Repco Home Finance Limited

(CIN- L65922TN2000PLC044655)

STOCK PRICE

: 632.10 : 630.35

Customers Guide

YOUR DREAM - OWNING A HOUSE IS A LIFE TIME DREAM. AT RHFL WE VALUE YOUR DREAM AND WILL SEE THAT IT IS REALISED.

DECISIONS - PAYING RENT OR OWNING HOUSE NEEDS A COLLECTIVE DECISION BASED ON THE SURPLUS YOU CAN GENERATE. THE THUMB RULE IS 40%. IF 40% OF YOUR INCOME IS SPARED, YOUR DECISION IS CORRECT.

BENEFITS - PLAN YOUR MARGIN AND OTHER INCIDENTAL CHARGES ASSOCIATED WITH IT. AVAILING A HOUSING LOAN IN THE EARLY STAGES OF YOUR LIFE IS A BOON. YOU WILL DERIVE THE BENEFIT OF 100% DEDUCTION (UNDER SEC.80 D OF IT ACT) AT SOURCE FOR INTEREST PAYMENT AND UNDER 80C FOR INSTALMENT PRINCIPAL REPAYMENT.

LOCATION - THE RIGHT LOCATION MATTERS A LOT. PROXIMITY TO BUS STAND, RAILWAY STATION, AND MARKET WILL NOT ONLY SAVE TRNSPORTATION COSTS BUT ALSO FETCH VERY GOOD RENT AND ALSO GOOD RE-SALE VALUE.

RIGHT BUILDER - YOU HAVE TO IDENTIFY A BUILDER OF REPUTE WHO WILL COMPLETE THE PROJECT WELL IN TIME.

THE FINANCE - TO REALISE YOUR DREAM INTO REALITY WE AT RHFL WILL STEP IN. WE HAVE EARNED A NAME FOR OURSELVES TOWARDS OUR FRIENDLY APPROACH, QUICK PROCESS, AFFORDABLE RATE OF INTEREST AND MAXIMUM QUANTUM OF LOAN. AS A PARTNER IN PROGRESS RHFL WILL TRAVEL ALONG WITH YOU. PLEASE VISIT OUR WEBSITE OR APPROACH ANY OF OUR BRANCH OFFICES LOCATED NEARER TO YOU. WE WILL BE TOO GLAD TO GUIDE YOU IN THIS FRONT.

REQUIREMENT - DULY FILLED APPLICATION, DOCUMENTS PERTAINING TO KYC, YOUR PROPOSED PROPERTY AND THE DETAILS OF INCOME ALONG WITH YOUR PHOTOGRAPH SHOULD BE SUBMITTED.

THE PROCESSTHE PROCESS IN RHFL IS VERY SIMPLE, TRANSPARENT AND FAST.

OUR FEE- WE COLLECT A NOMINAL PROCESSING FEE AND ADMINISTRATIVE FEE.

DO YOU KNOW?

BHK : Bedroom + Hall + Kitchen

DTCP : Directorate of Town and Country Planning, a body which takes care of planning and development in Urban and Rural areas.

CMDA : Chennai Metropolitan Development Authority, a body which approves plan for apartments in and around Chennai.

LPA : Local Planning Authority (other than Chennai city) for all other places approval from this body should also be obtained.

Carpet area :The area within the four walls of your house. In other words, it is the area covered by a carpet, when it is laid in between walls.

Built-up area : Carpet area plus the area occupied by the walls of your house.

Super Built-up area : All the areas under the common utilities like lobby, staircase, elevator area and the corridor outside the apartment.

Undivided share : Depending on the area of apartment one has booked, the whole of land in which the apartment is to be constructed will be divided and that portion is known as undivided share, to which sale deed will be registered.

Guideline value : It is the value fixed by the respective State Government. Location wise guide line values are available in their websites.

Market value :It is the prevailing value of the property, mostly depending on the demand for the specific area. Generally brokers will reveal this value as 'on going price’

STCG. : Short term capital Gains.

LTCG.: Long term capital Gains.

EMI : Equated Monthly Instalment.

