Purchase Guidelines

Step I :-

Call us for details/approach us online (for us to get back to you) for preliminary details pertaining to any of the Neelkanth Group projects.

Step II :-

Visit the site you are interested in to see the place for yourself and for us to not only show you the construction site but also the quality we have delivered in past if so desired.

Step III :-

Let our advisors help you choose the right option available. Decide on the mode of payment; get assisted for home loans if necessary.

Step IV :-

Get the stamp duty, registration and any other legal/otherwise formalities completed.

Our ultimate goal is for you to move into a home built to the highest standards. To make sure your home meets your expectations, we offer a unique two-step pre-settlement orientation program. The first detailed orientation takes place five to seven months before possession. Then, once again prior to possession, we will give you an orientation session to get you familiar with your new house, neighbors and the locality.


Q. What is Stamp Duty?

A. It is a tax collected by the government, which must be paid on time. If there is delay in payment, it attracts penalty.

Q. Is Stamp Duty payable on the instruments or transaction?

A. A stamp duty paid instrument/document is a proper and legal instrument/document and such as gets evidentiary value and is admitted as evidence in courts. The instruments/documents not properly stamped are not admitted in evidence by the court.

Q. When is the Stamp duty payable?

A. It is payable either before execution of the document/instrument or on the next working day of executing such instrument/document instrument means putting signatures on the instrument by persons executing the instruments/s.

Q. What is the penalty for the delayed payment?

A. If Stamp duty is not paid on time, it attracts the penalty at the rate of 2% per month on the deficit amount of Stamp duty. However maximum penalty can be only 2 times of the deficit amount of the stamp duty. (This amendment has come into force from 01-05-2001).
Documents lodged with sub-registrar/superintendent of stamps prior to any amnesty scheme will attract lump sum penalty of Rs. 250 or Rs. 300 only, as the case may be.

Q. Who is liable to pay stamp duty?

In the absence of any agreement to the contrary the purchaser/transferee has to pay stamp duty or in case of exchange of properties both parties have to bear stamp duty equally.

Q. In whose name are the Stamp papers required to be purchased?

From 01/05/1994 stamp papers are to be purchased in the name of one of the parties to the instrument/document. If the stamp paper is not in the name of the parties and it is used for preparing the agreement it will be treated as if no stamp paper is used. However it will not make the agreement invalid and can be enforced in law if proper stamp duty is paid subsequently.

Prior to 01/05/1994 stamp paper could be purchased in any name and was valid for any period of time. However from 01/05/1994 stamp paper has a life of six months only and after that it is treated as ordinary paper as if it has no stamp.

Q. Is stamp duty on the consideration amount stated in the document or on the market value of property as determined by stamp duty authorities?

Stamp duty is payable on the market value of property. Market value of any property is determined by the stamp duty Authorities on the basis by the government every year on 1st of January. However where property is sold or allotted by Government or Semi-Government body or a government Undertaking or a local authority, like LIC. CIDCO, BMC MHADA, INCOME TAX DEPARTMENT etc., on the basis or predetermined price, then that value is accepted as market value for the purpose of stamp duty.

Q. What is the market value of a property?

A. Market value in relation to any property which is the subject matter of the instrument means the price which such property would such property would have fetched if sold in open market on the date of execution of such instrument or document or the consideration stated ion the instrument whichever is higher. However, for payment of stamp duty, market value is the value as worked out as per ready reckoner or the consideration stated in the instrument whichever is higher. As per new amendment in the Income Tax act The Market Value for the purpose of Capital Gains Tax is the same as the Market Value for Stamp Duty payment, which is worked out as per ready reckoner. Hence it is advisable that the seller should record actual selling price worked out with the help of ready reckoner and avoid under valuation with the intention to save capital gain tax.

Q. What is the use fullness of Stamp Duty Ready Reckoner?

A. As explained earlier Stamp Duty is charged on the market value of the property purchased and not on the agreement value. Now the question arises as to how to arrive at the Market Value. The Stamp Duty Ready Reckoner, by Santosh Kumar and Sunit Gupta, contains precisely this information in easy to understand language. It contains market rate of property fixed by government for each zone in each locality / village / division. It further contains details about certain additions and allowable deductions to be made in valuation. It also contains valuation factor to help ascertaining the market value. In all it contains everything including all guideline, rule, table, rate and map that is required while arriving at the market value on which the stamp duty is charged. Further all these rule, tables, guidelines and rates are adopted as per guidelines approved by the Town Planning and Valuation Authority, Government of Maharashtra and which is used by Stamp Duty and Registration department to ascertain Market value of the property under consideration. This book is available in market for Rs. 250/- only.

