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1. What is the difference between carpet area, built-up and super built-up area?
- 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 is calculated along with the carpet area, it is known as built-up area.
- The built-up area along with the area in common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.
2. When there are apartments of different sizes in a complex, how is the maintenance charge calculated?
Legally, the actual area owned by the individual is the basis for calculation of maintenance charge.
3. Are the titles of all projects undertaken by KLASSIK Enterprises clear?
We launch projects on land with clear titles and clearances from all concerned statutory authorities.
4. Can customization of our apartment be facilitated?
Yes, but s ubject to technical feasibility, without any alterations on the exteriors and the building structure
5. Will we be assisted in renting out the apartment we buy from KLASSIK Enterprises?
We do get a lot of enquires, which could be redirected to our executives who could be of assistance in this.
6. Are the terms of payment linked to progress?
Yes, payments are linked to the progress of the project.
7. Are prices quoted and finalized, subject to escalation?
Once the initial booking amount is paid, the price remains constant.
8. When can one sign the purchase agreement after paying the initial amount?
This can be done within 15days from the date of initial payment being made.
9. What is the maximum amount of loan that can be availed from banks?
Generally, a maximum of 85% of the total cost i.e. including car park, registration and other costs.
10. Will you be able to help us in getting a Home Loan?
Yes, many MNC Banks, public sector banks and housing finance institutions, approve of all our projects. You can choose the one that is best suited to you and we will help in the formalities.
1. Does an NRI need RBI permission to acquire residential or commercial property in India ?
No permission is required if an NRI wants to acquire any immovable property in India , except if it is agricultural / plantation property or a farmhouse.
2. Can a person of Indian origin residing outside the country acquire commercial property in India ?
People of Indian origin residing outside India can acquire properties apart from agricultural land. However, the payment must be made out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchasers' NRE / FCNR accounts maintained with a bank in India . A declaration also has to be submitted to the Central Office of the RBI (form IPI 7) within 90 days from the date of purchase or of final payment.
3. Do foreign citizens of Indian origin require permission RBI permission to purchase immovable property in India for their residential use?
No permission is required to purchase residential property, unless it is agricultural / plantation land or a farmhouse. However, the payment must be made out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchasers' non-resident accounts maintained with a bank in India .
4. If a person of Indian origin residing outside India wants to sell property in India , are sales proceeds allowed to be remitted out of India ?
This is allowed if the property has been purchased on or before 26th May, 1993. But the property must be sold at least three years after the date of the final purchase deed or the date of payment of the final payment installment, whichever is later. An application (form IPI8) also has to be made to the Central Office of Reserve Bank within 90 days of the sale of the property.
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