PEMI: Pre-Equated Monthly Instalment

Important Gist from Real Estate (Regulation and Development) Act, 2016

CHAPTER I: Preliminary - Definitions

1. "Carpet Area"means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.
Explanation:For the purpose of this clause, the expression exclusive open terrace area" means the area of open terrace which is appurtenant to the net usable floor area of an apartment, meant for the exclusive use of the allottee.

2. "Common areas" mean –

3. "Estimated cost of real estate project"means the total cost involved in developing the real estate Project and includes the land cost, taxes, cess, development and other charges.

4. "External development works"include roads and road systems landscaping, water supply, sewage and drainage systems, electricity supply transformer, sub-station, solid waste management and disposal or any other work which may have to be executed in the periphery of, or outside, a project for its benefit, as may be provided under the local laws.

5. "Internal development works" means roads, footpaths, water supply, sewers, drains, parks, tree planting, street lighting, provision for community buildings and for treatment and disposal of sewage and sullage water, solid waste management and disposal, water conservation, energy management, fire protection and fire safety requirements, social infrastructure such as educational health and other public amenities or any other work in a project for its benefit, as per sanctioned plans.

CHAPTER II – Registration of Real Estate Project and Agents – Important Sections

Section – 3

This section relates to the prior registration of real project with the Real Estate Regulatory Authority. This section provides that no promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, in any real estate project or part of it in any planning area without registering the real estate project with the Real Estate Regulatory Authority established under this Act. However, the promoter shall make an application to the authority for registration of the project that is on-going on the date of commencement of this act and for which completion certificate has not been issued. The Authority may, by order direct the promoter of such project to register with the requisite permission of local authority. This section further provides that (i) no registration of the real estate project shall be required where the area of land proposed to be developed do not exceed 500 sq. meters. However, if the appropriate Government considers it necessary, it may reduce the threshold below 500 sq. meters or eight apartments, inclusive of all phases for exemption from registration under this Act (ii) where the promoter has received completion certificate for a real estate project prior to commencement of this Act (iii) for the purpose of renovation or repair etc.

Section - 9

This section relates to the registration of real estate agents. No Real estate agent shall facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, in a real estate project or part of it being the part of the real estate project registered under section 3, being sold by the promoter in any planning area, without registering with the authority. Application for registration shall be in such form, manner within such time and accompanied by such fee and documents as may be prescribed. The Authority shall grant a single registration to the real estate agent for the entire state or U.T. or reject the application if such application does not conform to the provision of the Act, rules or regulations. However, no application shall be rejected unless the applicant does not receive any communication about the deficiencies in his application or the rejection of his application, he shall be deemed to have been registered. Every real estate agent who is registered under this act shall be granted Regn.no of the authority which is mandatory to be quoted by real estate agent in every sale facilitate by him under this Act. Such registration number shall be valid for such period as may be prescribed. It shall also be renewable in such manner as may be prescribed. If breach of any of the conditions of this Act is committed by a real estate agent.

Section – 10

This section relates to the functions of real estate agents. Every real estate agent registered under section 9, (i) shall not facilitate the sale or purchase of any plot, apartment or building in a real estate project or part of it, being sold by the promoter in any planning area, which is not registered with the authority, (ii) shall maintain and preserve such books of account, records and documents as may be prescribed, (iii) shall not involve himself or herself in any unfair trade practices, (iv) shall facilitate the possession of all the information and documents, as the allottee, is entitled to, at the time of booking any plot, apartment or building and shall discharge such other prescribed functions.