Q. Where can a person pay stamp duty?

A. Stamp duty could be paid legally without adjudication, on the basis of the Ready Reckoner, at the following offices. An amount up to Rs. 25,000 is accepted in cash and an amount above that is to be paid by bank draft or pay order drawn in favour of the "Superintendent of Stamps, Mumbai" payable at Mumbai. An amount above Rs. 25,000 can also be paid in cash at Reserve Bank Of India, through an duty authorised challan. A duly authorised challan can be obtained from General Stamp Office at Fort.

General Stamp Office, Town Hall Building, Gorund Floor, Near Horniman Circle, Fort, Mumbai - 400 001. Office of The Sub Registrar and Administrative officer, Old Custom House, Ground Floor, Near Horniman Circle, Fort, Mumbai - 400 0023.

General Stamp Office, Extended Sales Counter MMRDA Building, 1st Floor, Near Sales Tax Office, Bandra Kurla Complex, Bandra East Mumbai - 400 051.

Office of the Sub Registrar, New Administrative building, Near Ration Office, Ramkrishna Chemburker Marg, Chembur, Mumbai 400 071.

Also there are various authorised stamp vendors from whom stamp paper of the required amount can be purchased and agreement made on them, which is another way of paying stamp duty. Stamp vendors sell stamp papers of face value up to Rs. 10,000 and one can purchase as many stamp papers as one wants from them. However take proper precaution before buying high value stamp papers from stamp vendors in view of recent Fake Stamp Paper Scam.

Q. What are the office hours of stamp offices?

A. Stamp offices work from Monday to Saturday, except the second and fourth Saturday and public holidays, between 10 a.m. to 4.30 p.m.

House Hunting Tips

Once you know how much money you can borrow/spend, you will know the price range you can afford. You might already have your "dream home" in mind. Perhaps you want to settle down in a particular neighborhood, or maybe you just need more space for your growing family. Even if you know exactly what you're looking for, the house hunting process can be overwhelming. It takes time. Here are some good house hunting tips:-
  • Take pictures inside and outside the home.
  • Bring a spouse, family member, or friend.
  • Make sure the house fits into your budget.
  • Think of commuting time and costs.
  • Compare what you'd like to have against what you really need.
  • Consider your monthly budget - can you afford the renovations and maintenance that you'll need to do?
  • Avoid making a "spur-of-the-moment" decision.

What else can you do to make the house hunting process easier?

List your needs:-

  • Know the difference between your wants and your needs and keep track of the homes you see that come closest to meeting your needs. Before you start house hunting, decide on what you really need. Then list the features that would be nice to have. Once you have a clear idea of what you need as well as what you would like in a house, finding that house will be much easier.
  • Be realistic. Looking for a home takes time, so focus on what's important to you. After looking at lots of homes, the line between "I need a garage" and "I want a garage" can get very blurry.
  • Many people focus more on what they'd like to have instead of focusing on what they actually need - that can mean they pass up a home that meets their needs in hopes of finding one that meets their wants.
  • Ultimately, you should be able to find a home that is a blend of your needs and wants.
  • To help keep your priorities in order, make a wish list and a must-have list, and take them with you whenever you look at a house.

Here are a list of questions you should ask yourself:-

  • What are you looking for in a home?
  • Must it be a bungalow, a condominium, an apartment or a penthouse? The actual area and size will depend on the size of your family as well as your own personal requirements. Think long term. Maybe you and your spouse require just a one-bedroom apartment at this point in time but plan to have two children later. In that case, a two-bedroom or even a three-bedroom is a better option.
  • Why do you need one?
  • Are you purchasing it to reside in it? Or do you view property as an investment and you are looking at capital appreciation?
  • Have you taken other factors into account?
  • If it is an apartment, you will have to check out the building too. Is parking available? Is it open or covered? Is there any security provided by the society? Is security provided round the clock? Do you know anything about your neighbours? Is the building well maintained? Does it have a garden? Are you on the lookout for a housing complex that also has a pool and a gymnasium?

