How is the complex going to be maintained?

As most of the people buying holiday homes are not going to be living in their apartment for the whole year round, a very common worry is the maintenance and how well the association is going to function.

We at Asian Constructions take utmost care to look after the maintenance of the complex. We make sure that the legal entity, be it an Association, Housing Society or any other legal entity to preserve, protect and maintain the complex is formed. In one of our previous projects, an Association called Dona Maria Owners Association, which had been formed years back has been running more than successfully and has been tested over time.

Asian Constructions have made it very clear, at every juncture of our sales, be it at the time of marketing or at the time of signing the contracts that defaulters in paying maintenance amounts shall be dealt with very severely.

On all occasions, Asian Constructions have refused point blank to give possession or proceed with ownership documentation till all dues had been paid to the Association.

At present, the Purchaser shall have to pay a sum of Rs.2000/- (Rupees Two Thousand  Only) per sq. meter of the apartment, towards maintenance charges to the Association. It shall cover all common maintenance services including those mentioned below:-
a) Security b) Gardener c) Maintenance of swimming pool and gardens. d) Payment of all common direct expenses like electricity & water charges. e) Overall common maintenance of the building like external painting, plumbing, electricals etc.

The funds collected should last for a period of 5 years as per present costs, provided funds are judiciously used.

What are the overheads and other hidden costs involved besides the cost of the Apartment?

1)*Annual House tax to the Panchayat or Local Council (Annual Payment )
An annual house tax of Rs 8/- per sq. mts. (Rupees Eight only) approx. shall be paid annually to the local council or Panchayat office.
(Annual payment).

2)*One-time Registration charges:
The Registration charges for registration of the flat shall be as follows:
1) If cost of apartment is less than 25 Lakhs - Registration fees shall be 4% of the selling price.
2) If cost of apartment is between 25.1 lakhs and 50 Lakhs - Registration fees shall be 5% of the selling price.
3) If cost of apartment is between 50.1 Lakhs to 1 Crore - Registration fees shall be 6.5% of the selling price.
4) If cost of apartment is more than 1.1 Crore - Registration fees shall be 8% of the selling price.
This is a one-time payment and covers stamp paper and registration charges.

3)* Infrastructure Tax (One Time Payment)
The infrastructure Tax is roughly around Rs.100/- (Rupees One Hundred Only) per sq. mtrs. Approx. depending upon the area of the apartment.

4)*Service Tax:
Along with every installment an additional amount equivalent to 3.09% of the installment value shall be paid by the purchaser to the builder as Service Tax.
*These costs could fluctuate depending on the decisions made by the Government of Goa or the Government of India as regards to the charging of various fees of items 1 to 4 mentioned above.

1) Refrigerator Rs.19,000/-
2) Microwave Rs.20,000/-
3) Geyser Rs.7,000/-
4) Television Rs.22,000/-
5) Window Air conditioner Rs.17,000/-
6) Split Air conditioner(1.5T) Rs.25,000/-
7) Gas hob and cylinder for cooking Rs.8,000/-
8) Cost of a sofa set (Teak wood) Rs.25,000/-
9) Cost of a dinning table with 6 chairs (Teak wood) Rs.25,000/-
10) Cost of a double bed with boxes for storage (Teak wood) Rs.20,000/-
11) Cost of kitchen Cabinets (Marine ply wood with veneer) Rs.15,000/-

Kindly note that prices of domestic appliances and furnishing are not fixed and could fluctuate depending upon the market conditions.

How much rent could an apartment fetch us?

A two bedroom, fully furnished air-conditioned apartment would easily fetch a rent of 100 Pounds a week. (8,000 rupees)

In fact ‘Dona Maria” at Pedda Varca is fetching a rent of about 150 Pounds (12000 Rupees) a week.

However this will include the commission of the agent who gives it on rent considering that you may not be physically present to do the renting yourself.

Does the Association undertake inside cleaning of the Apartment?

