After execution and registration of an Agreement for Sale of a unit in any Marvel project, what is the arrangement to facilitate contact between the purchaser and the promoter company?
An assigned CRM Executive will be the single point of contact for all queries related to Marvel unit. After possession, a facility team will help with further concerns.
Apart from the actual purchase price of any flat/commercial premises in a Marvel project, what are the additional amounts payable to the Marvel Promoter Company?
The additional amounts are:
- Stamp Duty and registration charges payable on the agreement for sale
- Legal charges
- MSEDCL deposits and charges
- Club membership charges
- Service tax
- Value added tax
- Amount towards ‘Common Area Maintenance’ deposits and charges
- Charges for any additional items of work or provision of any additional / superior amenities in the flat /commercial premises.
Can an advocate get inspection of all title documents for the property?
Yes, we provide all legal papers before we sign the agreement
Can I make internal changes, if I buy two adjacent flats?
It is possible only if the structure of the building allows you to do so. Also, it can done only at the earlier stage of the project and can’t be done once it’s ready.
Can residential flats be utilized as offices or for other commercial user?
No residential flat in any Marvel project is permitted to be used for any purpose other than residential.
How eco-friendly is your project?
We are India’s Greenest Developer with 22 Platinum Pre-certified Projects.
How is the Stamp Duty payable on purchase / sale of any Immovable Property determined?
Stamp Duty is payable on ‘Government Market Value’ of property or the consideration agreed to be paid for purchase of the same, whichever is higher. In areas within Pune Municipal Corporation, the rate is 6%, where as areas outside Pune Municipal Corporation, the rate is 5%.
Is it necessary to have an Immovable Property valued?
Generally, a valuation is required for the purpose of determining the liability towards payment of income tax and other taxes on transfer of such Immovable Property. The Government of Maharashtra has approved certain values who determine the ‘Open Market Value’ of the property. The valuation of property is also required to be done when a loan is sought for from a bank / financial institution and the property is to be mortgaged to the bank / financial institution as security for repayment.
Is stamp duty payable on the market value of the property or on consideration as stated in the agreement? Also, who is liable to pay the stamp duty, the purchaser or the developer?
Stamp Duty, Service tax to be paid by purchaser as stated in the agreement.
What are non-occupancy charges?
No non-occupancy charges.
What If my possession gets delayed?
The agreement will have the rental clause mentioned and compensation will be given as a monthly rent if the possession is delayed beyond the mentioned date.
What is the cost of maintenance?
Rs 200 per sq ft taken as Project Corpus Deposit at the time of booking of the flat except for City Centre projects. For City Center projects, its wholesome amount is between 15 –20 lakhs. After 2-3 years, Rs 2 to 2.25 per Sq ft is charged.
What is the definition of ‘carpet area’ of a flat?
‘Carpet area’ is the entire area measured from wall-to-wall excluding the thickness of all walls.
What is the definition of ‘carpet area’ of the terraces?
‘Carpet area’ of a Terrace is the entire area thereof measured from wall-to-wall excluding the thickness of all walls.
What is the definition of ‘saleable built-up area’?
The saleable built-up area of any unit is the actual area including the thickness of the interior / exterior walls, the area of any balconies or sit-outs at eye-level and adjoining terraces, and a certain percentage of the aggregate area of the common areas of the building in which such unit is situated.
What is the interior concept?
Inside Out Approach of building apartments.
What is the meant by ‘Open Market Value’ and ‘Government Market Value’ of immoveable property?
The ‘Open Market Value’ of any immoveable property would be the price it would fetch if put for sale in the open market. Such market value depends on various factors such as demand and supply forces operating in the market, location of the property concerned, the quality of the construction and the amenities provided therein, accessibility etc. The Stamp Authorities under the Bombay Stamp Act, 1958 have prepared a ‘ready reckoner’ of property values in and around the city of Pune. This ‘ready reckoner’ gives the ‘Government Market Values’ of land / residential flats / commercial premises in various locations in or around the City of Pune. However, such ‘ready reckoner’ is merely indicative.
What is the payment schedule for purchase of residential flat / commercial premises in any of the Marvel projects?
If the construction of the Project in which the flat / commercial premises is situated is in progress, the agreed purchase price is to be paid to the Marvel Promoter Company in installments according to the progress of the construction of the building in which the flat / commercial premises is situated.
What is the yardstick to determine the quantum of the contribution of a purchaser of a unit towards the common area maintenance deposits and charges?
The only yardstick applied for this purpose is the saleable built-up area of the unit.
When can a purchaser of a unit in any Marvel project sell their unit?
It is the policy of the Marvel Group that after the full agreed purchase price of a unit together with all other dues has been paid to the Marvel Promoter Company and possession of the unit is handed over, then with prior written permission of the Marvel Promoter Company, the purchaser thereof can sell the same.
When does the unit agreed to be purchased becomes his / her property?
A duly registered Agreement for Sale coupled with possession effectively completes the de-facto title of such purchaser to the unit agreed to be purchased by him / her. However, in case of a co-operative housing society being formed by all the purchasers in the project, the land and all the buildings thereon are conveyed to the co-operative housing society. The purchaser of every unit in the project will be admitted as a member of the society and share certificate of five shares will be allotted to each purchaser. In the event a Condominium of Apartment Owners of all the units in a project is to be formed, a Deed of Apartment will be executed in favor of the purchasers of each unit, thereby conveying the unit together with a pro-rata undivided share in the land covered by the project and in the common areas and facilities thereof.
Which documents are to be verified before purchase of a flat?
- Corporation Approval
- NA Order
- Title & search report
- Draft Agreement copy
- Any other documents if may be required
Which Law governs the sale of units by a promoter to the purchaser thereof?
All transactions are governed by the provisions of the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963. Neither the promoter nor the purchaser can contract out of the said Act.
Will a car-parking space be allotted with all units in Marvel projects?
Depending on availability and other factors, the exclusive right of user of covered/open car-parking space/s situates under the stilts / podium / basement will be allotted to the purchaser of a unit.