Frequently

asked questions

Understanding the real estate world can sometimes be a bit tricky, and we know you might have a handful of questions. To ease your path, we've collected and answered some of the most frequently asked questions about property purchasing. If you have more questions, feel free to reach out to us.

How does GCON's 25-year legacy in Vizag real estate benefit potential homeowners?

With a 25-year history of creating modern and aesthetic spaces, GCON brings invaluable experience and expertise to every project. We have a deep understanding of the Vizag market, allowing us to design homes that cater to the unique needs and preferences of local residents. Our commitment to quality and efficient living spaces ensures that our properties not only provide a comfortable lifestyle but also have lasting value for homeowners.

What measures does GCON take to maintain transparency and build trust with its customers?

GCON values transparency, punctuality, and commitment, which has helped us build a reputation as a responsible and professional builder. We maintain open communication with our customers, providing regular updates on project progress and addressing any concerns that arise. Additionally, we adhere to all regulatory requirements and ensure that our projects are completed on time, meeting the highest standards of construction quality. These practices have contributed to the trust our clients place in us.

How does GCON cater to the diverse needs of its clients, from first-time homebuyers to experienced investors?

At GCON, we understand that every client has unique requirements and expectations for their property investment. Our projects cater to a wide range of preferences, from luxurious living spaces to functional and efficient homes. We prioritize our clients' needs and design projects to provide the best possible living experience.

How can I verify the authenticity of the documents provided by the seller?

To verify the documents, you can:

Check project approvals at the corporation or sanctioning authority's office
Confirm ownership documents at the Sub Registrar's office
Verify share certificate details with the concerned society

What documents are required at the time of possession?

At the time of possession, ensure you have the following documents:

Original title agreements and building plan approvals
Original registration and stamp duty receipts
Possession Letter
Original share certificate (for societies)
Proof of payment for all dues such as maintenance charges and utility bills
NOC from the Society or relevant authority

What is property registration?

Property registration refers to the legal process of registering documents related to the transfer, sale, lease, or disposal of immovable property. Registration is mandatory under Section 17 of the Indian Registrations Act, 1908. A registered property confirms the lawful ownership and responsibility of the property owner.

What taxes do I need to pay before purchasing a property?

Buyers must pay the following taxes:

TDS on property purchases exceeding INR 50 lakhs (excluding agricultural land)
Stamp duty
GST
Value Added Tax (VAT), as applicable in the concerned state

What paperwork should I keep track of when buying a residential property?

Ensure you have photocopies of all title deeds, confirm the seller's ownership, and clear any existing loans or encumbrances. Verify the property's survey number, village, and registration district. Check for approved layout and building plans, clearance from authorities, and compliance with building by-laws. Clarify transfer fees, stamp duty, registration charges, and other property-related expenses.

How do I start the process of buying a flat?

To begin your property search, follow these steps:

Determine your budget and preferred locations.
Visit the flat location and assess the unit design and market price.
Verify ownership documents and ensure the builder's rights to sell.
Consult a legal expert for advice on the property documents.
Check for necessary approvals and compliance with the approved plan.
Ensure the project is registered with RERA.
Discuss details like possession, payment terms, amenities, and maintenance charges with the builder.
Ensure the apartment is built according to the agreed specifications.

What is force majeure?

Force majeure refers to uncontrollable events or circumstances, such as war, flood, drought, fire, cyclone, or earthquake, that impact the regular development of a real estate project. Force majeure events are beyond the control of the developer and can't be prevented despite reasonable diligence or precautionary measures.

What is considered common parts and portions?

common areas and facilities within a building are the areas that all flat owners and occupants can have access to.

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What is a facility management company?

A facility management company provides services and tools that support the functionality, safety, and sustainability of buildings, grounds, infrastructure, and real estate. Services include lease management, administration, and accounting.

What is an agreement for sale?

An agreement for sale outlines the terms and conditions of a property sale from the seller to the buyer. These include the sale price and the payment schedule.

What is the built-up area?

Built-up area is measured from the external wall surfaces and includes carpet area, wall thickness, and other unusable spaces within the apartment, such as dry balconies, terraces, and flower beds.

What is the super built-up area?

Super built-up area is the saleable area that comprises the carpet area, terrace, balconies, wall areas, and shared spaces (e.g. lift, stairs, etc.). Sometimes, builders include amenities like pools, clubhouses, and gardens. Loading factor on carpet area is used to calculate the super built-up area.

As per Real Estate Regulatory Authority (RERA), the super built-up area includes carpet area, built-up area, and shared common areas like stairs and lobbies.

Is there a limit on the number of housing properties an NRI can purchase?

There are no limits on the number of residential properties an NRI can buy. However, repatriation is allowed only for two such properties.

How should the purchase consideration for immovable property be paid?

The purchase consideration should be met through inward remittances in foreign exchange via normal banking channels or funds from non-resident accounts maintained with Indian banks.

Do NRIs need Reserve Bank consent to buy immovable property in India?

No, NRIs don't need permission to buy immovable property in India, except for agricultural/plantation property or a farmhouse.

Who is a foreign citizen of Indian origin?

A foreign citizen is of Indian origin if:

They have held an Indian Passport at any time, or

They, their father, or paternal grandfather were citizens of India by virtue of the Indian Constitution or the Citizenship Act, 1955 (excluding citizens of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka, or Nepal)

Who is an NRI?

Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are:

Indian citizens living abroad for employment, business, or other purposes indicating an indefinite stay

Government employees posted abroad or working with Indian missions and similar agencies

State Government and Public Sector Undertakings officials posted abroad or on temporary assignments

What is the difference between the sanctioning authority and the monitoring authority in India?

In some states, the municipal authority serves as the main monitoring authority. For smaller states and non-urban areas, town and country planning corporations act as monitoring authorities. In urban areas, where most construction occurs, the municipal authority grants final permission, sanctions drawings and plans, and provides clearances for utilities like electricity and water supply.

Is it possible to have a single window clearance?

While developers usually need over numerous clearances for property construction, single window clearance aims to streamline the process by consolidating these clearances. At present, single window clearances are uncommon in India due to the involvement of multiple authorities. However, efforts are being made to simplify and increase transparency in the process.

What is the difference between the sanctioning authority and the monitoring authority in India?

Is it possible to have a single window clearance?

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