Normally Associations do not take the responsibility of looking after the interiors. However, there are a lot of unemployed local women who do the chores of a little bit of dusting and cleaning of the apartments and opening the windows for fresh air, when you are not using it for longer periods. Their charges are very reasonable.

What happens to the apartment in the monsoons?

There is a lot of myth about the monsoons amongst people who have never been in India during the monsoons. A very frequently asked question is whether the apartment gets completely flooded with water during the monsoons. In Goa , we do experience very heavy rains; however, it is not to the extent that there is flooding. Our team of waterproofing experts ensures that you have no leakages through your roof and walls.

However, sometimes especially during very heavy showers water could collect in the balcony and enter into the living room or bedroom. Hence we recommend all customers who will not be in Goa during the monsoons to cover the balconies and windows with tarpaulin sheets. We provide hooks during construction and all you have to do is to ask the maintenance person or your cleaner to hang the tarpaulin before the monsoons.

The balconies which are most affected are the ones facing the south-west as Goa gets its rain from the south west monsoon winds.

We have heard that there are a lot of power shut downs in India. What do you do when there is a blackout!!??

Goa does not have power shedding problems. However, there are power cuts of very short duration.

Power is supplied through an overhead distribution system vide overhead conductors supported on metal or concrete poles. The short duration power cuts are due to tree branches swaying against the overhead conductors, thereby causing short circuits.

Major half day shut-downs are carried mostly once a year before the monsoon with prior notice to all residents.

The Government of Goa is in the process of laying underground cables and this shall be completed in a few years from now.

There are two options which a customer could take as a stand by support when there is no electricity a) Invertors b) Generators.

An inverter is a battery run device which is connected to the electric circuit. During normal power supply the inverter charges the batteries and whenever there is a power cut, the inverter switches on by itself. Limitations of an inverter are that it does not take care of gadgets which consume heavy power like Refrigerator, Air cons etc.

Being a Battery Run device, the battery needs to be checked at regular intervals as specified by the manufactures.

A generator is a mechanical device run on petrol, kerosene or both. Drawbacks of a generator are that they can be noisy and have to be switched on and off whenever required.

Inverter is more popularly used by our clients.

Are there water shortages too?

We take utmost precaution to ensure that even if there happens to be a water shortage in the government pipe lines due to any reason; our clients are not put at any inconvenience.

This is because, we build water sumps (underground storage tanks) that are bigger than the size and specifications laid down by the authorities. In some of our projects, even if there is a 48 hour stoppage of water, the clients don’t even know about it as there is enough storage to get through.

Just for your knowledge the water storage and supply is done in the following manner.

The water is supplied through the government main distribution line. From here it gets collected in an underground sump which is an underground storage tank made of concrete or masonary and waterproofed in order to prevent seepage of water. From this underground sump, the water is then pumped to another overhead tank on the top of the building. From where it is distributed to the various apartments below.

How do I pay for my apartment?

The Payment for the apartment can be done by cheques/Transfers/Drafts. However, if payment is done by cheque. Then will you need to have a local bank account and give us a local cheque. Our accounts department will assist you in opening a local bank account.

The payment for the apartment starts at the time of signing of the agreement. The balance payments are done in installments as per the respective stages of construction. The various stages of Completion are:-
* Plinth
* Each Consecutive Floor Slab
* Masonary
* Plaster
* Plumbing
* Tiling
* Painting
* Possession

We e-mail photographs of various stages of completion to clients whenever the concerned installment is due.

Do you have any projects in North Goa ?

Over the years, we have built a reputation with clients who came to Goa for a peaceful and quiet life. We have realized that this peace and quiet can be found more in South Goa than in North Goa .

South Goa has enough night clubs, discos, casinos, beachside shacks and restaurants to keep your night life active, however they are not as many as you would find in the north . And in addition to the above, the peace and tranquility which no amount of money can buy makes better sense to buy a holiday home in the south!!!

What are the legalities involved?

