Question 1

In which cities does Legend Siroya operate?

Accepted Answer

Our projects span key cities across India, including Mumbai, Pune, Bangalore, and Hyderabad, allowing us to maintain a strong pan-India presence.

Question 2

Can you explain your involvement in Slum Rehabilitation Authority (SRA) projects?

Accepted Answer

We were pioneers in the Slum Rehabilitation Authority (SRA) constructions in Mumbai, delivering one of the city's first SRA projects in the Parel area in the 1990s. Our sustained efforts have continued to improve living standards for underserved communities across the metropolitan landscape.

Question 3

What distinguishes Legend Siroya Realtors from other real estate developers?

Accepted Answer

Our unique approach involves a strong commitment to customer satisfaction, innovative project concepts, and a solid reputation built on trust and integrity. Our ability to deliver projects that often sell even before branding reflects the loyalty of our patrons.

Question 4

What documents are essential to have before purchasing a commercial or residential property?

Accepted Answer

Ownership documents for both the property owner and the buyer.
Sales Agreement – This includes a detailed description of the property and the terms agreed upon between the buyer and seller, including the purchase price.
Absolute Sale Deed and Title Deed – This is the official record of ownership transfer for the property, registered at the sub-registrar's office within the relevant jurisdiction.
Title Search and Report – This document outlines the history of the property and its ownership and must be filed with the appropriate authority.
Khata Certificate – This serves as proof that the property is recorded in the local municipal records.
Property Tax Receipt – This document indicates the status of any taxes previously paid or outstanding.
Encumbrance Certificate – This confirms that the property is free from any encumbrances or loans.
Sanctioned Building Plan by the Statutory Authority – This ensures that buyers are aware of any deviations from the approved plan made by the developer.
Power of Attorney (if applicable) – This is required if someone is acting on behalf of the property owner.

Question 5

What steps are involved in the execution of the Agreement to Sell?

Accepted Answer

Possession Letter from the Builder – The buyer should receive the original possession letter from the builder on the date specified in the letter.
Payment Receipt – This is a crucial document for securing a home loan and should be obtained by the buyer from the seller. It can be essential for future resale of the property.
Property Documents for Loan Purposes – This includes a list of the original property documents required for loan processing.
Closure Letter with Penalty (if applicable) – If there are any penalties involved, a closure letter should be obtained.
No Objection Certificate (NOC) from the Bank – This document is necessary to confirm there are no objections from the bank regarding the loan.
Sale Agreement – The buyer needs to obtain an original sale agreement, which serves as a sale deed for the property. This document outlines the terms and conditions of the sale, including completion timelines and payment details.
Property Tax Receipt (up to the registration date) – The tax receipt provides property details such as area and ownership information. This is an important document during the Agreement to Sell process. All pages of the document must be signed by all parties involved.

Question 6

What are Stamp Duty and Property Registration Fees?

Accepted Answer

Stamp Duty
Stamp duty is a mandatory transactional tax imposed on property transactions, similar to sales tax and income tax collected by the government. It is calculated based on the higher of the current agreement value or the market value of the property. Since it is governed by state regulations, the rates vary from one state to another. Stamp duty can be paid through different methods: Franking (where authorized banks process submitted documents using a franking machine), Stamp Paper (a longer and less convenient method), and E-Stamp (via NEFT/RTGS).

Registration Charges 
For properties located within a Corporation or Municipal Council area, the charges are as follows: 5% Stamp Duty, 1% Local Body Tax (LBT), and 1% Registration Charges, or up to Rs. 30,000, whichever is lower.  
For properties in rural areas, the rates are: 4% Stamp Duty, 1% LBT, and 1% Registration Charges, or up to Rs. 30,000, whichever is lower.