Frequently Asked Questions |
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Q1: Is this a good time to invest in real estate?
Given the state of the stock market and the overall global recession, this is an excellent time to invest in Real Estate. We will see prices continue to move upwards over the next couple of years. Q2: Isn't this agri-land? Can we build on it? Isn't it going against the very concept of an Eco Earth to build on it?
Yes, this is agricultural land and yes, we can build on it as long as you build a farmhouse within very strict specifications as laid out in our website. Further, the area of your plot has to be over 25 cents. In the normal course of events, most projects that have been attempted in Kodaikanal would plan to have anything between five to ten plots, on one acre of land. By ensuring that no plot is sold for less than 30 cents and by putting some strict eco-conservation practices into place, we are ensuring that the village is ecologically sustainable. Q3: Are there any benefits at all in buying agri-land?
To help the local farmer, guideline values have been kept at the barest minimum. Hence stamp duty on your plot will be low. Further, since this is agri land you can expect some return in terms of revenue from fruits and vegetables. Q4: I have heard that in Kodai, the land documentation is a mess. How do I know that the title deeds on my plot are clear?
Yes, this is true in many cases. However, we have had our lawyers conduct an actual research at Kodai and they have confirmed that the patta etc. are clear of all encumbrances. We would also insist that you have our lawyers talk to your lawyers to clarify any doubts and get an independent title deed opinion. Q5: In Maxworth Country, a plot I had proposed to buy was cut in half by a common road. Will I face a similar situation here?
Definitely not. Q6: At what point will the land be registered in my name?
The land will be registered in your name after you have placed 80% of the total cost per acre in the escrow with City Union Bank. The registered land documents will also be handed over to you once the payment has been completed and the infrastructure (roads, street lighting and storm water drains) has been completed. However, in case where the development has already started or in some cases completed, then the customers who come in later are asked to pay what the other customers have already paid. This could vary from 80% to 100% depending on the status of the infrastructure development on site.
Q7: Are you not using my money to build the infrastructure? How do I know that my money is safe?
Yes, this is true.
Your money is 100% safe, since it is placed in an escrow with the City Union Bank and is being released only at pre-determined points after the completion of the developmental work. The escrow ensures that both the plot owner as well as the promoter is protected. Further, a process such as this works to your advantage since the cost of a fully developed plot could be as much as 50% higher than what you are paying currently. At Kodi, we have seen land prices go up by 300% over the last two years only because infrastructure, in terms of a road to the inner plots, has been completed. With continued building activity in Kodi this is expected to appreciate further. Lastly, the promoters have invested huge amounts of time and money in meticulously planning this project over the last 14 months. This has led to a lot of tangible benefits for you, in terms of cost savings and the security of your investment. Q8: Who has the authority to control the flow of money?
The escrow account operated by City Union Bank has the authority to control the flow of money.
Q9: What are the other costs I need to bear?
You need to pay the stamp duty when registering the land. This will work out to approximately 10% of the guideline value of the land. You will need to pay a facility management fee of Rs. 3000/- a month. This will cover the cost of 24 hour security and the maintenance of common areas. You will need to pay the deposit directly to the EB for your power connection. So also for your phone connection. (Cost of bring the lines to the site will be borne by us). You will have to pay for the Patta to be transferred to your name at a later point in time. The cost of rainwater harvesting and waste water management on your site will have to be borne by you. (This is a must for all cottages). Q10: What about changes in Government policy on status of land and land acquisition? How am I protected?
You are not protected. However, in the unlikely case of this happening, you can take the matter up as an association and put more weight behind your case.
Q11: Is this project approved by the PHCC?
No this project is not approved by the PHCC. They have no authority to approve projects since they are a regulatory body.
Q12: Can I sell my property? Will you help me sell it?
Yes you can sell as long as the property is not being sold in smaller plots. You need the approval of the Eco Committee to sell. We can help you sell your property for a small fee.
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