Concentrate on a few neighborhoods:-

  • Decide what's most important to you about the neighborhood you want. This can greatly narrow down your search.
  • When you can tell the difference between your housing wants and needs, you'll probably have an easier time deciding what you want and need from a neighborhood. Where you live is as important as the house you live in.
  • You may already have a good idea about the neighborhood you would like to live in. Don't let that keep you from looking at other neighborhoods with similar qualities. You might not be giving another area a chance - and you might be passing up your dream house.
  • Ask yourself these questions about neighborhoods

Personal Questions:-

  • How long will it take to get to work? What will it cost?
  • How far will you be from family members?
  • How far will you be from religious activities, night school, or other regular activities?
  • Are there any society restrictions?
  • Can you afford the taxes?

Neighborhood-Specific Questions

  • What are the schools, hospitals, and other public services like?
  • How close are they?
  • Is it an older, established neighborhood or a younger, still growing community?
  • Are there signs of new construction in the area?
  • What will this neighborhood look like in 10 years?
  • What are the values of other homes in the neighborhood?
  • If there are nearby restaurants and other businesses, do they bring people out during the day, or at night?
  • What's the traffic like during the week? In the evenings? On weekends?
  • Is the empty space behind the complex going to be developed?
  • Are there plans for a mega-mall or sports facility nearby?
  • Are there mass-transit options within walking distance?
  • If you like a neighborhood, talk to people who live there. They'll be the most knowledgeable about the area and may be your future neighbors.

Where should you look for additional neighborhood and community information?

  • Local newspapers and radio stations.
  • Local school districts, school boards and websites for school information
  • Neighborhood associations
  • Real estate professionals
  • Local organizations
  • Local businesses
  • The Internet

Compare homes:-

  • Make sure you know what you would get and what you would miss in each house before you make a decision.

Selecting An Architect :-

Scouting for an interior designer Anybody and everybody is a designer today. So scouting around for a genuine one is no easy task. With no government license required to practice, individuals are free to masquerade as designers. In India, a designer might hold a three-year diploma or may have completed a part-time course through a polytechnic.

An affiliation to the Indian Institute of Interior Designers (IIID) is one way of ensuring some professional responsibility of the designer concerned. Designers who are members of the IIID are obliged to follow the Code of Ethics and Professional Conduct laid down by the body.

Individuals with a five-year degree in architecture may also practice interiors and for major works involving demolishing of internal walls it's advisable to consult one.

Since professional credentials are not easily verifiable, your best starting place is friends, relatives and colleagues who know of good interior designers. Did you like the way a friend's house was done up? Ask him for a reference.

Here are tips which will help you get by:

Question the designer as to his experience, the name of the institute from where he passed out and the type of projects he has handled. Looking for something offbeat? Design firms with signature styles may not be suitable. A big name might not be apt for someone with conservative tastes.

Don't make a decision based on photographs and 3-D images. Lighting, a bunch of flowers and slight shuffling of the furniture can make the appearance deceptively glamorous, which could be a far cry from reality.

Ask the designer for references and make a trip to the homes of previous clients. Preferably visit an ex-client who had done a job of a similar size as yours. Ask what existed before and how it was changed. Did they have any problems? Was he adamant or to suggestions?

Did he stick to his budget? Was he accessible, punctual, prompt with the deadlines? If the end result looks mediocre, take the hint. Look for honesty, clarity of thought and a professional attitude. Some designers might not value your interaction and involvement in the process while others are able to implement ideas effectively.

A willingness to experiment with innovative ideas is also something to look out for. A designer relying too heavily on formulas may be unable to provide dynamic solutions. Then again, if you know exactly what you want, go with the designer who can implement your ideas speedily. Give him an idea of what you would like done and then request him to give a ballpark figure for a quote. Get quotes from a couple of them and look into the reasons for the discrepancy.

Ask him from where he plans to get his materials and if he can produce bills for each and every payment made.

Once you shortlist a designer, you can request him to draw up a blueprint, which he may do for a fee. That should help you make your final decision.

Most importantly, you must be very comfortable with your designer. His task is more than just selecting and arranging furniture, fabric and accessories. His aim is to let your home reflect your personality and speak about the person you are or aspire to be. The only way you can achieve this is to work closely with your designer and ensure that he understands your requirements clearly to provide the best solution.