times to provide the customers, their families, their guests a safe & good residence.

Vision
The team’s vision is about zero tolerance, it is about excellence, it’s about setting benchmarks in terms of occupancy satisfaction.

What we do:
  • Interact and engage with Clients from the date of handover of the Offices/Flats.
  • A Smooth handover of the premises with proper processes in place to meet client satisfaction.
  • A process during handover / take over in place to meet the clients one-to-one in order to meet their demands & satisfaction.
  • We execute safety drills and handover manual to the society management along with daily reporting to all customers via email.
  • We incorporate technology in the property management at the customer end for smart homes.
  • We are one of the few developers in Navi Mumbai to use such a reporting system in order to maintain the buildings, which consists of:
1. Helpdesk System
2. Planned Preventive Maintenance
3. Corrective Maintenance ( on call Electrician and plumber )
4. Daily site Housekeeping and Utility Reports
5. Visitor Management using VDP and Access Controlled Elevators
6. Drawings/Document Management
7. CCTV Surveillance on Smartphones
8. High-Tech security systems like Flap Barriers, Access Control
9. System
10. We execute these activities through an alliance with service providers like PSIPL and Theme Facility management. Etc.





NRI Corner
Who is Non-Resident Indian (NRI)?
An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated on par with Non- resident Indian citizens (NRIs).

Who is a PIO?
A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who held an Indian Passport at any time, or who or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955

What are the various facilities available to NRIs/OCBS ?
NRIs/OCB's are granted the following facilities:
1. Maintenance of bank accounts in India
2. Investments in securities/shares of, and deposits with, Indian firms/companies
3. Investments in immovable properties in India

Who can purchase immovable properties in INDIA?
A.1 Under the general permission available, the following categories can freely purchase immovable property in India:

i) Non-Resident Indian (NRI) - that is a citizen of India resident outside India
ii) Person of Indian Origin (PIO) - that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who
1. At any time, held Indian passport, or
2. Who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955). The general permission, however, covers only the purchase of a residential and commercial property.

Can NRIs sell the properties they hold in India without Reserve Banks Permission?
Yes

Can NRIs acquire or dispose residential property by way of Gift?
Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.

Can NRIs acquire commercial properties in INDIA?
Yes, under the general permission granted by the Reserve Bank, property other than agricultural land/farm house/plantation property can be acquired by NRIs provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.

Can NRIs obtain loans for acquisition of a house/flat for residential purpose from Financial Institutions providing housing finance?
1. The Reserve Bank has granted some general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc, and authorized dealers to grant housing loans to NRI nationals for acquisition of an NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors' NRE/FCNR/NRO accounts.