Section – 11

This section provides that the promoter shall, upon receiving his login id and password under section 5(1) (a) or under section 5(2), create his web page on the website of the authority and enter all details of the proposed project. Advertisement or prospectus issued by the promoter shall mention prominently the website address of the authority wherein all details of the registered project have been entered and include the registration number obtained from the authority. The promoter shall be responsible to make available to the allottee, information such as (i) sanctioned plans, layout plans, along with specifications, approved by the competent authority, by display at the site or as specified by the authority, (ii) the stage wise time schedule of completion of the project including the provisions for civic infrastructure. This section also provides that (i) the promoter shall be responsible for all obligations, responsibilities and functions under the provisions of this act, rules or regulations made thereunder of allottees as per the agreement for sale or the association of allottees till the conveyance of all the apartments, plots or buildings, to the allottees, or the common areas to the association of allottees or the competent authority. However the responsibility of the promoter, with respect to the structural for such period as is referred in section 14(3), shall continue even after conveyance deed of all apartments. Plots or buildings to the allottee are executed; (ii) shall be responsible to obtain the completion certificate or the occupancy certificate as applicable from the relevant competent authority as per local laws for the time being in force and make it available to the allottees individually, (iii) shall be responsible to obtain the lease certificate, where the real estate project is developed on a leasehold land, specifying the period of lease, etc., and to make the lease certificate available to the association of allottees, (iv) shall be responsible for providing and maintaining the essential services, on reasonable charges, till the taking over of the maintenance of the project by the association of the allottees, (v) shall enable the formation of an association or society or co-op society of the allottees under the laws. However, in the absence of local laws, the association of allottees shall be formed within a period of three months of the majority of allottees having booked their plot or apartment or building in the project. However, in the absence of local laws, the association of allottees shall be formed within a period of three months of the majority of allottees having booked their plot or apartment or building in the project (VI) shall execute a registered conveyance deed of the apartment or building in the project. However, where any promoter fails to pay all or any of the outgoings collected by him from the allottees or any liability, mortgage loan and interest thereon before transferring the real estate project to such allottees, the promoter shall continue to be liable, even after the transfer of the property, to pay such outgoings and penal charges to the authority or the person to whom they are payable also the cost of any legal proceedings, (ix) shall not mortgage or create a charge on such apartment, plot or building after he executes an agreement for sale for any apartment plot or building. In terms of the agreement for sale, the promoter may cancel the allotment. However, the allottee may approach the authority for relief. All details shall be prepared and maintained by the promoter as may be prescribed.

Section – 12

This section relates to obligations of promoter regarding veracity of the advertisement or prospectus. Where any person makes an advance or a deposit on the basis of the information contained in the notice, advertisement or prospectus or any model apartment plot or building and sustains any loss or damage by reason of any incorrect, false statement included therein, he shall be compensated by the promoter in the manner as provided under this act. However, if the person affected by such incorrect, false statement contained in the notice advertisement or prospectus or the model apartment plot or building, intends to withdraw from the proposed project entire investment along with interest shall be returned to him in the manner as provided under this act.

Section - 13

This section relates to “no deposit or advance to be taken by promoter without first entering into agreement for sale”, promoter shall not accept a sum more than ten per cent of the cost of the apartment, plot or building as an advance payment or an application fee, from a person without entering into a written agreement for sale with such person and register the agreement for sale, as per law in force. The agreement for sale shall specify the particulars of development of the project including the construction of building and apartments, along with specifications etc., the dates and the manner by which payments towards the cost of the apartment, plot or building are to be made by the allottees and the date on which the possession of the apartment, plot or building is to be handed over, the rates of interest payable and such other particulars as may be prescribed.

Section – 15

This section related to adherence to sanctioned plans and project specifications by the promoter. This section provides that the proposed project shall be developed and completed by the promoter in accordance with sanctioned plans, layout plans and specifications as approved by the competent authorities. After the sanctioned plans, layout plans and specifications and the nature of fixtures, fittings, etc. of the apartment, plot or building, as approved by the competent authorities are disclosed to the person who agree to take apartment, plot or building, the promoter shall not make any additions and alteration in the sanctioned plans, layout plans and specifications and the nature of fixtures, fittings, etc.., in respect of the apartment, plot or building, which are agreed to be taken, without the previous consent of that person. However, the promoter may make such minor additions or alteration as may be required by the allottee or as may be necessary due to architecture and structural reasons duly recommended and verified by authorized Architecture of Engineer after intimation to the allottee. The expression “minor additions or alterations” has been explained in detail. The promoter shall also not make any other alterations or additions the sanctioned Plans, Layout plans and specifications of the buildings or the common areas within the project without the previous Written consent of at least two –third of the allottees, other than the promoter, who have agreed to take apartment in such building. This section further provides that in case any structural defect or any other defect in workmanship, quality or provision of services or any other obligations of the promoter as per the agreement for sale relating to such development is brought to the notice of the promoter within a period of five years by the allottee from the date of handing over possession, promoter shall be responsible to rectify such defects without further charge within thirty days. If promoter fails to do the needful within the stipulated period, the allottee shall be entitled to receive compensation as provided under the Act.