After you make up your mind to buy an apartment, you have to sign a contract or an "Agreement for Sale" for purchase of the concerned apartment. This Agreement is a valid document to hold the apartment for you on condition that you pay on time.

On completion of the construction and subject to all payments being done to us and to the "Owners Association" or any other legal entity to maintain the building complex, we shall execute a "Deed of Sale" or "Sale Deed" in your favour thus conveying the entire apartment along with the undivided proportionate right to land in your favour and you shall be the undisputed and sole owner of your property.

This Agreement will specify the mode of payment and specifications of the apartment. It will also have conditions which both the "Builder" and "Purchaser" will have to abide by in order to facilitate smooth functioning of the deal. This agreement will also have details of property title and how it has come to the "Builder".

How much would it cost us to live a retired life comfortably in Goa ?

A family of two or three can live a very comfortable life and pay all their bills for less than Rs. 30,000/- (400 Pounds) a month. This would include not only Telephone Bill, Car Petrol Bill, Electricity Bill, Water Bill, House Tax or Council Tax, but also food, drink and entertainment too!!!


Guidelines on real estate investment by Indians not currently residing in India (NRIs or PIO)

In India, the acquisition of immovable property by an Indian; currently residing outside India is regulated by the provisions of Foreign Exchange Management Act (FEMA) 1999 and also as per the guidelines and notifications issued and amended by the Reserve Bank of India from time to time.

A person not resident in India is classified into two categories namely NRI and PIO. An NRI, as stated earlier, stands for Non- Resident Indian (NRI). PIO on the other hand identifies a foreign national (person) of Indian origin. A person resident in India, but not an Indian citizen is also covered by relevant provisions and notifications. The conditions governing the acquisition of property by NRIs or PIO are as follows:
• As per the relevant provisions of FEMA, a person resident outside India can hold, own, transfer or invest in Indian currency, security or any immovable property within India if:    
1. He acquired, held or owned the currency, security or property when he was a resident of India.
2. He inherits either of them from a person who was a resident of India.

• An NRI or a PIO can purchase immovable property in India apart from agricultural land, plantation property or a farm house in the following manner:
1. Through purchase
2. Gift
3. Inheritance

The restrictions on acquiring immovable property in India by a person resident outside India would not apply where the immovable property is proposed to be acquired by way of a lease for a period not exceeding 5 years or where a person is deemed to be resident in India. However, citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan cannot acquire or transfer immovable property in India, (other than on lease, not exceeding five years) without prior permission of the Reserve Bank of India.
The NRIs/ PIO can transfer immovable property in India through: 
• Sale
• Gift
• Mortgage

When an NRI/ a PIO has purchased residential/ commercial property under general permission of the RBI, he is not required to file any further documents with the Reserve Bank.
Moreover, there are no restrictions on the number of properties that can be purchased by an NRI / PIO.

Conditions for Foreign Nationals of Non Indian origin resident outside India
• A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India. BUT, he/she may take residential accommodation on lease provided the period of lease does not exceed five years. In such cases, permission of the Reserve Bank or reporting the matter to the RBI is not required.
• Such a foreign national cannot be a second holder to the immovable property purchased by a NRI / PIO.

Foreign National of Non Indian origin resident in India
If a Foreign national of non-Indian origin is resident in India, he / she can acquire immovable property in India. He/ she would have to obtain the necessary approvals, and fulfill the requirements prescribed by other authorities, such as of the concerned State Government, etc. However, a foreign national resident in India who is a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan would require prior approval of Reserve Bank. Such requests are considered by Reserve Bank in consultation with the Government of India.

Transfer of Immovable property in India
I. Transfer through Sale
• An NRI can sell property in India only to:
     1. A person resident in India
     2. An NRI
     3. A PIO.

• A PIO can sell property in India only to:
    1. A person resident in India.
    2. An NRI
    3. A PIO (with the prior approval of Reserve Bank of India).  

• A Foreign national of non-Indian origin, including a citizen of any of the following countries viz. Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan can sell property in India with the prior approval of Reserve Bank to:
   1. A person resident in India
   2. An NRI
   3. A PIO  

• When an NRI / a PIO holds an agricultural land, a farm house, or a plantation property in India he/ she can sell such agricultural land /plantation property/farm house to a person resident in India who is a citizen of India.

A foreign national of non-Indian origin resident outside India would need prior approval of Reserve Bank to sell agricultural land/plantation property/ farm house in India.

II. Transfer through Gift
An NRI/ PIO may gift residential or commercial property to:
1. A person resident in India
2. An NRI
3. A PIO.

• A foreign national of non-Indian origin needs prior approval of the Reserve Bank India to transfer any property through gift.

• Any agricultural land, plantation property or farm house can be transferred through gift by an NRI/ PIO only to a person resident in India who is an Indian citizen.

A foreign national of non-Indian origin will, however, be required to get a prior permission of the RBI for the same.

III. Transfer through Mortgage
An NRI / PIO can mortgage his or her property to:
1. An authorized dealer/ housing finance institution in India—without the approval of Reserve Bank or
2. An overseas party—with prior approval of the Reserve Bank.

A foreign national of non-Indian origin can mortgage his property only with the prior approval of Reserve Bank of India.

Methods of Payment for Purchase of properties

Payments can be made by an NRI / PIO out of:
• Funds remitted to India through normal banking channel or

• Funds held in Non-Resident External (NRE) Rupee Account/ Foreign Currency Non-resident (Bank) (FCNR (B)) / Non Resident Ordinary (NRO) Rupee account maintained in India.

• No payment for a property can be made either by traveler´s cheque or using a foreign currency. Also, no payment can be made outside India.

Consequences in case of refund/ non-allotment of property/ cancellation of contract

The refund amount together with interest (net of income tax) can be credited to the NRE account. This is subject to condition whether the original payment was made by way of inward remittance or by debit to NRE / FCNR (B) account. Moreover, RBI guidelines and FEMA notifications are to be referred on a case to case basis.

Repatriation of Sale Proceeds
An NRI/ PIO may repatriate the sale proceeds of immovable property in India:
• If the property was acquired out of foreign exchange sources i.e., remitted through normal banking channels/ by debit to NRE/ FCNR (B) account the amount to be repatriated should not exceed the amount paid for the property:
1. In foreign exchange received through normal banking channel or
2. By debit to NRE account (Foreign currency equivalent, as on the date of payment) or debit to FCNR (B) account.

• Repatriation of sale proceeds of a residential property purchased by NRI/ PIO out of foreign exchange is restricted to not more than two such properties. Capital gains, if any, may be credited to the NRO account from where the NRI/PIO may repatriate an amount up to USD one million, per financial year.

• If the property was acquired out of Rupee sources, NRI or PIO may remit an amount up to USD one million, per financial year, out of the balances held in the NRO account (inclusive of sale proceeds of assets acquired by way of inheritance or settlement), for all the bonafide purposes to the satisfaction of the Authorized Dealer bank and subject to all necessary tax compliance.

What is a Pan Card?

What is a PAN Number and Why is it Mandatory?
PAN stands for a Permanent Account Number which is a 10 digit alpha-numeric code generated by the Income Tax Department of India. The tax department has made it mandatory for everyone (including NRIs, PIOs & Companies) who wish to conduct any type of investments and financial transactions in India. Carrying business, filing or paying taxes, investing in India, buying a property, opening a bank or demat account, etc.. NOW require a PAN number.

Usefulness of Permanent Account Number
If PAN is quoted in all documents, it would be very convenient to locate the assessing officer holding jurisdiction over the person concerned.
If PAN is quoted in all challans, the credit for payment of taxes can be quickly granted to the taxpayer.
If PAN is quoted in all specified transactions, the Department can excercise greater control over unregulated and undisclosed transactions

For any more questions which we would be more than happy to reply to, please e-mail us on info@asianconstructionsgoa.com