Section – 17

This section related to obligations of promoter in case of transfer of a real estate project to a third party. This section provides that the promoter shall not transfer or assign his majority rights and liabilities in respect of real estate project to a third party without obtaining prior written consent from two third allottees, except the promoter and without obtaining prior written approval of the authority. However, such transfer or assignment shall not affect the allotment or sale of the apartments, plots or buildings in the real estate project made by the previous promoter. This section also provides that on the transfer or assignment being promoted by the allottees and the Authority, the intending promoter shall be required to comply with all the obligations under the provisions of this Act, rules and regulations made thereunder and the obligations as per the agreement for sale entered into by the previous promoter with the allottees. However, any transfer or assignment shall not result in extension of time to the intending promoter to complete the real estate project and he shall be required to comply with all the pending obligations of the erstwhile promoter.

Section – 18

This section relates to transfer of title. This section provides that the promoter should execute a registered conveyance deed in favour of the allottees along with the undivided proportionate title in the common areas to the association of the allottees and handover the physical possession of the plot or apartment or building to the allottees and the common areas to the association of the allottees or the competent authority in a real estate project and other title documents pertaining thereto within specified period as per sanctioned plan as provided under the local laws. However, in absence of any local law, conveyance deeds favour of the allottees or the association of the allottees or the competent authority under the section shall be carried out by the promoter within three months from date of issue of occupancy certificate. This section further provides that after obtaining occupancy certificate and handing over physical possession to the allottees, it shall be the responsibility of the promoter to handover the necessary documents and plans to the association of allottees to the competent authority as per the local laws. However, in absence of any local law, the promoter shall handover the necessary documents and plans, including common areas and the association of the allottees or the competent authority within thirty days after obtaining the occupancy certificate.

This section relates to return of amount and compensation. If the promoter fails to complete or is unable to give possession of an apartment, plot or building in accordance with the terms of the agreement for sale or duty completed by the date specified therein or due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the act or for any other reason, he shall be liable on demand to the allottees, in case the allottee wishes to withdraw from the project to return the amount received by him in respect of that apartment plot or building with interest including compensation in the manner as provided under this act. Where an allottee does not intend to withdraw from the project he shall be paid by the promoter, interest for every month of delay, till the handing over of the possession at such rate as may be prescribed. This section further provides that promoter shall compensate the allottees in case of any loss caused to him due to defective title of the land on which the project is being developed or has been developed, in the manner as provided under this act and claim for compensation shall not be barred by limitation provided under any law for the time being in force. In case the promoter fails to discharge any other obligations imposed on him under this act or in accordance with the terms and conditions of the agreement for sale, he shall be liable to pay such compensation to the allottee in the manner as provided under this act.

Section – 19

This section relates to rights and duties of allottees. This section provides that the allottee shall be entitled to obtain the information relating to sanctioned plans, layout plans along with specifications, approved by the competent authority and such other information as provided under this act, rules and regulations made there under or the agreement for sale signed with the promoter. The allottee shall also be entitled to know stage wise time schedule of completion of the project including other amenities and services as agreed to between the promoter and the allottee in accordance with terms and conditions of the agreement for sale. The allottee shall be entitled to claim the possession of apartment, plot or building. The allottee shall be entitled to claim refund of amount paid along with interest at such rate as may be prescribed and compensation as provided under this act, from the promoter, if the promoter fails to comply or is unable to give possession of the apartment, plot or building in accordance with the terms of agreement for sale or due to discontinuance of his business as developer on account of suspension or revocation of registration under the provision of this act. The allottee shall be entitled to have necessary documents and plans after handing over the physical possession of the apartment or plot or building by the promoter. Allottee shall be responsible to make necessary payments in the manner and within the time as specified in the agreement for sale and shall pay at the proper time and place, the registration charges, municipal charges, etc. in case the allottee makes delay in payment, shall be liable to pay interest at such rate as may be prescribed. Every allottee shall participate towards the formation of an association or society or co-operative society or a federation of the same. Allottee shall take physical possession of the apartment, etc., within a period of two months of the occupancy certificate issued for the apartment, etc. and shall participate towards registration of conveyance deed of the same.

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